SBI FD Interest Rates 2024

SBI FD interest rates 2024 range between 3.50% to 7.10% p.a. for regular citizens and 4.00% to 7.60% p.a. for senior citizens. The tenure of SBI fixed deposit interest rates 2024 varies from 7 days up to 10 years. In this article, we will explore SBI FD interest rates and other key fixed deposit rates offered by the SBI bank.

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FEATURES
sbi-bank
Returns (BEFORE TAX)
6.7%
7.0%
7.0%
Highest Return6.0%
Returns (AFTER TAX)*
4.7%
4.9%
4.9%
LIFE COVER
No
No
No
₹10 Lakh**

SBI Bank FD Rates Apr 2024

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
7 days to 45 days 3.50% 4.00%
46 days to 179 days 4.75% 5.25%
180 days to 210 days 5.75% 6.25%
211 days to less than 1 year 6.00% 6.50%
1 year to less than 2 year 6.80% 7.30%
2 years to less than 3 years 7.00% 7.50%
3 years to less than 5 years 6.75% 7.25%
5 years and up to 10 years 6.50% 7.50%
400 days (Amrit Kalash) 7.10% 7.60%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

1 Yrs FD rate - Historical trend

SBI Fixed Return Plans

For investors looking for a fixed return investment option, SBI Bank offers Guaranteed return plans as well which can be considered as an alternative to FD. These plans offer higher returns and come with an additional benefit of life cover for ensuring financial security for the investors family.

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
VIEW PLANS
*For annual premium upto ₹5 Lacs
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Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
SBI FD Rates 3.50% - 7.10% 4.00% - 7.60%
HDFC Bank FD Rates 3.00% - 7.20% 3.50% - 7.75%
ICICI Bank FD Rates 3.00% - 7.10% 3.50% - 7.65%
Axis Bank FD Rates 3.00% - 7.10% 3.50% - 7.75%
PNB FD Rates 3.50% - 7.25% 4.00% - 7.75%
Yes Bank FD Rates 3.25% - 7.75% 3.75% - 8.25%
Kotak Mahindra FD Rates 2.75% - 7.25% 3.25% - 7.75%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Union Bank of India FD Rates 3.00% - 7.00% 3.50% - 7.50%
Indusind Bank FD Rates 3.50% - 7.85% 4.25% - 8.25%
Canara Bank FD Rates 4.00% - 7.25% 4.00% - 7.75%
Bank of Baroda FD Rates 3.00% - 7.25% 3.50% - 7.75%
IDFC Bank FD Rates 3.00% - 7.50% 3.50% - 8.00%
Indian Bank FD Rates 2.80% - 6.70% 2.80% - 7.20%
DBS Bank FD Rates 2.50% - 5.50% 2.50% - 5.50%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Bank of India FD Rates 3.00% - 7.25% 3.00% - 7.75%
IDBI Bank FD Rates 2.90% - 5.30% 3.40% - 5.90%
Central Bank of India FD Rates 2.75% - 5.15% 3.25% - 5.65%
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SBI FD Interest Rates 2024 (Yearly Slabs) Highlights (Jan 2024)

Tenure  SBI FD Interest Rates 2024 (in % p.a.)
For 400 days 7.10% p.a. (highest slab rate)
For 1 year 6.80% p.a.
For 2 years 7.00% p.a.
For 3 years 6.75% p.a.
For 4 years 6.75% p.a.
For 5 years 6.50% p.a.
Tax-Saving FDs 6.50% p.a.

