As per SBI, the revised Interest rates on ‘Domestic Bulk Term deposits (Rs 2 Crore and above) will be as per following table.
New Delhi: State Bank of India has raised the interest rates on the Domestic Bulk Term Deposits on Rs 2 Crore and above. The new interest rates on Domestic Bulk Term Deposits is effective from 15 December 2021.
As per SBI, the revised Interest rates on ‘Domestic Bulk Term deposits (Rs 2 Crore and above) will be as per following table:
| Tenors | Existing Rates For Public w.e.f. 08.01.2021 | Revised Rates For Public w.e.f 15.12.2021 | Existing Rates for Senior Citizens w.e.f. 08.01.2021 | Revised Rates for Senior Citizen w.e.f. 15.12.2021 |
| 7 days to 45 days | 2.90 | 3.00 | 3.40 | 3.50 |
| 46 days to 179 days | 2.90 | 3.00 | 3.40 | 3.50 |
| 180 days to 210 days | 3.00 | 3.10 | 3.50 | 3.60 |
| 211 days to less than 1 year | 3.00 | 3.10 | 3.50 | 3.60 |
| 1 year to less than 2 years | 3.00 | 3.10 | 3.50 | 3.60 |
| 2 years to less than 3 years | 3.00 | 3.10 | 3.50 | 3.60 |
| 3 years to less than 5 years | 3.00 | 3.10 | 3.50 | 3.60 |
| 5 years and upto 10 years | 3.00 | 3.10 | 3.50 | 3.60 |
SBI mentions that premature penalty for Bulk Term Deposits for all tenors will be 1%. It will be applicable for all new deposits including renewals. There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposit
The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.
