In less than a month State Bank of India for the second time hiked rates on fixed deposits of up to two years maturity. The hike was announced on Thursday.
The hike in interest rates will come into force with immediate effect and range is between 0.5 and one percentage point. The bank has increased the interest rates by changing the time slab in its fixed deposit program.
A senior official from SBI told that the hike in rate has been brought on the demand from retail investors. “We are assessing our customers’ needs, especially retail customers, and therefore decided to offer higher rates,” he said.
In 2007 on December 12, SBI had increased the rates on deposits of one year to 549 days and on deposits of 551 days to less than two years by 25 basis points.
At that time officials had said the bank was concentrating on short term deposits in order to reduce its deposit costs. For senior citizens, the interest on deposits for the time period of one year to less than 2 years the interest is 9 .25 per cent and of tenure above 2 years and up to 10 years interest is 9 per cent.
9 comments:
Hi,
Is there any tax benifits on fixed deposits.
eg: fixed deposit for 46 to 90 days
or fixed deposit for 91 days to 180 days.
or one should deposit for more than above mentioned time periods for Tax benifits.
For any tax benefits you will need to have an FD of 5 yrs or more.
These shorter periods just have differnet rates which are usually high for longer durations like 1yr+
Hi.
I'm in London and I would like to invest in SBI-Fixed deposit scheme, so is this possible to invest from London itself. if so pls advice me.
Also the maturity period for FD is 10 years or the customer can decide this.
Rgds
TP
Hi Renga
I have some doubts about fixed deposit schemes for NRI's, So I just forwarded your question to Rupee Times Question Answers section, which is a great personal finance websites from India covering loans, credit cards, fixed deposit and all at invest in SBI-Fixed deposit scheme. Hope you get some good advice from there.
FD Rates in India
for latest rates go to
http://www.sbi.co.in//viewsection.jsp?id=0,16,384,385
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I want to deposit money monthly or 3-6 times in a year and get more returns in 1-5 year. What plan will be suitable for me?
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