Online SBI Fixed Deposit Rates Calculator
State Bank of India is one of the biggest public sector banks in India. And SBI Fixed deposits are one the safest and most common investment options. The principal amount is kept secured and you earn good returns on the invested amount. With the internet banking facility, FD can be created and closed online. SBI offers competitive interest rates on fixed deposits. Moreover, the online FD Rates Calculator can be used to find out the returns on fixed deposits.
Benefits of SBI Fixed Deposits
You can avail the following benefits by parking your money in SBI fixed deposits-
- Easy to open - You can easily open SBI fixed deposits as per your convenience. You can either walk-in to the nearest SBI branch to open a fixed deposit account or open it online.
- Easy to close - The fixed deposit can be closed before the maturity date. If you open an account online, it can be closed online. If the fixed deposit is created at a branch, you should approach the bank with the deposit certificate and the account will be closed instantly.
- Nomination facility - Nomination facility is available on fixed deposits. You can nominate a person either online or offline as per the nature of the deposit.
- Flexible tenure options - SBI implements flexible tenure options between 7 days and 10 years
- Premature closure of FD - Premature closure of fixed deposits is available online and offline. The bank will reduce the interest rate by 1% (as applicable to the fixed deposit tenure) as a penalty and the rest of the amount will be credited into the savings account of the depositor.
- Higher interest rate for senior citizens - Senior citizens will earn higher interest rates on fixed deposits. The interest rate for senior citizen deposits will be 0.5% higher than regular deposits.
- Different payout options (monthly, quarterly, etc.) - The payout options can be selected as per your requirements. Senior citizens, retired employees, and businessmen can deposit higher amounts as fixed deposits and the money can be withdrawn in monthly, quarterly, half-yearly or annual basis as per their requirement.
Multiple Tenure Options on SBI Fixed Deposits
SBI FD Rates are based on the principal amount and the tenure. The fixed deposits can be categorized as below (based on the tenure):
- Short-term fixed deposits - If you would like to fulfill your short-term financial goals, you can go for fixed deposits of short duration. The duration of the deposit will be in between 7 days and less than 365 days. The interest rate will be between 5.75% & 6.40%.
- Medium-term fixed deposits - If the tenure of deposit is for a minimum of one year, you can expect good returns on fixed deposits.
The tenure of medium-term fixed funds will be in between 1 year and 5 years. The interest rate will be in between 6.4% and 6.8%.
The bank will pay highest interest rate if the tenure is in between 2 years and 5 years. If the tenure is between 3 years and 5 years, the interest rate will be 6.8%.
- Long-term fixed deposits - The tenure of long-term fixed funds is between 5 years and 10 years. If you have surplus funds, you can invest in fixed deposits so that there will be great returns. SBI long-term fixed deposits will deliver returns above 6.85% per annum.
You can safely park your money in the various types of SBI Fixed Deposits-
- Tax-saving fixed deposits - Tax-saver fixed deposits are long-term fixed deposits. The term of the deposits will be in between 5 years and 10 years. The minimum lock-in period is 5 years. The maximum exemption that you will get on a fixed deposit investment is Rs. 1.5 lakh per annum.
- Reinvestment plan - As you subscribe to reinvestment type of fixed deposit, the interest will be paid out only when the FD gets matured. The interest calculated on the amount deposited and paid thereon. You can invest a minimum of Rs. 1000 under the reinvestment plan and there is no limit on the maximum amount.
- MODS (Multi-Option Deposit Scheme) - MODS are generally linked with either savings account or current account. If you invest money under MODS, the deposit can be withdrawn in the multiples of Rs. 1000 as per your requirement.
- Annuity Deposit Scheme -The account holder will deposit lump sum amount and money will be withdrawn in EMIs (Equated Monthly Installments). The interest along with the principal amount will be paid to the customer’s savings account on regular basis. The minimum investment under the plan is Rs. 25,000. Whereas, there no capping on the upper limit.
- Flexi deposit scheme - Instead of depositing lump sum amount, the customer will be able to contribute in small deposits. The tenure of the deposit will be in between 5 years and 7 years. The minimum amount is Rs. 5000 and the upper limit is Rs. 50,000 in a financial year.
Closure of Fixed Deposits
SBI net banking facility lets you close the FDs online. You can use the FD Rates Calculator to understand the earnings on fixed deposits.
Login to the SBI official website and follow the below steps to close the FD online:
- Enter the username and password
- Click on ‘Fixed Deposit’
- Click on ‘e-TDR/e- STDR (FD)
- Click on ‘Proceed’
- Click on ‘Close A/c prematurely’
- Select the Fixed Deposit Account for Closing
- Click on ‘Proceed’
- Enter any text in the ‘Remarks’ field
- Click on ‘confirm’
- You will want to enter the OTP sent to your registered mobile number
- The money will be credited to your savings account after successfully enter the correct OTP
On the other hand, the fixed deposit will be closed automatically after the end of the maturity date and the maturity amount will be credited to your savings account. If you opt for automatic renewal of the deposits, the initial deposit plus the accumulated interest will be renewed automatically.
Eligibility Criteria to Open an SBI Fixed Deposit A/C
Individuals, as well as joint customers, can open interest rates on fixed deposits. If you open a joint account, there should not be more than 4 applicants. A fixed deposit can be opened in the name of a minor with the help of a guardian. It is possible to open a fixed deposit by partnership, company, or institute. The fixed deposit facility is available for NRIs as well.
Documents that you Need to Submit while Opening an SBI Fixed Deposit Account
If you want to open a fixed deposit at the bank, you will need to furnish the following documents:
- Application form
- Copy of identity proof
- Copy of address proof
- PAN copy or Form 60/61
- Aadhar card details
The online FD can be opened instantly as the above details are readily available with the savings account.
In a Nutshell
The minimum tenure of SBI bank deposits is 7 days and the maximum tenure is 10 years. You can invest a minimum of Rs. 1000 as FD. There is no maximum limit. The FD Rates Calculator can be used to find the returns on the investment. SBI fixed deposits offer easy liquidity including loan facility up to 90% of the deposit instantly.
Written By: PolicyBazaar - Updated: 16 February 2021