Secure Your Future with SBT Fixed Deposit

The State Bank of Travancore fixed deposit schemes have the solution to a secure and stress-free future

About State Bank of Travancore

State Bank of Travancore was established in 1945 as Travancore Bank LTD. and was sponsored by the former Princely State of Travancore. Under the SBI subsidiary Banks Act 1959, the special statute of the Indian Parliament, State Bank of Travancore was granted membership of the State Bank Group which is the largest banking group in India. State Bank of Travancore has also deemed an Associate of the State Bank of India.

Eligibility

State Bank of Travancore offers the opportunity for children of 10 years and above to open a fixed deposit account with a maximum deposit limit of Rs.2 Lakhs. In the event that a minor who is below the age of 18 years is offered guardianship, the maximum limit that the minor can deposit into their fixed deposit account is Rs.20 Lakhs.

An existing State Bank of Travancore bank account is not a prerequisite to open a fixed deposit account.

Adults over the age of 18 years can enjoy a fixed deposit account with State Bank of Travancore without any maximum limit cap on their fixed deposit account.

State Bank of Travancore Fixed Deposit Loan Schemes

Following are the categories that State Bank of Travancore offers fixed deposit schemes in-

●     Domestic deposits

○     Less than Rs.1 crore

○     Rs.1 crore and above

●     NRO fixed deposits

○     Less than Rs.1 crore

○     Rs.1 crore and above

●     NRE fixed deposits

○     Less than Rs.1 crore

○     Rs.1 crore and above

Interest Rates offered on State Bank of Travancore fixed deposits-

FIXED DEPOSIT TYPE	AMOUNT	INTEREST RATES
Domestic deposits	Less than Rs.1 crore	7.5% - 9.25%
Domestic deposits	Rs.1 crore and above	7.0% - 8.75%
NRO fixed deposits	Less than Rs.1 crore	7.0% - 8.75%
NRO fixed deposits	Rs.1 crore and above	6.50% - 8.75%
NRE fixed deposits	Less than Rs.1 crore	8.75%
NRE fixed deposits	Rs.1 crore and above	8.25%

Amount that can be placed in your fixed deposit account

The minimum amount you can place in your fixed deposit account with State Bank of Travancore is Rs.1000. The best part about State Bank of Travancore fixed deposits is that there is no cap on the maximum amount that you can invest in your fixed deposit account. The only thing that you have to keep in mind is that an existing account cannot be updated with monetary inputs. In order to place more sums of money under a fixed deposit scheme, a new fixed deposit account needs to be created.

Tenure Period of your fixed deposit account

State Bank of Travancore offers its customers fixed deposit account tenures starting from 7 days and all the way up to 10 years. You can pick the tenure most beneficial to you at your discretion.

Are the fixed deposit accounts with State Bank of Travancore taxable?

State Bank of Travancore fixed deposit interests paid are tax deductible if the interest rate on the fixed deposit exceeds Rs.10000.

What about loans provided against fixed deposits?

State Bank of Travancore offers you loans against your fixed deposit account to a loan amount of up to 90% of your term deposit amount. Furthermore, the interest rate you are charged will be 1% of your State Bank of Travancore fixed deposit interest rate.

Special Rates for Senior Citizens

State Bank of Travancore offers attractive special rates for senior citizens under the domestic deposit scheme of less than Rs.1 crore.

State Bank of Travancore is a stable institution to invest with

State Bank of Travancore has the answer to all of your imminent financial fears. State Bank of India has infused capital into State Bank of Travancore, thus increasing its capital to Rs.6018.46 crores as evaluated on December 31st 2014. Its non-performing assets percentage has decreased by leaps and bounds in the last quarter. Furthermore, State Bank of Travancore’s capital to risk weighted assets ratio has shown a substantial increase. Also, State Bank of Travancore has shown steady a increase in bank deposits, NRI deposits and yield on advances with its phenomenal decreases in cost of deposits and its total advances.
Know More about NRI Fixed Deposit Scheme

7 Banks offering Fixed Deposit rates above 9.00% in India

Whenever we think of doing savings, the first thing that comes into our mind is Fixed Deposits. Because of its overwhelming features like safety of funds, security of money, guaranteed interest on deposits made, it has become a star for every eyes. And, do we expect anything else from it?

Yes, we do expect higher FD interest rates. This will probably help us sticking to a safer type of investments like FD’s, otherwise with lower interest rates, we would definitely try to explore some new sort of investments. There are some of the banks who renders more than 9.00% of FD interest rates and those are mentioned below.

11. Saraswati CooperativeBank: It is a cooperative society bank founded in 1918, with an objective to serve the families and their dependents in case of need and contingencies like wedding, medical expenses, debt repayment etc. By fulfilling all its objectives successfully, it has been transformed into a full-fledged urban cooperative bank in 1933. It has marked a commendable growth since then, by providing all the facilities of a modern banking.

