SBI FD rates 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.
SBI FD Rates in India | ||
---|---|---|
Tenure | Non-senior citizen FD Rates | Senior Citizen FD Rates |
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 364 days | 4.40% | 4.90% |
1 year to 1 year 364 days | 5.10% | 5.60% |
2 years to 2 years 364 days | 5.10% | 5.60% |
3 years to 4 years 364 days | 5.30% | 5.80% |
5 years to 10 years | 5.40% | 6.20% |
Name | Interest Rates | Tenure | |
---|---|---|---|
Axis Bank | 5.75% | 5 years to 10 years | View Details |
Bank of Baroda | 5.30% | 5 years 1 day to 10 years | View Details |
Bank of India | 5.40% | 5 years to 10 years | View Details |
Canara Bank | 5.45% | 3 years to 10 years | View Details |
Central Bank of India | 5.35% | 5 years to 10 years | View Details |
HDFC Bank | 5.50% | 5 years 1 day to 10 years | View Details |
ICICI Bank | 5.50% | 5 years 1 day to 10 years | View Details |
IDBI Bank | 5.70% | 7 years 1 day to 10 years | View Details |
State Bank Of India | 5.40% | 5 years to 10 years | View Details |
Yes Bank | 7.00% | 1 year to 10 years | View Details |
The benefits and features of the SBI fixed deposit scheme are given below:
It is advisable to reconfirm the SBI FD Interest Rates from the bank before making any decision on basis of data provided below.
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (p.a.) (w.e.f 10.09.2020) |
Interest Rate (p.a.) (w.e.f 10.09.2020) |
General |
Senior Citizen |
||
7 days to 45 days |
Less than 2 crores |
2.90% |
3.40% |
46 days to 179 days |
Less than 2 crores |
3.90% |
4.40% |
180 days to 210 days |
Less than 2 crores |
4.40% |
4.90% |
211 days to less than 1 year |
Less than 2 crores |
4.40% |
4.90% |
1 year to below 2 years |
Less than 2 crores |
4.90% |
5.40% |
2 years to below 3 years |
Less than 2 crores |
5.10% |
5.60% |
3 years to below 5 years |
Less than 2 crores |
5.30% |
5.80% |
5 years & up to ten years |
Less than 2 crores |
5.40% |
6.20% |
*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)
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (p.a.) (w.e.f 27.05.2020) |
Interest Rate (p.a.) (w.e.f 27.05.2020) |
General |
Senior Citizen |
||
7 days to 45 days |
2 crore and more |
2.90% |
3.40% |
46 days to 179 days |
2 crore and more |
2.90% |
3.40% |
180 days to 210 days |
2 crore and more |
2.90% |
3.40% |
211 days to less than 1 year |
2 crore and more |
2.90% |
3.40% |
1 year to below 2 years |
2 crore and more |
2.90% |
3.40% |
2 years to below 3 years |
2 crore and more |
3.0% |
3.50% |
3 years to below 5 years |
2 crore and more |
3.0% |
3.50% |
5 years & up to ten years |
2 crore and more |
3.0% |
3.50% |
*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)
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 NRE term deposit rates with effect from 27.05.2020 are given in the table below:
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (p.a.) (w.e.f 27.05.2020) |
1 year to below 2 years |
Less than 2 Crores |
5.10% |
2 years to below 3 years |
Less than 2 Crores |
5.10% |
3 years to below 5 years |
Less than 2 Crores |
5.30% |
5 years & up to ten years |
Less than 2 Crores |
5.40% |
Premature Withdrawal |
Interest is not payable for deposits withdrawn before 1 year |
|
Premature withdrawal of Retail Term Deposits will attract penalty w.e.f April 01, 2017: |
· 0.5% if withdrawn up to Rs 5 Lakh · 1% if withdrawn b/w Rs 5 Lakh and Rs 1 Crore |
*SBI interest rates on fixed deposits are subject to change, without prior notice
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (p.a.) (w.e.f 27.05.2020) |
1 year to below 2 years |
2 Crore and more |
2.90 % |
2 years to below 3 years |
2 Crore and more |
3.00 % |
3 years to below 5 years |
2 Crore and more |
3.00 % |
5 years & up to ten years |
2 Crore and more |
