SBI Interest Rates
State Bank of India (SBI) provides different interest rates for various deposit schemes and loans like foreign currency deposit loans, loan schemes, plus schemes, agricultural segment, SME segment, deposit rates and saving bank deposit.
Rules for SBI home loans for amount upto Rs. 30 Lacs are:
• Interest rate for the first year is fixed at 8% p.a. i.e. until the first anniversary date from the date of first payment.
• Interest rate for the next two years is fixed at 9% p.a.
• Rate of interest after these three years can be Fixed or Floating as per the client’s choice at the time of approval. If a client chooses floating rate option then the rate will be 2% below State Bank Advance Rate (SBAR). If the client chooses fixed rate option then the rate will be 1% below SBAR prevailing on the third anniversary date from the date of first disbursement, and shall have a reset frequency of 5 years from the third anniversary date of the loan. Fixed interest rate shall be subject to force-majeure clause.
The rule for the home loans for above Rs. 30 Lacs are the same except for the second year. Interest rate for the second year is fixed at 9.5% p.a. So on, there are many different rates for different schemes like car loans, gold ornament loan, loan for two wheelers, etc.
For the Resident Foreign Currency deposit loans, SBI has fixed an interest rate of 2.26% p.a. for 1 year and above but less than 2 years with a minimum deposit of 1000 US $. For 2 years and above but less than 3 years the interest rate is fixed at 2.35% p.a. and finally for 3 years, the rate of interest is 2.92% p.a.
Rate of interest for the Saving Bank Deposit is 3.50% p.a. The revised interest rates for Domestic Term Deposit vary from 2.75% p.a. to 7.50% p.a. depending on the term of deposition for amount below Rs. One Crore. In the same way, SBI has special interest rate for the senior citizens, which also vary from 2.75% p.a. to 8.0% p.a. depending on the term of deposition.