SBI FD Interest Rates

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.

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Features of SBI Fixed Deposit

Investment Amount  Minimum - Rs.1000 Maximum- No Maximum Limit!
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate Minimum - 2.90 %Maximum- 5.40%

Compare FD Interest Rates of Top Financial Institutions
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%
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SBI FD Interest Rates - Features & Benefits

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 1000
  • 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. 10000 offer 0.25% extra interest rate to senior citizens
  • It offers interest payment option on a monthly/quarterly/calendar quarter basis
  • A nomination facility is also available
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About SBI Fixed Deposit Interest Rate Calculator

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

SBI Fixed Deposit Interest Rates in India

It is advisable to reconfirm the SBI FD Interest Rates from the bank before making any decision on basis of data provided below.

Domestic Term Deposit Rates (Below Rs. 2 Crores)

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)

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Domestic Bulk Term Deposits (Above Rs. 2 Crores)

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)

Capital Return Capital Return

SBI FD Tax Saving Scheme

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 FD Interest Rates for NRIs

SBI NRE term deposit rates are given in the table below:

NRE Fixed Deposit Interest Rates

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

SBI FD Interest Rates for NRO

NRO Fixed Deposit Interest Rates

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

The Process to Open the SBI Fixed Deposit Account

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

  • The individual has to visit their nearest State Bank of India branch
  • Fill in the required forms related to the Fixed Deposit account
  • Submit the documents required

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

Documents Required to Open the Account

Here are all the important documents an individual needs to have to open a State Bank of India Fixed Deposit Account:

  • Photo identity proof (can include passport, Aadhaar card, etc.)
  • Address proof (can include PAN card, passport, etc.)
  • Passport size photograph
  • Age proof (can include a birth certificate or any other relevant document)
  • State Bank of India savings account detail
  • Activated online banking
  • Activated mobile banking

Types of SBI Fixed Deposit Schemes

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:

  1. Term Deposit Scheme by SBI

    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
  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 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 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

Nomination Facility Under SBI Fixed Deposit 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:

  • Available for individual account holdings only
  • A nomination can be made in favor of 1 individual only
  • Nomination can be made in favor of minors as well
  • In case of minor nomination, the amount will be received by parent or guardian till the minor turns 18 years
  • The nomination facility can be altered or canceled at any time

Loan Facility Against SBI Fixed Deposit Account

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 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

SBI Fixed Deposit Interest Rates for Senior Citizens

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.

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