Fixed deposits offered by Saraswati cooperative bank marks for one among the highest rate of interest on it. It offers FD interest rate of 10.00% for 15 months for the investment of less than Rs 1 crore.

22. Shamrao Vithal CooperativeBank: This bank came into existence in 1906, in order to help the unfortunate members of the country at the time of need and to encourage the habit of savings among them. It has crossed number of milestones and now has flourished with almost all types of modern banking products and facilities.

Fixed deposit Interest rate offered by Shamrao Vithal cooperative bank is remarkably high i.e.9.50% for 500 days for investment of less than Rs 1 crore.

33.  Lakshmi vilas Bank: Founded in 1926, Lakshmi vilas Bank Ltd has got the license in 1958 from RBI to work as a commercial bank in the nation. Running over a platform of nearly 362 branches, it has spread its wings in almost all kinds of banking products and services, fostering a tremendous growth and excellence.

Fixed deposit interest rates offered by Lakshmi vilas Bank denotes Excellency for customer satisfaction and i.e. 9.50% for greater than a year and less than 2 years, for the investment of up to Rs 1 crore.

44.  South Indian Bank: With an objective of encouraging safe and secure system of savings and freeing the nation from the blood sucker money lenders, South Indian bank became a scheduled bank in 1946 and since then, crossing all its milestones with Excellency.

Fixed deposit interest rates offered by South Indian Bank is 9.50% for 400 days for the investment of less than Rs 1 crore.

55.   Development credit bank: Incorporated in 1930, Development credit bank has expanded a lot in terms of customer base, number of branches, no. of products and services and is successful in delivering state of art facilities to its customers.

Fixed deposit interest rates offered by Development credit bank is 9.40% ranging from 13 months to less than 24 months for the investment of less than Rs 1 crore.

66.  IDBI: IDBI was incorporated in 1964, under the Indian government. It was formed with an objective of providing financial services to the industrial sector and later on expanded its products and services for general public also.

Fixed deposit interest rates offered by IDBI is 9.30% for 500 days for the investment of less than Rs 1 crore.

77.   Central Bank of India: It was established in 1911 under Government of India, having a glorious 103 years of history, it has generated a remarkable growth and productivity for Indian Banking sector with new innovations in products and services.

     Fixed deposit interest rates offered by Central Bank of India  is 9.25% for 555 days for the investment of less than Rs 1 crore.

Best Senior Citizen FD Interest Rates

As a senior citizen with funds at your disposal, you should look for a safe mode of investment. In this case, bank fixed deposits, or what are popularly known as FDs, are a good and reliable option and attractive too. Most banks will offer senior citizens, a higher rate on fixed deposits than what they pay to other category of investors. 

A fixed deposit is a financial instrument provided by banks which provides investors with a rate of interest, against a fixed maturity period. But in a fixed deposit, the money invested by you cannot be withdrawn without incurring losses, as compared to a recurring deposit or a demand deposit, before maturity.

For banks, senior citizens are prized customers because they have large funds at their disposal and prefer to invest them in fixed deposits. They are considered to be the most active investors in fixed deposits.  There is a keen competition among private sector banks to offer the best possible interest rates to senior citizens. But public sector banks are also not behind in this race and have good offers lined up for senior citizens on fixed deposits. They are also advertising their exclusive interest rates on fixed deposits for senior citizens. The longer the tenure of fixed deposits, the higher the interest rates on them. Generally, the tenure of an FD can vary from 7, 15 or 45 days to 3 years and can be as high as 10 years (for details see the table below).

Some banks may offer additional services to senior citizen FD holders such as loans against FD certificates at competitive FD interest rates

Significantly, the age limit for the senior citizen category has been lowered from 65 to above 60 years. Thus, banks now have an even bigger number of senior citizen customers, who can invest their bulk money in fixed deposit instrument. And, if the interest rates on these deposits are made even more attractive, there is added reason for senior citizens to invest more and more of their surplus funds in bank fixed deposits. 

S.No.	Bank	Tenure	Interest
1	Yes Bank	480 days	10.60%
2	South Indian Bank	300 days	10.50%
3	Dhanalaxmi Bank	300 days	10.50%
4	City Union Bank	1 year to less than 2 years	10.50%
5	Tamil Nadu Mercantile Bank	1 year to less than 2 years	10.50%
6	Axis Bank	1 year to less than 14 months	10.40%
7	Indian Bank	9 months to less than a year	10.40%
8	IDBI Bank	500 days	10.25%
9	Corporation Bank	12 months	10.25%
10	KarurVysya Bank	1 year to 3 years	10.25%
11	Syndicate Bank	250 to 364 days	10.05%
12	ICICI Bank	990 days	10.00%
13	Indian Overseas Bank	1 year	10.00%