The subordinate of State Bank of India, State Bank of Travancore was established in 1945 under the banner Travancore Bank Ltd. It was later acquired by SBI under the SBI Subsidiary Banks Acts 1959. The bank has 777 branches alone in Kerala and has over 1036 branches across 16 states of India. The bank is offering fixed deposit schemes to the customers which can be availed at attractive returns.
For the deposit period of one month to 45 days, State Bank of Travancore gives the return of 5.75% per annum which becomes 7% per annum for the deposit period of 46 days to three months.
With the increase in the deposit period, the rate of interest also increases and therefore, for the holding period of 3-6 months, the returns are pegged at 7.25% per annum. Further, it gets slightly lower to 7% per annum for the holding period of six months to less than one year.
For the fixed deposits with the holding period ranging between 1-5 years, the rate of interest is calculated in the range of 7.25 percent to 7.5 percent per annum. The highest rate of 7.5% per annum can be availed for the holding period of two years to less than three years. On the other hand, the interest rate of 7% per annum can be availed for the deposit period ranging five years to ten years.
Unlike other financial institutions, State Bank of Travancore grants the senior citizens with 0.4% more per annum on their deposits for the tenure ranging from 1-10 years.