3.00 % |
Premature Withdrawal |
Interest is not payable for deposits withdrawn before 1 year
|
|
Premature withdrawal of Retail Term Deposits will attract penalty w.e.f April 01, 2017: |
Pre-mature withdrawal of the FD after 1 year – The SBI interest rates on fixed deposits will be paid at the rate applicable for the duration the FD remained with the Bank or contracted rate minus 1% penalty on premature withdrawal, whichever is lower |
*SBI Bank FD Rates are subject to change, without prior notice
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (% p.a.) (w.e.f 27.05. 2020) |
7 days to 45 days |
Less than 2 Crores |
2.90% |
46 days to 179 days |
Less than 2 Crores |
3.90% |
180 days to 210 days |
Less than 2 Crores |
4.40% |
211 days to less than 1 year |
Less than 2 Crores |
4.40% |
1 year to below 2 years |
Less than 2 Crores |
5.10% |
2 years to below 3 years |
Less than 2 Crores |
5.10% |
3 years to below 5 years |
Less than 2 Crores |
5.30% |
5 years & up to ten years |
Less than 2 Crores |
5.40% |
*Rates are subject to change, without prior notice
Maturity Period |
Deposit Amount (Rs.) |
Interest Rate (% p.a.) (w.e.f 27.05.2020) |
7 days to 45 days |
2 Crore and more |
2.90% |
46 days to 179 days |
2 Crore and more |
2.90% |
180 days to 210 days |
2 Crore and more |
2.90% |
211 days to less than 1 year |
2 Crore and more |
2.90% |
1 year to below 2 years |
2 Crore and more |
2.90% |
2 years to below 3 years |
2 Crore and more |
3.00% |
3 years to below 5 years |
2 Crore and more |
3.00% |
5 years & up to ten years |
2 Crore and more |
3.00% |
*Rates are subject to change, without prior notice
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.
The State Bank of India (SBI) has revised fixed deposit (FD) interest rates on deposits of less than Rs 2 crore with a maturity period of one year to less than two years by 10 basis points (bps). The new rates came into effect from 8th January 2021.
As per the new FD rates, SBI will now offer an interest rate of 5 per cent instead of 4.90 per cent on fixed deposits maturing between one year and less than two years for the general public. The new FD rates are applicable on all fresh deposits as well as renewal of maturing deposits.
SBI provides a higher interest rate of 50 basis points to senior citizens on fixed deposits of all tenures. As per the new SBI FD rates, senior citizens will get an interest of 5.50 per cent instead of 5.40 per cent on deposits with a maturity tenure of one year to less than two years.
Moreover, the Bank has also extended the ‘SBI Wecare’ special FD scheme for up to 31st March 2021.
Previously, India’s biggest private sector bank had revised the fixed deposit interest rates on 10th September 2020.
It is the second time when State Bank of India has extended its special fixed deposit scheme for senior citizens. Previously, it was in May when this top public sector lender had announced the ‘We Care’ fixed deposit scheme for its ‘Senior Citizens’. This scheme was initially till September. The main purpose of this scheme was to offer a higher rate of interest to the senior citizens as compared to the general public in the current time of the pandemic.
This special fixed deposit scheme for the senior citizens of India will now be available till the end of March. Earlier, SBI had announced that the scheme will be provided till December 31st only.
This special ‘We Care’ scheme for the senior citizens, which was introduced in the retail Term Deposit segment, in which an additional premium of approximately 30bps (above the existing 50bps) is paid to the senior citizens’ on their retail Term Deposit for the tenure of five years and more. This scheme (SBI We Care) of SBI fixed deposits will be extended till 31st March 2021 as per the website of SBI.
