Interest rates of SBI's small account are similar to that of regular savings bank accounts.State Bank of India (SBI) offers a wide range of services under its personal banking portfolio.
From a basic savings account to a fixed deposit (FD) account, the country's largest lender provides a variety of options to investors for their requirements.
SBI provides interest rates in a range of 5.75-7.35 per cent across maturities in fixed deposit and recurring deposit accounts, according to the bank's website - sbi.co.in.
Interest rates on fixed income instruments such as FD vary from one bank to another, depending on factors such as maturity period and amount of deposit.Regular savings accountSBI pays an interest rate of 3.5 per cent per annum on saving deposits up to Rs 1 crore, according to the bank's website.
Deposits above Rs 1 crore fetch an interest rate of 4 per cent, it noted.Fixed deposit (FD) accountOn deposit of up to Rs 1 crore in a fixed deposit account, SBI currently pays an interest rate of 6.8 per cent to the general public in a maturity period offour years.Here are interest rates paid by SBI on deposits up to Rs 1 crore across different maturity periods, according to the bank's website:TermInterest rate for general public w.e.f.
30.07.2018Interest rate for senior citizens w.e.f.
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35Recurring deposit (RD)Recurring deposit (RD) is a type of term deposit in which the investor parks an equal amount of money at regular intervals in the account.Here are the interest rates paid by SBI on recurring deposits (RD) across different maturities:TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)7 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35Public Provident Fund (PPF) accountInvestment in aPPF accountfetches an interest rate of 8 per cent per annum.
Interest on deposit in a PPF account is compounded on an annual basis, which means it is added to the principal amount every year.NSC (National Savings Certificate)NSC, one of the tax-saving investment options available under Section 80C of the Income Tax Act, offers an interest rate of 8 per cent per annum.Basic Savings Bank Deposit accountSBI's basic savings bank deposit (BSBD) account offers the same rate of interest as applicable to its regular savings bank account.
SBI currently offers a rate of interest of 3.5 per cent per annum on deposits up to Rs 1 crore in savings bank accounts.Small accountSBI pays the same interest rate on deposits in asmall accountas the regular savings bank account, according to the bank's website.Current accountThis type of bank account is suitable for entities such as firms, companies, public enterprises and businessmen.
No rate of interest is applicable on this type of account.