India’s largest bank State Bank of India (SBI) has reduced its NRE/NRO, Senior Citizen, Domestic Term Deposit Rates by 0.25% for certain tenures from August 07, 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.
Loan Against Fixed Deposit: Loan at only 0.5% above the rate of deposit on term deposit