In this way, the SBI special fixed deposit scheme fetches an 80bps rate of interest, which is more than the rates applicable for the normal public. Currently, SBI is offering a 5.4% rate of interest on a fixed deposit scheme for five years to the general public. If the senior citizens put their fixed deposited amount under this special FD scheme, then the rate of interest applicable to the fixed deposits will be 6.20%. This extra interest, which is 30bps, in this special scheme for senior citizens will not be payable when one opts for premature withdrawal of these deposits. Therefore, if you go for premature withdrawal under this scheme, then your FD investment will get only 50bps more than the FD interest rates for the general public
The rate of interest offered by SBI for FDs having tenure between seven days to 10 years fetches 2.9% to 5.4% rate of interest for the general public. Whereas, the rate of interest for the senior citizens is 50bps more on these deposits. The last time when SBI has revised the rates for its fixed deposit scheme was September 10th, 2020.
Despite a downfall in the FD rates lately, some banks still offer attractive interest rates to their customers.
their customers. Here are the latest fixed deposit rates offered by the State Bank of India:
The maturity period of fixed deposits of State Bank of India ranges between 7 days to 10 years. While the rate of interest offered to the FDs having tenure between 7 days to 45 days is 2.9%, it is 3.9% for the tenure of 46 days to 179 days. The fixed deposits with tenure of 180 days to less than 12 months fetch a 4.4% interest rate. The deposits having a maturity period between one year to up to 2 years have a 4.9% interest rate. FDs having a maturity period of 3 years to less than 5 years get a 5.3% rate of interest. The fixed deposits maturing in 5 years and up to 10 years fetch a rate of interest of 5.4%.
The State Bank of India offers an additional 50bps rate of interest to the senior citizen’s FDs across all the tenures. For such FDs, the rate of interest ranges between 3.4% to 6.2%, while the tenure ranges between 7 days to 10 years.
The new SBI FD rates came into effect from 10th September 2020 and are applicable on all fresh fixed deposits and renewals of maturing FDs of up to Rs 2 crore with a maturity period of one year to less than two years.
The new FD rates announced by SBI witnessed a reduction of 20 basis-point as compared to the previous interest rates of 5.10 per cent and 5.60 per cent for the general public and senior citizens respectively.
The SBI has revised the interest rates only for FD with a maturity date of 1 year to less than two years. No changes have been made to the interest rates applicable on fixed deposits with any other maturity period.
Moreover, the ‘SBI Wecare’ deposit scheme for senior citizens under the retail term deposit segment has been extended till 31st December 2020. Under this scheme, an additional premium of 30 basis point, over and above the regular FD rates, is paid to senior citizens with a deposit for five years and above.
It was early in May when SBI has lowered its fixed deposit rates in SBI by 20bps. These rates were applicable for the FDs of up to three years. This cut down became effective from 12th May 2020.
Despite cutting down the SBI FD rate of interest of some FDs, the bank has as well launched an FD to safeguard the interest of senior citizens in this falling interest rate time. The bank gave this information in its press release. In this press release, the bank also stated that the product would be named as SBI Wecare Deposit and will be a term deposit of retail nature for senior citizens. This product will be effective from 30th September 2020.
As per the press release, this new product will provide an additional 30bps premium to the senior citizens having a tenor of five years and above.
As per the latest announcements, the new SBI FD rate for fixed deposits between 7 to 45 days is 3.3%, while FDs with a maturity between 46 to 179 days will earn 4.3% interest.
Similarly, the new SBI rate of interest on FD is between 180 days to up to one year is 4.8%, and fixed deposits between one year to less than three years will fetch 5.5% interest.
Similarly, the new SBI FD rate for senior citizens with FDs between 7 to 45 days is 3.8% and the rate of interest on FD in SBI between 46 and 179 days is 4.8%. Moreover, the new SBI rate of interest on FD between 180 days to up to one year is 5.3% and FDs between one year to less than three years will earn 6% interest.