SBI FD Interest Rates 2024 on Retail Domestic Term Deposits (Below Rs. 2 crore) as of 10 Jan 2024

Tenor Interest Rates for General Citizens (in % p.a.)  Interest Rates for Senior Citizens (in % p.a.)
7 days to 45 days 3.50% 4.00%
46 days to 179 days 4.75% 5.25%
180 days to 210 days 5.75% 6.25%
211 days to less than 1 year 6.00% 6.50%
1 Year to less than 2 years 6.80% 7.30%
2 years to less than 3 years 7.00% 7.50%
3 years to less than 5 years 6.75% 7.25%
5 years and up to 10 years 6.50% 7.50%

SBI FD Interest Rates 2024 Wecare Fixed Deposit Interest Rates for Senior Citizens 

Tenors Interest Rates (p.a.)
5 years 7.50%
10 years 7.50%

SBI FD Interest Rates 2024 for Tax Saver Deposit (SBI Tax Savings Scheme, 2006)

Tenure Regular Customers Interest Rates (p.a.) Senior Citizens Interest Rates (p.a.)
5 – 10 years 6.50% 7.50%

SBI FD Interest Rates 2024 on Domestic Bulk Term Deposit of Rs. 2 Crore and above as of 10 Jan 2024

Tenure Regular Customers Interest Rates (p.a.) Senior Citizens Interest Rates (p.a.)
7 days to 45 days 5.00% 5.50%
46 days to 179 days 5.75% 6.25%
180 days to 210 days 6.50% 7.00%
211 days to less than 1 year 6.75% 7.25%
1 year to less than 2 years 6.80% 7.30%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.25% 6.75%
5 years and up to 10 years 6.00% 6.50%

SBI FD Interest Rates 2024 on ‘Sarvottam’ (Non-Callable) Domestic Retail Term Deposits of Rs. 15.01 Lakhs to less than Rs 2 Crores as of 10 Jan 2024

Tenure Regular Customers Interest Rates (p.a.) Senior Citizens Interest Rates (p.a.)
1 year 7.10% 7.60%
2 years 7.40% 7.90%

SBI FD Interest Rates 2024 on ‘Sarvottam’ (Non-Callable) Domestic Bulk Term Deposit of Rs. 2 Crores to less than Rs 5 Crores as of 10 Jan 2024

Tenure Regular Customers Interest Rates (p.a.) Senior Citizens Interest Rates (p.a.)
1 year 7.05% 7.55%
2 years 6.90% 7.40%

SBI FD Interest Rates 2024 – NRIs

SBI NRE FD Interest Rates as of 10 Jan 2024

Tenure Regular Customers Interest Rates (p.a.) Senior Citizens Interest Rates (p.a.)
1 year to less than 2 years 6.80% 6.75%
400 Days (Amrit Kalash) 7.10%
2 years to less than 3 years 7.00% 6.50%
3 years to less than 5 years 6.50% 6.00%
5 years to 10 years 6.50% 6.00%

People Also Read: Which Bank Has Highest Interest Rate Fixed Deposit

SBI FD Interest Rates 2024 for Non-Residential Ordinary (NRO) FD Account as of 10 Jan 2024

Tenure Interest Rates (p.a.)
Deposits below Rs. 2 crore Deposits of Rs. 2 crore & above
7 days to 45 days 3.00% 4.75%
46 days to 179 days 4.50% 5.50%
180 days to 210 days 5.25% 6.00%
211 days to less than 1 year 5.75% 6.25%
1 year to less than 2 years 6.80% 6.75%
400 Days (Amrit Kalash) 7.10%
2 years to less than 3 years 7.00% 6.50%
3 years to less than 5 years 6.50% 6.00%
5 years and up to 10 years 6.50% 6.00%

SBI FCNR(B) Deposit Interest Rates as of 10 Jan 2024

Period Interest Rates (% p.a.)
USD GBP Euro CAD AUD JPY
1 year 5.60 5.25 4.00 4.50 4.50 0.05
Above 1 year to less than 2 years 5.60 5.25 4.00 4.50 4.50 0.05
2 years to less than 3 years 4.30 5.00 1.50 4.10 4.40 0.05
3 years to less than 4 years 4.00 4.00 1.50 3.85 4.30 0.05
4 years to less than 5 years 4.00 4.00 1.50 3.90 4.20 0.05
5 years 4.05 3.90 1.50 3.95 4.10 0.05

