With a quarter of the market, State Bank of India (SBI) is India's biggest bank. In India, the bank has more than 48 crore users.
SBI Retail Term Deposit Schemes for 2023: The State Bank of India (SBI) has a plan called Amrit Kalash that has a term of “400 days” and an interest rate of 7.10%. Of all the banks in India, SBI is the biggest and serves more than 48 crore people.
With a quarter of the market, the State Bank of India (SBI) is India’s biggest bank. In India, the bank has more than 48 crore users. It has a network of 22,405 branches, 65,627 ATMs and 76,089 Business Correspondent (BC) shops. A lot of people choose to put their money into SBI’s Fixed Deposit plans. Today, we’re going to talk about the interest rates that SBI offers on Retail Domestic Term Deposits (below Rs 2 crore).
On balances of Rs 10 crore or more, SBI charges 3% interest per year, and on balances of Rs 10 crore or less, it charges 2.7% interest per year.
Term Deposit, which is also called Time Deposit, is a choice that SBI gives its customers. This type of deposit lets an investor leave his money in the bank for a set amount of time. In exchange, the bank gives the customer a set rate of interest.
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Rates w.e.f. 15/02/2023 | Annualised Yield# | Rates w.e.f. 15/02/2023 | Annualised Yield# |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.35 | 5.75 | 5.88 |
| 211 days to less than 1 year | 5.75 | 5.88 | 6.25 | 6.40 |
| 1 Year to less than 2 years | 6.80 | 6.98 | 7.30 | 7.50 |
| 2 years to less than 3 years | 7.00 | 7.19 | 7.50 | 7.71 |
| 3 years to less than 5 years | 6.50 | 6.66 | 7.00 | 7.19 |
| 5 years and up to 10 years | 6.50 | 6.66 | 7.50@ | 7.71 |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.10 | 7.29 | 7.60 | 7.82 |
Find out about the interest rates on Sarvottam (Non-Callable) Domestic Retail Term Deposits (above Rs 15 lakhs and below Rs 2 crores).
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Rates w.e.f. 17/02/2023 | Annualised Yield# | Rates w.e.f. 17/02/2023 | Annualised Yield# |
| 1 Yr | 7.10 | 7.29 | 7.60 | 7.82 |
| 2 Yr | 7.40 | 7.61 | 7.90 | 8.14 |
For Sarvottam (Non-Callable) Domestic Bulk Term Deposits of Rs 2 crores or more, here are the interest rates:
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Rates w.e.f. 17/02/2023 | Annualised Yield# | Rates w.e.f. 17/02/2023 | Annualised Yield# |
| 1 Yr | 7.05 | 7.24 | 7.55 | 7.77 |
| 2 Yr | 6.90 | 7.08 | 7.40 | 7.61 |
Note: SBI offers the Amrit Kalash plan with a term of “400 days” and an interest rate of 7.10%. People over the age of 65 can get an interest rate of 7.60%. The deal in question is good until December 31, 2023.
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