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

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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.

SBI Fixed Deposit April 2012

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.

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6 thoughts on “SBI NRE/NRO, Senior Citizen, Domestic Term Deposit Rates – April 2012

  1. Is Tamil Nadu Mercantile bank a good bank to do Fixed deposit?

    • 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.

  2. suppose i deposit 3 crore in SBI (state bank of india) fixed deposit, how much interest per annum i will receive? should i deposit in single account or is it advisable to have multiple fixed deposit account?

    • 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.

  3. Do I have to own a bank account to put a fixed deposit ?

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