SBI FCNR Rates for Dhan Lakshmi Deposits as of 10 Jan 2024

Currency USD
Period Deposit Amount Interest Rate (% p.a.)
1 year USD 100,000 to less than USD 250,000 5.70
Above 1 year to less 15 Months 5.70
15 Months 5.70
Above 15 Months to less than 2 Years 5.70

SBI FD Interest Rates 2024 for RFC as of 10 Jan 2024

Period Interest Rates (p.a.)
USD GBP Euro
1 year to less than 2 years 5.60 5.25 4.00
2 years to less than 3 years 4.30 5.00 1.50
3 years 4.00 4.00 1.50

About the SBI FD Scheme

The Fixed Deposit scheme of SBI bank is an investment option that gives you the flexibility to invest a part of your savings and earn guaranteed attractive SBI FD interest rates 2024 for achieving your financial goals.

The bank offers a wide range of FD schemes at attractive FD interest rates to choose from, with tenures ranging from 7 days to 10 years. The bank also offers Tax-Saver FDs that have a tenure of 5 to 10 years, along with various tax benefits. 

You can open an SBI fixed deposit account online by logging in to your SBI internet banking account.

  • Different Types of SBI Fixed Deposit Schemes

    1. SBI Amrit Kalash Deposit:

    • Tenure: 400 days
    • Deposit Amount: Less than Rs. 2 crores
    • Eligible Deposits:
      • Domestic Retail Term Deposits & NRI Rupee Term Deposits
      • New & Renewal Deposits
      • Term Deposits and special Term Deposits only
    • Eligibility: Resident customers and NRI customers
    • Special Categories: Senior Citizens eligible for additional interest
    • Withdrawal Facility: Not available
    • Renewal: Allowed
    • Loan Facility: Available against deposit
    • Interest Payment: Monthly/quarterly/half-yearly intervals for Term Deposits, on maturity for Special Term Deposits
    • Availability: Branch, internet banking, SBI YONO mobile app

    2. SBI ‘Sarvottam’ (Non-Callable) Term Deposit:

    • Tenure: 1 and 2 years
    • Deposit Amount: Rs. 15.01 lakhs to less than Rs. 2 crores
    • Eligibility: Resident individuals and non-individual customers
    • Special Categories: Senior Citizens eligible for additional interest
    • Withdrawal Facility: Not available
    • Renewal: Not allowed
    • Loan Facility: Available against deposit
    • Availability: Branch only

    3. SBI Annuity Deposit Scheme:

    • Tenor: 36/60/84/120 months
    • Deposit Amount: Based on a minimum monthly annuity of Rs 1,000
    • Eligibility: Resident individuals (singly or jointly), including minors
    • Premature Payment: Allowed for deposits up to Rs 15 lakh with penalty
    • Loan Facility: Up to 75% of the balance amount of annuity
    • Payment of Annuity: On the anniversary date of the month following the deposit month. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
    • Availability: Branch

    4. SBI Multi Option Deposit Scheme (MODS):

    • Tenor: 1 to 5 years
    • Deposit Amount: At least Rs 10,000
    • Loan Facility: Available

    5. SBI Tax Saver Deposit:

    • Lock-in Period: Up to 5 years
    • Deposit Amount: Rs 1,000 to Rs 1.5 lakh per financial year
    • Loan Facility: Not available during the lock-in period
    • Eligibility: Resident Indians under Sec. 80C of Income Tax Act
    • Joint Account: Jointly to two adults or an adult and a minor

    6. Motor Accident Claims Annuity (Term) Deposit Account (MACAD):

    • Tenor: 36 to 216 months
    • Deposit Amount: Based on a minimum monthly annuity payment of Rs 1,000
    • Loan Facility: Not available against Annuity deposit
    • Eligibility: Individuals including minors

    7. SBI Special Term Deposit:

    • Tenor: 6 months to 10 years
    • Deposit Amount: At least Rs 1,000
    • Loan against Deposit: Available with applicable margin

