State Bank of India History
History of SBI staterted in 1806 when Bank of Bengal was established by the Charter with a capital of Rs. 50 Lakhs. The Bank of Bombay and Madras were established in 1840 and 1843 respectively. The presidency banks of Calcutta, Bombay and Madras were amalgamated into the Imperial Bank of India on 27th January,1921 by the Imperial Bank of India Act,1920. This Bank has no control over the currency of the country.
With the passing of the State Bank of India Act, 1955, the Imperial Bank of India was taken over by the newly constituted State Bank of India. Pursuant to the provisions of the State Bank of India (Subsidiary Banks) Act, 1959, the Bank of Bikaner, the Bank of Indore, the Bank of Jaipur, thr Bank of Mysore, the Bank of Patiala, the bank of Hyderabad, the State Bank of Saurashtra and the Travancore Bank were constituted as subsidiaries of SBI. Merger started in 1963 when the State Bank of Jaipur merged with the State Bank of Bikaner. On 13th August, 2008 State Bank of Saurashtra merged with SBI and in April,2010 State Bank of Indore merged with SBI. The remaining rest five associates banks merged with SBI on 15th February, 2020.
You can also visit here to know more about State Bank of India. Let us see some present interest rates of SBI after its history part.
State Bank of India Fixed Deposit Rates
| Tenure | For Genral Public (% p.a.) | For Senior Citizens (% p.a.) |
|---|---|---|
| 7 days to 45 days | 2.9% | 3.4% |
| 46 days to 179 days | 3.9% | 4.4% |
| 180 days to 210 days | 4.4% | 4.9% |
| 211 days to less than 12 months | 4.4% | 4.9% |
| 12 months to less than 24 months | 5.1% | 5.6% |
| 24 months to less than 36 months | 5.1% | 5.6% |
| 36 months to less than 60 months | 5.3% | 5.8% |
| 60 months to 120 months | 5.4% | 6.2% |
State Bank of India Recurring Deposit Rates
| Tenure | General Rates | Senior Citizen Rates |
|---|---|---|
| 1 year to 1 year 364 days | 6.10% | 6.60% |
| 2 years to 2 years 364 days | 6.10% | 6.60% |
| 3 years to 4 years 364 days | 6.10% | 6.60% |
| 5 years to 10 years | 6.10% | 6.60% |
State Bank of India Savings Bank Deposit Interest Rate is 2.70%
Kindly find the links to know about eligibility criteria, documentation needed and procedure required for taking loan.