Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018

What is the Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018? SBI revised fixed deposit (FD) Interest rates effective from 30th July 2018. Let us see theLatest revised SBI Fixed Deposits (FD) Interest Rates – August 2018.

FD interest rates have been revised across all maturities, amounts and for both general and senior citizens. At present, the highest rate of interest provided on SBI FDs for individuals is 6.75% p.a, while the highest rate of return offered to senior citizens is 7.25% p.a.

Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018

State Bank of India, the largest lender of the country, has revised its fixed deposit (FD) interest rates with effect from 30th July 2018. FD interest rates have been revised across various tenures, amounts and for both general and senior citizens stated SBI’s corporate website

The new rate, which is effective from 30th July 2018, is applicable on retail deposits below Rs 1 crore. On fixed deposits below Rs. 1 crore, interest rates have been raised between 5 basis points-10 basis points (100 Basis Points=1%), which means between 0.05%  to 0.1% across tenures of 1 year to 10 years. 

Let us see the Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018.

Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018

Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018 for FDs below Rs.1 Cr.

Latest revised SBI Fixed Deposits (FD) Interest Rates - August 2018 below Rs.1 cr.jpg

Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018 for FDs below Rs.1 Cr to Rs.10 Cr

Latest revised SBI Fixed Deposits (FD) Interest Rates - August 2018 for FDs below Rs.1 Cr to Rs.10 Cr

Latest revised SBI Fixed Deposits (FD) Interest Rates – August 2018 for FDs above Rs.10 Cr.

Latest revised SBI Fixed Deposits (FD) Interest Rates - August 2018 for FDs above Rs.10 Cr

Note:-I have highlighted with different color wherever there is a change from the existing FD rates.

How the new Interest rate will be effective?

# The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.

# The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits.

# However, NRO deposits of Staff are not eligible for an additional 1% interest otherwise applicable to staff domestic retail deposits.

# These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks, as per the statement of SBI. 

Advantages of opening FD with SBI

There are various advantages of opening an FD with SBI –

# SBI FDs offer competitive industry rates

# Flexible tenure options

# Higher rate of interest for senior citizens

# Different interest payout options such as monthly, quarterly, etc

Notably

FD interest rates vary according to tenors and banks so, it is tough to say which bank is the best for a fixed deposit because fixed deposit rates vary.

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