INSUBCONTINENT EXCLUSIVE:
SBI pays an 0.25 percentage point higher interest rate to senior citizens on amounts about Rs 10,000State Bank of India (SBI) recently
SBI, the country's largest bank, currently provides interest rates to the tune of 5-6.5 per cent to the general public on fixed deposits
quarterly basis, depending on the option selected at the time of opening of account, according to SBI.Maturity periodInterest rate for
general publicInterest rate for senior citizens7 days to 45 days5%5.50%46 days to 179 days5.75%6.25%180 days to 210 days6.25%6.75%211 days
to less than 1 year6.25%6.75%1 year to less than 2 year6.80%7.30%2 years to less than 3 years6.70%7.20%3 years to less than 5
years6.60%7.10%5 years and up to 10 years6.50%7%(Source: tin-nsdl.com)Here are some other important things to know about the SBI fixed
SBI fixed deposit accounts can be opened by entities such as individuals, partnership firms, private and public limited companies, Hindu
Undivided Families (HUFs)/specified associations, societies and trusts.2
At the end of tenure, a premature withdrawal is allowed with penalty
1 crore, a penalty of 1 per cent is applicable, according to SBI.4
The interest is paid at the contracted rate irrespective of any change in the rates thereafter, SBI mentioned on its website.5
The interest is subject to income tax
Exemptions are allowed under certain conditions as specified under the Income tax Act 1961, according to SBI.Get Breaking news, live
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