SBI FD interest rate refer to the rates at which interest is paid on a fixed deposit account for a tenure ranging between 7 days to 10 years. There is a competitive and higher interest rate on FD in SBI ranging from 2.90% to 4.40% per annum on the investment tenures between 7 days and 365 days, for the general category. On the other hand, the senior citizens get SBI FD rates from 3.40% to 4.90% per year. All the five schemes provide competitive SBI Bank interest rates on fixed deposits, therefore, offer significant returns to their investors. As an investor, all you need to do is to deposit the amount while opening the fixed deposit account and select the tenure that seems feasible to you. During the ongoing tenure, you cannot deposit amount any further or either withdraw.
Save upto ₹46,800 in tax under Sec 80C
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BANKS | GENERAL CITIZENS | SENIOR CITIZEN |
SBI FD Rates | 5.30% - 5.40% | 5.80% - 6.20% |
Axis Bank FD Rates | 2.50% - 5.75% | 2.50% - 6.50% |
Bandhan Bank FD Rates | 3.00% - 5.00% | 3.75% - 5.75% |
Bank of Baroda FD Rates | 2.80% - 5.25% | 3.30% - 6.25% |
Bank of India FD Rates | 2.85% - 5.05% | 3.35% - 5.55% |
Canara Bank FD Rates | 2.90% - 5.40% | 2.90% - 5.90% |
Central Bank of India FD Rates | 2.75% - 5.00% | 2.90% - 3.25% |
DBS Bank FD Rates | 2.50% - 5.50% | 3.50% - 6.00% |
HDFC Bank FD Rates | 2.50% - 5.60% | 3.00% - 6.35% |
IDFC Bank FD Rates | 2.50% - 6.00% | 3.00% - 6.50% |
Indian Bank FD Rates | 2.90% - 5.15% | 3.40% - 5.65% |
Indian Overseas Bank FD Rates | 3.40% - 5.20% | 3.90% - 5.70% |
IndusInd Bank FD Rates | 2.50% - 6.00% | 3.00% - 6.50% |
Punjab National Bank FD Rates | 2.90% - 5.25% | 3.50% - 5.75% |
UCO Bank FD Rates | 2.55% - 5.05% | 3.80% - 6.30% |
Yes Bank FD Rates | 3.25% - 6.25% | 3.75% - 7.25% |
The benefits and features of the SBI fixed deposit scheme are given below:
SBI Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:
The amount that is invested
The Rate of Interest offered
The tenure of the Fixed Deposit Account
The compounding period, that is, yearly, half-yearly, quarterly, or monthly
The FD Amount
Once entered the following details, an investor will come to know:
The maturity value of the FD
The total interest earned during the complete tenure
It is advisable to reconfirm the SBI FD Interest Rates from the bank before making any decision on basis of data provided below.
Rates with effect from 16th May 2022:
Tenure | General Citizens | Senior Citizens |
7 days to 45 days | 2.90% | 3.40% |
46 days to 179 days | 3.90% | 4.40% |
180 days to 210 days | 4.40% | 4.90% |
211 days to less than 1 year | 4.40% | 4.90% |
1 year to less than 2 years | 5.10% | 5.60% |
2 years to less than 3 years | 5.20% | 5.70% |
3 years to less than 5 years | 5.45% | 5.95% |
5 years and up to 10 years | 5.50% | 6.30% |
*SBI interest rates on FD are subject to change, without prior notice. An additional 1% SBI interest rates on fixed deposits for pensioners and staff members is applicable. SBI pensioners get 1.50% extra SBI bank FD rates i.e. 1.00% (staff benefit) + 0.50% (senior citizen benefit)
Rates with effect from 10th May 2022:
Tenure | General Citizens | Senior Citizens |
7 days to 45 days | 3.00% | 3.50% |
46 days to 179 days | 3.50% | 4.00% |
180 days to 210 days | 3.50% | 4.00% |
211 days to less than 1 year | 3.75% | 4.25% |
1 year to less than 2 years | 4.00% | 4.50% |
2 years to less than 3 years | 4.25% | 4.75% |
3 years to less than 5 years | 4.50% | 5.00% |
5 years and up to 10 years | 4.50% | 5.00% |
*SBI FD Interest Rates are subject to change, without prior notice. An additional 1% SBI interest rates on fixed deposits for pensioners and staff members is applicable. SBI pensioners get 1.50% extra FD interest rate i.e. 1.00% (staff benefit) + 0.50% (senior citizen benefit)
Tax saving FDs have a minimum tenure of 5 years. Unlike other FDs, these SBI fixed deposits cannot be withdrawn before the completion of the expiry of the FD tenure. Also, tax-saving FDs cannot be used as collateral to obtain a loan.
FD Tenure | SBI FD Interest Rates for Regular Citizens (in %) | SBI FD Interest Rates for Senior Citizens (in %) |
5-10 years | 5.40% | 6.20% |
SBI NRE term deposit rates are given in the table below:
Rates with effect from 10th May 2022:
Tenure | Interest Rate Below Rs. 2 crores | Interest Rate Above Rs. 2 crores |
1 year less than 2 years | 5.10% | 3.60% |
2 years to less than 3 years | 5.20% | 3.60% |
3 years to less than 5 years | 5.45% | 3.60% |
5 years and up to 10 years | 5.50% | 3.60% |
*SBI Bank FD Rates are subject to change, without prior notice
Rates with effect from 10th May 2022:
Tenure | Interest Rate Below Rs. 2 crores | Interest Rate Above Rs. 2 crores |
7 days to 45 days | 2.90% | 3.00% |
46 days to 179 days | 3.90% | 3.00% |
180 days to 210 days | 4.40% | 3.10% |
211 days to less than 1 year | 4.40% | 3.30% |
1 year to less than 2 years | 5.10% | 3.60% |
2 year to less than 3 years | 5.20% | 3.60% |
3 years and up to 5 years | 5.45% | 3.60% |
5 years and up to 10 years | 5.50% | 3.60% |
*Rates are subject to change, without prior notice
An SBI Account holder can open a fixed deposit account either online or offline as per their convenience. There is an array of FD options offered by SBI. An individual can select the options which are most suitable as per their interests and requirements.
