SBI FD Interest Rates

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.

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%

SBI Fixed Deposit Rates 2021

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%

Comparison of FD Rates by Top 10 Financial Institutes

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

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

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.

SBI FD Interest Rates for Domestic Term Deposits (Less than Rs. 2 Crore)

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)

SBI FD Interest Rates for Domestic Bulk Term Deposits (Rs 2 Crore & above)

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)

SBI Fixed Deposit 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 with effect from 27.05.2020 are given in the table below:

SBI FD Rates for NRIs: Less than Rs. 2 crores

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

SBI FD Rates for NRIs: Rs. 2 crores & Above

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

SBI FD Interest Rates for NRO

SBI Fixed Deposit Interest Rates for NRO: Less than Rs. 2 Crores

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

SBI Fixed Deposit Interest Rates for NRO:  Rs. 2 Crores & Above

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 Fixed Deposit Interest Ratess 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.

State Bank of India Fixed Deposit Interest Rates – FAQs

SBI FD Interest Rates News

  • SBI Revises FD Rates by 10bps for Select Tenure

    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.


  • SBI’s Special FD Scheme for Senior Citizens is Extended Till 31st March

    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.


  • Latest FD Rates Offered by SBI

    Fixed Deposits are one of the safest investment options offered by NBFCs and Banks. If you hold your fixed deposit account for a specific maturity period, you can earn better interest from it than your regular savings accounts. Some banks as well offer many other benefits to their FD customers. These benefits are loan against FDs, better interest rates for senior citizens, competitive rate of interest, etc.

    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.


  • SBI Revises Interest Rate on 1-Year Fixed Deposits

    The State Bank of India (SBI) has recently revised its interest rates on one year fixed deposits of Rs 2 crore or less. As per the official website of SBI, the country’s largest lender will now pay an interest of 4.90 per cent on deposits held by the general public and 5.40 per cent to senior citizens.

    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.


  • State Bank of India has Cut Down Its FD Rates by 40 bps Across All Its Tenors

    The SBI Bank FD rates have cut down by 40 bps (basis points) across all the tenors. The new rates of FD will be applicable from 27th May 2020. After this sharp cut in rates, SBI's FDs with tenure between one year to less than two years will have a 5.1% rate, from three years to less than five years will have a 5.3% interest rate. From five years to up to ten years it will have a 5.4% interest rate. This is for the second time in a row when this public sector bank has slashed down its interest rates in May month itself.

    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.


  • SBI Slashes FD Rates Amidst Lockdown 3.0

    The rate of interest on FD in SBI is slashed by 20 basis points or bps for all deposits with tenures of up to three years. The new SBI FD rate of interest has come into effect from 12 May 2020 amidst lockdown 3.0.

    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.


  • SBI Launches New FD Scheme for Senior Citizens

    The State Bank of India (SBI) has launched a new fixed deposit scheme for the elderly or senior citizens. The new scheme is known as the ‘SBI Wecare Deposit’ and is available since 12 May 2020.

    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%.

  • SBI For the Second Time Cuts Down FD Interest Rate In a Month

    One of India’s most preferred and largest bank State Bank of India (SBI) for the second time within a month has cut down interest rates on the fixed deposits. From March 10, 2020, the revised rates have been into effect. Earlier on 10 February 2020, State Bank of India had cut interest rates.

    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.

  • SBI app launches Multi-Option Deposit

    SBI has launched the Multi-Option Deposit Scheme with Term deposits linked to Savings or Current Accounts. Normally, Term Deposits are fully liquidated anytime you need funds; but the MODS account allows you to withdraw money in multiples of 1000 while the balance in the MODS account continues to earn the Term Deposit rates as applicable at time of initial deposit.
  • SBI Cuts Down FD rates

    The State Bank of India offers a broad range of fixed deposits that fetch a good interest rate and plenty of other benefits such as nomination facility, flexible tenure duration, auto renewability options, different interest options, overdraft/ loan facility, etc.

    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.

  • SBI Hikes Up Rate of Interest On 1 Crore To 10 Crore Deposits

    The excess liquidity that had flooded the banking sector due to demonetization, is drying out. As per Nomura Global Research, deposit growth normalized to 9.8 percent in the month of October. Bank credit has moved up as well. Now State Bank of India has hiked its rate of interest on bulk deposits. It has, also, reversed its rate cut immediately after demonetization.

    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.

Written By: PolicyBazaar - Updated: 13 January 2021
Compare with other Bank
Gold Rate Today Silver Rate Today
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL