SBI FD Interest Rates

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.

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FEATURES
sbi-bank
Returns (Max Tenure)
6.1%
6.25%
6.25%
Highest Return5.95%
Life Cover
No
No
No
10 Lakhs*
Tax Saving
No
No
No
₹46,800*

Yearly

* Assuming investment of ₹ 1 Lakh per year & income tax slab of 30%

SBI Bank FD Rates 2022

Tenure REGULAR RATES
Current 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.

5 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.

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FD Calculator

Total Investment

₹500 ₹10L
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Rate of Interest (Yearly)

1% 10%
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Time Period

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Compare FD Interest Rates of Top Financial Institutions
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%
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About SBI Bank FD

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.

  • Types of SBI Fixed Deposit Schemes

    • Term Deposit Scheme by SBI
    • Tax Saving Scheme by SBI
    • WeCare Scheme by SBI
    • Annuity Deposit Scheme by SBI
    • FD Reinvestment Plan by SBI
    • Multi Option Deposit Scheme by SBI

    The detailed description of these fixed deposit schemes is as follows:

    1. Term Deposit Scheme by SBI

    Criteria Specification
    Scheme tenure Minimum 7 days Maximum 10 years
    Deposit (Minimum) Rs.1,000/-
    Loan Option Can be up to 90% ofthe 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
    A conversion option from regular term deposit to cumulative term deposit is available.
    The scheme can be auto-renewed.

    2. Tax Saving Scheme by SBI

    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

    3. WeCare Scheme by SBI

    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.

    4. Annuity Deposit Scheme by SBI

    Criteria Specification
    Scheme tenure The 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

    5. FD Reinvestment Plan by SBI

    Criteria Specification
    Scheme tenure Minimum 6 months Maximum 10 years
    Deposit (Minimum) Rs.1,000/-
    Loan Option It 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.

    6. Multi Option Deposit Scheme by SBI

    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.
  • Features of SBI Bank FD 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:

    • The fixed deposit 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
    • For FD schemes above Rs. 10,000 offer 0.25% extra interest rate to senior citizens
    • It offers interest payment options on a monthly, quarterly, calendar quarter basis
    • A nomination facility is also available
  • Eligibility Criteria

    Below are the groups and individuals who are eligible to open a Regular SBI Fixed Deposit Account-

    • Hindu undivided families
    • Residents
    • Partnership firms
    • Sole proprietorship firms
    • Trust accounts
    • Limited companies
    • Non-Resident Indians (NRIs)
    • Person of Indian Origin (PIOs)
  • Document Required

    • Current Photographs
    • KYC Documents
    • Aadhar Card
    • PAN Card
    • Passport
    • Voter ID card
    • Driving License
    • Proofs of Partnership: Partnership deed, ID Proofs, and Signatures of authorized signatories incorporating certificate.
    • Hindu Undivided Family: PAN Card – Self-attested, HUF declaration, and Statement of Bank
  • How to invest in the SBI FD scheme

    An investor can opt for either of the following methods to invest in the SBI FD Scheme:

    1. Internet Banking

    To invest via internet banking, the following steps need to be followed:

    • Log in to the SBI Net Banking account
    • Click on the “Open Fixed Deposit” or “Open Term Deposit” option under the “transaction” tab.
    • Fill in the needful details like the tenure of the policy and the amount willing to be invested.
    • Provide nominee details.
    • Confirm all the details before proceeding further.
    • A receipt will be generated that can be downloaded instantly.

    2. SBI Bank Mobile Application

    To open an FD account via the mobile application of SBI, the following steps need to be followed:

    • Download the YONO bank application of the SBI bank on your mobile (can be either ios or android).
    • Sign in to the app by generating new credentials.
    • After signing in, head to the main menu and select the deposit option.
    • Under the “Deposits” option, choose the “Open Fixed Deposit” tab.
    • Fill in all the required details and upload the required documents.
    • A receipt will be generated after successfully providing all the details, which can be downloaded immediately.

    3. An SBI FD Account Offline

    In the offline method of opening an SBI FC Fixed Deposit Account, the investor needs to visit the nearest SBI branch and fill out forms to open their respective FD account. All the relevant documents need to be submitted to the branch manager along with the deposit amount. After successful verification of all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.

  • Loan against SBI FD

    State Bank of India offers a loan facility against Fixed Deposits. Some conditions for availing of the loan are as follows:

    • A loan can be up to 90% of the total amount of the term deposit
    • Both demand loan and SBI overdraft facility can be availed
    • Interest is charged on reducing the balance of the Fixed Deposit
    • If prepaid the loan, no penalties are charged
    • Processing charges are not applicable
    • The minimum loan amount can be Rs. 25,000/- which can go up to Rs.5 crore
    • Generally, the interest rate is 1%, along with the term deposit rate
Frequently Asked Questions
Can a customer open a term deposit account online in SBI?
Can new customers open an 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?
What is the highest FD rate for SBI?
Are there any special rates for senior citizens FD of SBI?
Can I deposit an additional amount in my FD account?
Who is eligible for opening an FD account in SBI?
Is it possible to change the tenure of my existing fixed deposit account with SBI?
What are the implications of opening an FD bank account without having PAN?

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