SBI (State Bank of India) is one of the leading Indian banks with more than 42 crores customer base. SBI through its various groups offers fixed return investment option through Fixed Deposit schemes and Guaranteed return plans to its customers who are interested in parking their surplus savings to earn high interest on the deposited amount. Interest rates & returns offered by SBI and other key banks are compared below.
Yearly
| Tenure | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 45 days | 3% | 3.5% |
| 46 days to 179 days | 4.5% | 5% |
| 180 days to 210 days | 5.25% | 5.75% |
| 211 days to less than 1 year | 5.5% | 6% |
| 1 year to less than 2 year | 6.1% | 6.6% |
| 2 years to less than 3 years | 6.25% | 6.75% |
| 3 years to less than 5 years | 6.1% | 6.6% |
| 5 years and up to 10 years | 6.1% | 6.9% |
FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.
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.
| BANKS | GENERAL CITIZENS | SENIOR CITIZEN |
| SBI bank FD Rates | 5.30% - 5.40% | 5.80% - 6.20% |
| HDFC Bank FD Rates | 2.50% - 5.60% | 3.00% - 6.35% |
| ICICI Bank FD Rates | 2.75% - 5.70% | 3.25% - 6.20% |
| Axis Bank FD Rates | 2.50% - 5.75% | 2.50% - 6.50% |
| Canara Bank FD Rates | 2.93% - 6.40% | 2.93% - 6.40% |
| Yes Bank FD Rates | 3.25% - 6.25% | 3.75% - 7.25% |
| Kotak Mahindra FD Rates | 2.50% - 5.75% | 3.00% - 6.25% |
| Bandhan Bank FD Rates | 3.00% - 5.00% | 3.75% - 5.75% |
| Union Bank of India FD Rates | 3.00% - 5.50% | 3.75% - 5.75% |
| Indusind Bank FD Rates | 2.75% - 6.00% | 3.25% - 6.50% |
| PNB FD Rates | 3.00% - 5.75% | 3.50% - 6.25% |
| Bank of Baroda FD Rates | 3.00% - 5.10% | 3.50% - 5.60% |
| IDFC Bank FD Rates | 3.50% - 6.00% | 4.00% - 6.50% |
| Indian Bank FD Rates | 2.90% - 5.15% | 3.40% - 5.65% |
| 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 | 2.85% - 5.35% | 3.00% - 6.50% |
| 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% |
The Fixed Deposit scheme of SBI Bank gives you the flexibility to keep a part of your salary aside for achieving your goals and enjoy rates on par with Bank's FDs.
SBI also offers Tax saving FDs that 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.
SBI Tax Saving FDs offer tax benefits up to Rs. 1.5 lacs per annum under Section 80C of the Income Tax Act, 1961. You can easily open an SBI fixed deposit account online by logging in to your SBI internet banking account.
SBI bank offers decent FD return rates with minimal risk involvement. An investor can easily open an SBI FD account online through the SBI app and start investing money in the account with just a few clicks in a hassle free manner.
The benefits and features of the SBI fixed deposit scheme are given below:
Below are the groups and individuals who are eligible to open a Regular SBI Fixed Deposit Account-
An investor can opt for either of the following methods to invest in the SBI FD Scheme:
State Bank of India offers a loan facility against Fixed Deposits. Some conditions for availing of the loan are as follows:
A customer can easily open a term deposit account online using their Net Banking Username and Password.
New customers need to open a Savings Account with SBI before they can open a Fixed Deposit account.
since the tenure of a Fixed Deposit account is ‘fixed’, it is not possible to deposit an additional amount into your already existing Fixed Deposit.
An SBI Fixed Deposit can be closed online only if it is an E-term deposit or special term deposit.
The highest FD interest for SBI is 6.75% for regular accounts and 7.25% for Senior Citizens, only for the Fixed Deposits with tenure of minimum 5 years.
There are special FD interest rates offered by SBI for senior citizens, and these vary as per the tenure of the Deposit.
While an FD is in place, it is not possible to deposit an additional amount into it.
Every customer of SBI who holds a savings account is eligible for opening an FD in SBI.
it is not possible to change the tenure of a Fixed Deposit since the amount and tenure are fixed.
All transactions in any bank account that exceed Rs. 50,000 require the account to be linked to your PAN. Since linking PAN card to accounts is mandatory, it is not common to find an account that isn't linked to PAN these days.
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