SBI Fixed Deposit and Recurring Deposit Interest Rate: Talk about Small Savings Scheme Fixed Deposit (FD) and Recurring Deposit (RD) schemes of banks are very popular for investment in the country. Whether it is a fixed deposit or a recurring deposit of banks, they are considered a safe option for investment.
According to the interest rate you lock in these, you get returns. They are not affected by the ups and downs of the market. If you are an employee of the largest state-owned bank State Bank of India (SBI), then you get 1% more interest on FD or RD than the normal rate of interest. There is no comparison with the interest rate paid to senior citizens. Let us see how much interest the bank is giving to its employees and pensioners on FD and RD.
How much interest are bank employees getting on FD
Banks provide FD facilities at high interest to people working in SBI. Bank employees get 1 percent more interest than the interest that common people get on FD. No matter how many days the maturity term is.
According to the information given on the bank’s website, common people are getting 2.90 percent interest on FDs of 7-45 days for less than 2 crore days. At the same time, 5.65 percent interest is being available on FD of 5-10 years. But if you are a bank employee then you will get 1 percent benefit. At the same time, senior citizens will get an additional interest of 0.5 percent.
For SBI Employees
Tenure – Rate of Interest (%)
7-45 days – 3.90
46-179 days – 4.90
1-2 years – 5.45
2-3 years – 6.50
3-5 years – 6.60
5-10 years – 6.65
One percent more interest to bankers on RD too
Apart from FDs, SBI employees also get one percent more interest on Recurring Deposits (RDs).
1 year to less than 2 years: 6.10 percent
2 years to less than 3 years: 6.30 percent
From 3 years to less than 5 years: 6.45 per cent
On 5 years to 10 years: 6.50 per cent
You can start FD online
– For this you must have net banking. Log on to the official website of the bank http://www.onlinesbi.com.
– Click on the option of Deposit Schemes and go to Term Deposit. After that click on E-Fixed Deposit.
– After this, after selecting the FD, click on ‘Proceed’. If you have more than one account, then select the account from which to deposit money.
– Select the principal amount of the FD and fill in the amount box. If your age is more than 60 years, then you have to click on the option of Senior Citizen. Choose between STDR deposit or TDR deposit and select your maturity period.
– Also select the maturity guidelines and after reading the terms and conditions tick them and click on ‘Submit’.