SBI FD Calculator 2024

The SBI FD calculator is an online financial tool that allows you to calculate the maturity amount on a Fixed Deposit (FD) Scheme in the State Bank of India (SBI). It provides an estimate of the amount that you will get once the FD matures. The SBI Fixed Deposit Calculator uses information, such as the investment amount, applicable rate of interest, tenure, and the frequency of interest calculation, to arrive at the maturity amount. Let us learn about the SBI FD Calculator 2024 in detail.

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SBI FD Calculator

Total Investment

₹500 ₹30L
Enter Total Investment

Rate of Interest (Yearly)

1% 15%
Rate of Interest (Yearly)

Time Period

1 Year 15 Years
Enter Time Period
Total Investment
Interest Earned
Maturity Amount

TENUREREGULAR RATES
Current Rates
SENIOR CITIZEN
7 days to 45 days3.50%4.00%
46 days to 179 days4.75%5.25%
180 days to 210 days5.75%6.25%
211 days to less than 1 year6.00%6.50%
1 year to less than 2 year6.80%7.30%
2 years to less than 3 years7.00%7.50%
3 years to less than 5 years6.75%7.25%
5 years and up to 10 years6.50%7.50%
400 days (Amrit Kalash)7.10%7.60%

The SBI Fixed Deposit or FD Schemes are a risk-free and guaranteed return investment option. These schemes allow you to invest your savings and earn attractive SBI FD interest rates until the maturity of your deposits. 

The maturity amount earned from the SBI FD rates can be calculated periodically using an SBI Fixed Deposit Calculator. Moreover, the State Bank of India provides higher FD rates to senior citizens as compared to the general public.

How Can SBI Fixed Deposit Calculator Help You?

SBI offers you a range of fixed deposit schemes. You should invest in an FD scheme that best suits your investment purpose and maturity goals. The FD interest rates varies according to the maturity period selected. The SBI offers fixed deposits for a minimum tenure of 7 days to a maximum of 10 years. 

The SBI FD calculator can be helpful for you in the following ways:

  • Estimate Maturity Amount – The SBI fixed deposit calculator helps you to get an idea of the maturity amount you will get at the end of your FD tenure. This helps you to choose the FD scheme that provides a maturity amount closest to your expectations.

  • Determine FD Tenure – The SBI FD calculator can help you ascertain which FD tenure is most beneficial. You can use the SBI FD interest rates calculator to determine which FD tenure will help you earn the maximum returns.

  • Plan Investment Goals – It also helps you to easily plan your short-term as well as long-term investment goals. You can check the maturity amount for various tenures using the SBI FD calculator and decide which scheme will help you achieve your investment goals.

  • Greater Accuracy - The results of an SBI fixed deposit calculator are more accurate than manual calculations. Thus, it helps you to get a more accurate idea of the maturity amount so that you can invest in an FD accordingly.

  • Saves Time – You can save a lot of time by using an SBI FD calculator, as you don’t have to visit the Bank to find out the maturity amount.

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How Does an SBI FD Calculator 2024 Work?

The SBI Fixed Deposit Calculator works based on the following formula
A= P(1+r/n)^n*t
Terms used in HDFC SIP Calculator
A
Maturity amount that you get at the end of the FD tenure
P
Investment amount
R
Applicable SBI FD interest rates
N
Frequency of interest calculation or the number of times the interest is calculated.
T
FD tenure

Note: The value of ‘n’ is ‘1’ if the interest is compounded annually, ‘2’ if compounded half-yearly, ‘4’ if compounded quarterly and ‘12’ if compounded monthly.

Illustration of Maturity Amount Calculation: 

A person wants to invest Rs 1 lakh in a State Bank of India FD account for 3 years at an interest rate of 7% compounded half-yearly. In this case,

  • P = Rs 1 lakh

  • r = 7%

  • n = 2

  • T = 3

Therefore, if you apply the formula, it comes to A = 1,00,000 (1+7%/2)^2*3, and the maturity amount equals Rs 1,22,925 at the end of 3 years.

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How to Use Policybazaar SBI Fixed Deposit Calculator?

The SBI FD calculator can be used effortlessly on policybazaar.com. All you need to do is follow the simple steps mentioned below for hassle-free use of the SBI FD calculator:

Step 1: Go to the SBI FD calculator on policybazaar.com.

Step 2: Enter the following details in the calculator:

  • Amount you want to invest

  • FD tenure

  • Applicable SBI FD interest rates

Step 3: Choose if you are a senior citizen or not.

Step 4: Submit the details by clicking on ‘Calculate’.

The SBI Fixed Deposit Calculator will automatically display the maturity amount you will earn from your FD amount.

Advantages of Using Policybazaar SBI Fixed Deposit Calculator

The SBI FD calculator on Policybazaar provides you with the following benefits:

  • Accuracy: The calculator uses the latest SBI FD interest rates to provide accurate maturity amounts.

  • Ease of use: The SBI Fixed Deposit calculator is simple and straightforward to use, even for beginners.

  • Flexibility: The calculator allows you to compare different FD options from SBI, including different tenures, interest rates, and compounding frequencies.

  • Transparency: The SBI FD calculator shows you all of the inputs and outputs so that you can understand how the maturity amount is calculated.

  • Free of cost: The FD calculator is free to use.

FAQ's On SBI Fixed Deposit Calculator

  • What will be the FD interest rates of SBI in 2024?

    The SBI FD interest rates in 2024 are mentioned in the table below:
    Tenure Regular Citizens Senior Citizens
    7 days to 45 days 3.00% 3.50%
    46 days to 179 days 4.50% 5.00%
    180 days to 210 days 5.25% 5.75%
    211 days to less than 1 year 5.75% 6.25%
    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 up to 10 years 6.50% 7.00%
    400 days (Amrit Kalash) 7.10% 7.60%
  • What is the interest rate for SBI FD 2024 444 days?

    The interest rate for SBI FD 2024 444 days is 6.80% p.a. for general customers and 7.30% p.a. for senior citizens. However, you can avail of the high fixed deposit-interest rates of 7.10% p.a. for general customers and 7.60% for senior citizens for the FD tenure of 400 days under the Amrit Kalash Scheme of SBI.
  • Can I add nominees to the SBI FD account?

    Yes, you can add nominees to your SBI FD account. A nominee is a person who is designated to receive the proceeds of your FD in the event of your death.
  • Can I take a loan against the money available in the FD account?

    Yes, you can take a loan of up to 90% of your deposits available in your SBI FD account. This is called a loan against FD.
  • What are the various SBI FD interest payment options?

    The State Bank of India provides the following FD interest payment options:
    • Periodic interest payment option - Under this method, the SBI Bank will credit the interest earned at each periodic interval to your bank account.
    • Cumulative interest payment option - Under this method, the SBI Bank will credit the total returns on your principal amount and the interest earned to your bank account only on maturity.
  • In how many years will my FD in SBI double?

    To know when will your SBI FD double up, you can use the rule of 72. Under this rule, the number ‘72’ is divided by SBI FD interest rate applicable on your FD. The result is the number of years that it will take for your SBI FD to double up.

    For example, if you are getting an interest rate of 7% on your fixed deposit in SBI, then as per the rule of 72, 72/7 = 10.2. Thus, it will take you a little more than 10 years to double your FD amount.

  • What is the minimum amount I need to invest to open an FD in SBI?

    You can invest a minimum of Rs 1,000 to open a fixed deposit in the State Bank of India.
  • What is the maximum amount I can invest in an SBI fixed deposit?

    You can invest as much money as you want in an SBI FD account as there is no maximum investment limit.
  • Can I withdraw my FD in SBI Bank before maturity?

    Yes. You can withdraw your fixed deposit in SBI Bank prematurely. However, a penalty charge will apply and you will receive your money after deducting the penalty charge.
  • What is the penalty charge for premature withdrawal of an SBI fixed deposit?

    The SBI Bank will charge a penalty of 0.50% on your FD investment amount if it is less then Rs 5 lakh. The penalty charge will increase to 1% of your investment amount if it is of Rs 5 lakh to up to Rs 1 crore.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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