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POSTED BY ON March 22, 2014 8:12 am COMMENTS (3)
Hi,
I want to know how does State Bank of India calculate interest on Fixed Deposit,
1) Is it quarterly,monthly or daily basis, and it is simple interest or compound interest?
2) Does the rate of interest vary daily i.e. if I go to invest on 20 March rate of interest offered to me could be different than the rate of interest offered on 21st March.I am asking this question because when I login to internet banking it does not show me what is rate of interest unless I actually have invested. Or if I have missed some thing let me know.
Thanks
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The interest calculated because it depends on the type and tenure of the FD which is answered for the 7th question in FAQs link.
If you want to exactly know the interest is calculated in daily basis,monthly or quarterly basis, or half yearly or annually basis, after you login to internet banking, there is a link ‘Customer Care’. Post your query there. They will be able to help you on this.
I have tried this link and their response is good.
Is there any specific reason you want to know on what basis interest is calculated, as it doesn’t matter much for short term (1-2 years) ??
Regards,
Hemanth.
Excerpts from above link
in answer of Q3
“You can view the latest interest rates by clicking on “View current interest rate” link provided in e-TDR/e-STDR request page””
I login to internet banking and show interest rates shows me this link
https://www.sbi.co.in/user.htm?action=viewsection&lang=0&id=0,16,384,385
it does tell about interest rates but it does not say any thing about the interest rates on FD are calculated on daily basis,monthly or quarterly basis, or half yearly or annually.
Hi kktty11,
All your questions are explained in the below link of FD FAQs which is available in the ‘e-Fixed Deposit’ tab in the internet banking.
https://www.onlinesbi.com/sbijava/osbi_eTDR_faq.html
Regards,
Hemanth.