Categories: Bank FDFixed DepositFixed Income

SBI NRE/NRO, Senior Citizen, Domestic Term Deposit Rates – April 2012

India’s largest bank State Bank of India (SBI) has reduced its NRE/NRO, Senior Citizen, Domestic Term Deposit Rates from April 24, 2012. Below are the revised rates.

Premature withdrawal of SBI Term Deposits:

Domestic Term and NRO Deposits should remain for a minimum period of 7 days and NRE Deposits should remain for a minimum period of 1 year in order to earn interest.
No penalty for premature withdrawal upto 180 days and 0.5% for other maturities.

Amit

Hi Readers! I am Amit, the mind behind Apnaplan.com I am MBA from NITIE, Mumbai and BIT from Delhi University. This blog is my online diary where I write about my tryst with my investment decisions. In the 400+ posts on this blog you will find articles on Personal Financial Planning, Investments, Retirement Planning, Insurance, Loans, Fixed Deposits, Provident Funds, Stock Markets, Gold, Silver, Real Estate Investment, Credit Cards, Credit Score, Taxation, Inheritance Planning and Reviews on various Financial Products.

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View Comments

Aaditey says:

April 27, 2013 at 11:48 pm

Do I have to own a bank account to put a fixed deposit ?
- Amit says:
  
  April 28, 2013 at 9:42 pm
  
  Its not necessary to have Saving bank account to open a fixed deposit account!
Aabharan says:

April 25, 2013 at 7:48 am

Is Tamil Nadu Mercantile bank a good bank to do Fixed deposit?
- Amit says:
  
  April 25, 2013 at 9:04 am
  
  Yes Tamil Nadu Mercantile bank is good bank for FD. In-fact most of the time they offer best interest rates on different tenures! Anyway you must be aware that in India bank deposits up to Rs 1 Lakh is insured in case of default. You can read more here.
Amit says:

April 26, 2013 at 8:00 pm

At present interest rate of 8.5%, you would get Rs 25.5 lakhs every year. It really does not matter that you deposit in one or multiple accounts, as its easier for banks to figure it out total deposits of a customer in all the branches of the bank. In case you are looking to save some tax you might like to deposit on your family member's names.