However, no changes have been made to SBI interest rates on fixed deposits with a tenure between three years and 10 years. Therefore, the SBI FD rates for the general public with FDs maturing between three to up to 10 years remains at 5.7%. On the other hand, the SBI FD rates for senior citizens with FDs between three to up to 5 years is 6.2% and FDs maturing between 5 years to up to 10 years will continue to earn 6.5% interest.
This is the third fixed deposit rate cut by SBI in the last two months. As per an official statement by the bank, the FD rate cut has been made to maintain adequate liquidity in the bank and the system. The new SBI rate of interest on FD is down by 20 basis points where 1 percent is equal to 100 basis points or bps.
The new scheme offers a higher rate of interest to senior citizens. As per reports, an additional premium equivalent to 30 basis points or bps is payable to senior citizens with term deposits with a tenure of 5 years to up to 10 years.
Currently, the SBI already provides an additional 50 bps interest to senior citizens as compared to the general public on fixed deposits. Therefore, the new deposit will enable senior citizens to earn a total of 80 bps additional premium on fixed deposit with a tenure of 5 years and above.
However, the additional premium will not be payable if the depositor withdraws from the deposit prematurely.
The SBI Wecare Deposit scheme is open until 30th September 2020.
Moreover, the SBI also slashed its FD rates for tenures of up to three years by 20 bps for both general public and senior citizens with effect from 12 May 2020. But the FD rates remain the same for FDs with tenure of three years and above.
Thus, the present SBI FD rate for senior citizens with FDs maturing between 7 days and 45 days is 3.8% and the rate for FDs between 46 days to 179 days of tenure is 4.8%. Similarly, FDs between 180 days to up to one year of tenure will earn 5.3% interest and FD rate for fixed deposits of tenure of one year to up to three years is 6%.
On the other hand, FD rate for fixed deposits with tenure between three years and five years remains at 6.2% and FDs between five years and up to 10 years will continue earning an interest of 6.5%.
As per the current revision, the SBI FD’s between 7 days to 45 days, which earlier 4.5% will currently fetch 4%. Likewise, the fixed deposits that are one year to less than 5 years, which earlier fetched 6% will now fetch 5.9% and between 5 years up to 10 years, which earlier fetched 6% will now fetch 5.9%.
However, the senior citizens in comparison to the common people will continue getting 50 basis points higher interest rates. Any retails fixed deposits, which is of less than Rs. 2 crores the rates will be applicable the same.
The new FD interest rates will be made applicable to both the fresh deposits and the renewal of the maturing deposits. Besides, it is expected that other banks might also lower interest rates.
Currently, the highest interest rate offered by SBI fixed deposits for individuals is 6.25 percent per annum, and the highest interest rate for senior citizens is 6.75 percent per annum.
The latest annual rate of Interest for individuals w.e.f November 1, 2017, is 5.25% for 7 days - 45 days, 6.25% for 46 days - 210 days, 6.25% for 211 days - less than 1 year, 6.25% for above 1 year - less than 2 years, 6.00% for 2 years - less than 5 years, 6.00% for 5 years - up to 10 years.
The latest annual rate of Interest for and senior citizens w.e.f November 1, 2017, is 5.75% for 7 days - 45 days, 6.75%for 46 days - 210 days, 6.75% for 211 days - less than 1 year, 6.75% for above 1 year - less than 2 years, 6.50% for 2 years - less than 5 years, and 6.50% for 5 years - up to 10 years.
In the previous month, SBI had cut down the interest rate on deposits below 1 crore Rupees by 25 basis points. It has decreased the space between bulk deposits and high yielding retail deposits to 175bps, earlier it was 200bps. With this increase, space has narrowed down further to 100bps.
As per a Times of India report, the revised rates are a reflection of stiffening liquidity due to the move reducing the distance between wholesale rates and retail rates. As per C. Venkat Nageswar, DMD (Deputy Managing Director) global markets, SBI- "The decision was solely pushed by investment opportunities."
While the spike in rates looks tempting, cautiously shop around before investing your money. According to the media reports, these bulk deposit rates, even after the spike, are lesser than what is offered by other banks for bulk deposits.