State Bank of Travancore Fixed Deposit

When your funds are deposited in a savings account that can fetch you a fixed income, it is called fixed deposit. The time frame for which the money is deposited or the tenure cannot be altered, and so it is with the interest rate.
For those who are afraid of risks, opening a fixed deposit account is the safest way to secure your investments.

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In most cases, the interest amount on the fixed deposit is paid out to the account holder. In some cases, the interest amount is compounded, only for higher returns.

Features of State Bank of Travancore Fixed Deposit

Investment Amount  Minimum - Rs.1000 Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 5.50 %Maximum- 6.50%

State Bank of Travancore Fixed Deposit Rates 2021

State Bank of Travancore FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 45 days 5.50% 6.00%
46 days to 179 days 6.50% 7.00%
180 days to 210 days 6.75% 7.25%
211 days to 364 days 7.00% 7.50%
365 days to 455 days 6.90% 7.40%
456 days to 1 year 364 days 6.95% 7.45%
2 years to 2 years 364 days 6.85% 7.35%
3 years to 4 years 364 days 6.50% 7.00%
5 years to 10 years 6.50% 7.00%

Comparison of FD Rates by Top 10 Financial Institutes

Name Interest Rates Tenure  
Axis Bank 5.75% 5 years to 10 years View Details
Bank of Baroda 5.30% 5 years 1 day to 10 years View Details
Bank of India 5.40% 5 years to 10 years View Details
Canara Bank 5.45% 3 years to 10 years View Details
Central Bank of India 5.35% 5 years to 10 years View Details
HDFC Bank 5.50% 5 years 1 day to 10 years View Details
ICICI Bank 5.50% 5 years 1 day to 10 years View Details
IDBI Bank 5.70% 7 years 1 day to 10 years View Details
State Bank Of India 5.40% 5 years to 10 years View Details
Yes Bank 7.00% 1 year to 10 years View Details

Types of Interest

When interest is calculated on fixed deposit in SBT or any other bank, it can be done by two methods:

(i) Simple Interest Procedure: If the SBT FD rates or the interest rates of any other bank are calculated in this approach, the interest is calculated on the principal amount that is deposited initially. Even if the SBT FD interest rates are frequently calculated, it will always be based on the principal.

(ii) Compound Interest Procedure: If the FD interest rates in SBT or any other bank are calculated using this method, the interest is calculated on the initial deposit (principal) and the interest received thereon. In this approach, the interest rate on FD in SBT is not just calculated every year, but it is also compounded every year. The benefit amount that a depositor receives will be added to the principal amount and it will be used for the consequent interest calculations.

Thus the rate of interest on FD in State Bank of Travancore or any other bank can be calculated by either of the methods.

You May also like to Read:  SBI Interest Rates on FD  
Written By: PolicyBazaar - Updated: 12 October 2021
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