Check Out the SBI FD Withdrawal Rates and Other Details Here

Fixed Deposit (FD) is one of the most popular and stable forms of investments in India. It is a money-saving scheme that grows your lump sum money at a fixed or uniform rate of interest. The fixed deposit interest rates remain the same for the entire term of the investment and thus, is considered a more secure scheme of investment. Fixed deposits are mainly of two types – FD with premature withdrawal and FD without premature withdrawal.

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Investing in fixed deposits allow you to put your money in safe hands and earn profits. Nonetheless, it is important for everyone to find a bank which offers the best fd rates in India. The secret to making your money multiply in a fixed deposit is by investing in a reliable bank which offers one of the best fixed deposit interest rates in the country. One such bank is the State Bank of India.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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The State Bank of India is the largest bank in India. With a customer base of over 4.3 billion, the bank operates pan India with over 22,000 branches and 58,000 ATMs. Just like every other bank, the SBI also allows its customers to invest in a fixed deposit. You can invest in a fixed deposit by the State Bank of India for a minimum period of 7 days to a maximum period of 10 years. Here are some of the features of the fixed deposit offered by the SBI:

  • Customers can invest for a minimum fixed deposit amount of Rs 1000

  • There is no upper amount limit to investing in a fixed deposit

  • FD interest can be paid at monthly, quarterly or calendar quarterly as per your preference

  • Customers who opt for a monthly FD interest payment are eligible for a discount

  • A senior citizen, who invests for an amount above Rs 10,000, get an additional interest rate of 0.25%

  • Customers can get a loan or overdraft (OD) up to 90% of the principal deposit amount

  • Availability of nomination facility

  • The State bank of India allows premature withdrawal of an FD

  • Automatic renewal of fixed deposits are available, provided there has been no withdrawal

  • TDS is applicable on fixed deposits

  • SBI gives you the freedom to convert term deposit that offers you a payout at regular interest to a special term deposit (STDR) that offers payout at cumulative interest and vice versa

Given the fact that the majority stake in the State Bank of India is held by the Reserve Bank of India (RBI), the funds invested by its customers are much safer. These funds that you have invested in fixed deposit mature as per the SBI FD rates. If you wish, you can either withdraw the matured amount or reinvest it as an FD to earn interests. Take a look at the table below to know about the latest SBI FD rates for investment up to an amount of Rs 2 crore by the general public:

Time Period SBI FD Rates
7 days to 45 days 4.5%
46 days to 179 days 5.5%
180 days to 210 days 5.8%
211 days to < 1 year 5.8%
1 year to < 2 years 6.4%
2 years to < 3 years 6.25%
3 years to < 5 years 6.25%
5 years to < 10 years 6.25%

fd return beater

Sometimes the depositor withdraws money from his fixed deposit even before its maturity. People mostly withdraw a fixed deposit due to an urgent requirement of money. As mentioned earlier, fixed deposits are divided into two types based on the premature withdrawal facility. Fixed deposits without premature withdrawal facility do not allow the depositor to withdraw money from an FD. On the other hand, fixed deposits with premature withdrawal facility give freedom to its depositor to close an FD before its maturity.

However, withdrawing money from a fixed deposit before its maturity comes with a loss. Banks charge a penalty to the depositor for premature withdrawal or closure of a fixed deposit. While different banks have varied terms and conditions, refer to the table given below to find out the charges levied by the State Bank of India for premature withdrawal of a fixed deposit:

Retail Term Deposit Amount SBI FD Withdrawal Charges
Up to Rs 5 lakhs 0.5%
More than Rs 5 lakhs but less than Rs 1 crore 1%

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Please note that no penalty is charged if the depositor withdraws the fixed deposit amount within a period of less than 7 days.

The depositor will receive the FD amount at an interest rate, which is 0.5% or 1% below the applicable FD interest rate at the time of opening the deposit for the total period it remained with the Bank or 0.5% or 1% less than the contracted rate, whichever turns out to be lower.

It is ideal to not touch your fixed deposits as long as it remains invested to enjoy the benefits of the SBI FD rates. But in case you do need to make a premature withdrawal, you now know how much money will you lose out.

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