Starting from 11 July 2011, State Bank of India, will have its interest rates according to the revised rates as follows:
7 to 90 days: 7%
91 to 179 days: 7.25%
180 to 240 days: 6.5%
241 to less than 1 year: 7.75%
1 to <2 years & 2 to <3 years & 3 to <5 years & 5 to <10 years: 9.25%
The above rates are applicable to resident India citizen investing any amount less than Rs.1 crore. For Senior citizens, an additional 0.50% will be applicable for every plan mentioned above.
How to update your current deposit?
If you have recently (with in the past 3 months) opened a term deposit account and would like to upgrade it to the new interest rates, you can simply contact your branch to prematurely close your current deposit account and open a new one without any penalty.
In case your deposit account is older than 3 months, 0.50% would be deducted from your older interest rate to calculate the maturity amount. For example, if you’ve opened the deposit account at 8% interest rate, your maturity amount will only be calculated at 7.50% since you are closing prematurely.