In an offline way
In the online process, an individual can open an SBI Fixed Deposit account sitting at their home or anywhere he/she wishes to. All one has to do is to follow these simple steps mentioned below:
Step 1: Visit the State Bank of India official website, https://www.onlinesbi.com/
Step 2: Log in to your SBI Net banking account by entering your User ID and password
Step 3: After logging in, go to the homepage
Step 4: First select ‘deposit scheme’, then ‘term deposit’, then ‘e-Fixed Deposit’ option from the top bar menu
Step 5: Select the type of Fixed Deposit, one wishes to buy, then click ‘proceed’
Step 6: Select the bank account from which one has to make his/her financial transaction (in case one has multiple bank accounts)
Step 7: One then has to fill in his/her Fixed Deposit principal value in the ‘amount column’
Step 8: Tick on the senior citizen box if the Fixed Deposit account holder is above 60
Step 9: Select one from cumulative (STDR) and non-cumulative (TDR) deposit option
Step 10: Choose the payout frequency according to the suitability
Step 11: Accept the terms and conditions (after reading thoroughly) and select maturity instructions
Step 12: Click on the ‘submit’ button and become a proud owner of an SBI Fixed Deposit Account
Here are all the important documents an individual needs to have to open a State Bank of India Fixed Deposit Account:
Different FD Schemes have been launched by the State Bank of India keeping in mind the needs of various potential FD Scheme holders.
Let us have a piece of detailed knowledge about the various FD schemes launched by the State Bank of India:
Criteria | Specification |
Scheme tenure | Minimum 7 day Maximum 10 years |
Deposit (Minimum) | Rs.1,000/- |
Loan Option | Can be up to 90% of the Deposit Amount |
Withdrawal options | Less than or equal to 5 lakh: penalty on premature withdrawal is 0.5% |
5 lakh and above: penalty on premature withdrawal 1% | |
Features | Comes with a nomination facility |
Conversion option from regular term deposit to cumulative term deposit is available | |
The scheme can be auto-renewed |
Criteria | Specification |
Scheme tenure | Minimum 5 years Maximum 10 years |
Deposit (Minimum) | Rs.1,000/- |
Loan Option | Not Available |
Withdrawal options | Not Available |
Features | Interest is compounded every quarter |
Tax deductions for a maximum of Rs. 1,50,000/- can be claimed under Section 80C |
Criteria | Specification |
Scheme tenure | Minimum 5 years |
Deposit (Minimum) | Rs.1,000/- |
Deposit (Maximum) | Less than 2 crores |
Loan Option | Can be up to 90% of the Deposit Amount |
Withdrawal options | 30 bps to be revoked additionally is scheme is withdrawn |
Features | 30 bps additional bonus rate for senior citizens |
No tax exemptions are offered as such | |
Comes with a nomination facility | |
Only domestic Fixed deposits are available | |
Interest is compounded on a monthly or quarterly basis |
Criteria | Specification |
Scheme tenure | Scheme range can be for 36, 60, 80, or 120 months |
Deposit (Minimum) | For a minimum monthly annuity of Rs.1,000/-, Rs.25,000 is the minimum deposit made |
Loan Option | Can be up to 75% of the Balance Amount |
Features | A one-time payment option is available |
Comes with a nomination facility |
Criteria | Specification |
Scheme tenure | Minimum 6 months Maximum 10 years |
Deposit (Minimum) | Rs.1,000/- |
Loan Option | Can be up to 90% of the Total Amount |
Withdrawal options | Less than or equal to 5 lakh: penalty on premature withdrawal is 0.5% |
5 lakh and above: penalty on premature withdrawal 1% | |
Features | The scheme can be auto-renewed |
Interest is compounded quarterly the principal amount is also added while compounding | |
This FD Scheme account can be linked to SBI Savings or Current Account |
Criteria | Specification |
Scheme tenure | Minimum 1 year Maximum 5 years |
Deposit (Minimum) | Rs.10,000/- |
Loan Option | Can be availed |
Withdrawal options | Withdrawal can be made in multiples of Rs. 1,000/- as per TDR/STDR rules |
Features | Comes with a nomination facility |
This FD Scheme account can be linked to SBI Savings or Current Account |
A nomination facility is available for all fixed deposit accounts by a State Bank of India. Some common conditions for nomination are as follows:
State Bank of India offers a loan facility against Fixed Deposits. Some conditions for availing of the loan are as follows:
SBI FD rates are comparatively higher for senior citizen FDs and an ideal and lucrative option of saving funds for them. FD is a perfect option for retirees or those who are on pensions as it works as an additional source of income.
SBI FD interest rates range from 3.40% to 6.20% per annum for deposits less than Rs 2 Crore. For tenure of 1 year to 5 years, one can avail the highest FD interest rates SBI of 6.20% per annum on Senior citizen SBI FD. For an investment period of 211 days to less than 2 years, the account holder can avail a 4.90% to 5.60% interest rate on FD in SBI per annum.