    8. Floating Rate Bulk Term Deposit (FRBTD):

    • Tenor: 91 days to 3 years
    • Deposit Amount: At least Rs 2 crore
    • Loan/OD Facility: Available for up to 90% of FRBTD amount
    • Eligibility: All individuals (including NRIs) and non-individual customers
  • SBI Loan against Fixed Deposit

    • Loan Amount: Up to 85% of the FD value
    • Interest Rate: 1% above the relative time deposit rate
    • Loan Types: Term Loan and Overdraft Facility
    • Fees: Zero processing fees and prepayment penalties
  • SBI Credit Card against FD – SBI Unnati Credit Card

    Particulars Charges
    Joining Fee Rs 1,500
    Annual Fee Nil for first 4 years
    Renewal Fee Rs. 499 (5th year onwards)
    Finance Charges 3.75% per month (33% p.a.)
    Minimum FD Amount Rs 25,000
    Interest-Free Period 20 to 50 days
    Best Suited For Consumers having low credit score
    Income Criteria Nil
  • What are the Features of SBI FD Account?

    SBI FD interest rates 2024 in Fixed Deposit schemes are competitive with minimal risk involvement in comparison to other guaranteed investment schemes. The benefits and features of the SBI fixed deposit scheme are given below:

    • The SBI FD interest rates 2024 scheme can be opened with a minimum of Rs 1,000
    • There is no limit on the maximum fixed deposit scheme
    • The tenure can range from 7 days to 10 years
    • FD schemes above Rs. 10,000 offer 0.25% extra SBI interest rates to senior citizens
    • It offers interest payment options on a monthly, quarterly, calendar quarter basis
    • A nomination facility is also available
  • How to Invest in the SBI FD Interest Rates 2024?

    Customers who are already associated with the State Bank of India (SBI) have the option to initiate the opening of an SBI FD Interest Rates 2024 scheme through the YONO SBI mobile app or internet banking. Alternatively, they can choose to personally visit their nearest SBI bank branch, where they need to complete the SBI FD form and make a minimum deposit of ₹1,000. The SBI FD form is accessible both online and at SBI branch offices for the convenience of individuals.

    People also read: FD Calculator

  • What are the SBI FD Interest Rates 2024 TDS Implication?

    • The interest earnings derived from SBI FD Interest Rates 2024, including those from tax-saving fixed deposits, are subject to taxation based on the depositor's applicable tax slab.
    • Depositors have the opportunity to avail a tax deduction of up to ₹1.5 lakh under Section 80C by choosing to invest in an SBI tax saver FD.
    • Under Section 80TTB, resident senior citizens can seek a tax deduction of up to ₹50,000 on the interest accrued from deposits, including those from SBI fixed deposits.
    • For resident Indians, interest income exceeding ₹40,000 (₹50,000 for senior citizens) is liable to TDS at rates of 10% and 20% in the absence of a PAN Card, effective from Assessment Year 2023-24.
Frequently Asked Questions
What is the eligibility criteria for SBI FD Interest Rates 2024?
What are the documents required to apply for SBI FD Interest Rates 2024?
What is the highest FD rate for SBI?
What is the tenure for an SBI Fixed Deposit Account?
What is the minimum amount you can keep in the SBI Fixed Deposit Account?
Is a premature withdrawal facility available with SBI FD?
Is a loan facility available against the FD account at SBI?
Who is eligible to open an SBI Fixed Deposit Account?
Can a customer open a term deposit account online in SBI?
Can new customers open an SBI FD online? If not, how can they do so?
Is it possible to deposit an additional amount into my already existing FD?
Can an SBI FD account be closed online?
Are there any special SBI FD rates for senior citizens?
Can I deposit an additional amount in my FD account?
Is it possible to change the tenure of my existing SBI fixed deposit account?
What are the implications of opening an FD bank account without having PAN?

* Tax adjustment considering income tax slab of 30%
** Life cover for a plan with an annualized premium of Rs 1L
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Get Guaranteed returns upto 7.5%*

Fully Tax-Free unlike FD, and Life Cover Included

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