SBI Bank Fixed Deposit 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.

SBI Fixed Deposit Rates 2020

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%

SBI FD Rates Today

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

Features & Benefits of SBI Fixed Deposit

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

Eligibility Criteria for SBI Fixed Deposit

For investing in SBI Fixed Deposit scheme an individual or a group should have the below-mentioned characteristics:

  • Residential individual
  • Minors with guardians or parents as co-signatories
  • NRIs having NRO or NRE account
  • Partnership company
  • Members of Hindu undivided family
  • Sole proprietorship business
  • Agencies, club, and societies
  • Charitable and educational institutes

Documents Requirement: The following documents are needed to invest in SBI FD:

  • Documents for photo identification (Passport, Aadhar Card, Driving License, Voter ID, etc).
  • Documents for residential proof (Utility bills, Passport, Aadhar Card, driving license, etc).
  • For minor and senior citizens age proof is required (matriculation certificate, birth certificate, senior citizen ID, etc).
  • Details of a bank account with a canceled cheque,
  • Passport size photo.

Types of SBI Fixed Deposit Schemes

State Bank of India offers different types of fixed deposit schemes to cater to the needs of its customers. Broadly there are five types of SBI fixed deposit schemes:

  • SBI Tax Saving Scheme
  • SBI Multi Option Deposit Scheme
  • Reinvestment Plan
  • SBI Flexi Deposit Scheme
  • SBI Annuity Deposit Scheme

  • SBI Tax Saving Scheme

    Some FDs come with tax benefits*. The account holders with this type of FD can enjoy tax benefits* under Section 80C of Income Tax Act, 1961. These FDs come with a minimum tenure of 5 years and one can’t withdraw the money before the FD matures. Additionally, they come with a clause that allows no loan or overdraft facility against these FDs. The minimum amount that has to be deposited is Rs. 1000 with a maximum of Rs 1, 50,000 per annum.

    Highlights

    Minimum deposit

    Rs 1000

    Maximum deposit

    Not more than 1.5 lakh

    Premature withdrawal

    Not allowed before completion of 5 years

    Loan Facility

    No

    Senior citizen ROI

    0.25% extra on the normal SBI FD rates

    Overdraft           

    No

  • SBI Multi Option Deposit Scheme

    State Bank of India also provides its customers with an opportunity to invest in Multi Option Deposit Schemes, which are linked with the savings or current account. The best part of these deposits is that the customer can withdraw funds at any time and can earn the usual interest on the remaining amount in the account. While one has to invest a minimum amount of Rs. 10,000, there is no maximum limit. These schemes come with a tenure ranging from 1 year to 5 years and are clubbed with other perks like loan facility, nomination facility, etc.

    Highlights

    Minimum deposit

    Rs 10,000

    Maximum deposit

    No upper limit

    Premature withdrawal

    Allowed

    TDS deduction

    Applicable on SBI FD rates earned

    Loan Facility

    Yes

    Nomination facility

    Yes

  • Reinvestment Scheme

    One can gain the maximum return out of their FDs with a reinvestment scheme. The account holder can enjoy maximum benefit with a compounded SBI FD rates. The interest will not be offered at regular intervals but on the maturity of the FD. The minimum investment amount is Rs 1000 and there is no upper limit on it. These FDs come with a minimum tenure of 6 months to a maximum of 10 years. These also offer the benefits of premature withdrawal, loan or overdraft facility, nomination, and automatic renewal facility.

    Highlights

    Minimum deposit

    Rs 1000

    Maximum deposit

    No upper limit

    Premature withdrawal

    Allowed

    Loan Facility

    Yes

    Payment of Interest

    Compounded and paid at the time of maturity

    Overdraft           

    Yes

  • SBI Flexi Deposit Scheme

    This type of deposit scheme allows the customer to make deposits at regular intervals. In other words, one can deposit money as per his/her convenience. One can invest in these schemes for a minimum of 5 years to a maximum of 7 years. The minimum investment amount is Rs. 5000 while the maximum limit is Rs. 50,000 in a financial year.

    Highlights

    Minimum deposit

    Rs 5000

    Maximum deposit

    Rs 50,000

    Premature withdrawal

    Allowed

    Loan Facility

    Yes

    Nomination facility         

    Yes

  • SBI Annuity Deposit Scheme

    By making a lump sum deposit, the account holder is eligible to receive an annuity under this type of fixed deposit in SBI. The money will be paid as EMIs (Equated Monthly Installment) along with a defined SBI interest rates on fixed deposits. Here, premature payment is allowed only in the case of the death of the depositor. By depositing a minimum of Rs. 25,000, the account holder can also avail loan facility and nominee benefit.

    Highlights

    Minimum deposit

    Rs 25000

    Maximum deposit

    No limit

    Premature withdrawal

    Only applicable in case of the death of the depositor

    Loan Facility

    Yes

    Nomination facility         

    Yes

Term wise SBI Fixed Deposits

Based on the maturity period of FD, three types of SBI FD rates 2020 are offered. They are short-term deposit rates, medium-term deposit rates, and long-term deposit rates. Following are the SBI FD interest rates based on maturity period or term-wise fixed deposits:

  • SBI Short-Term Fixed Deposits

    SBI short-term deposits are for those who want to meet short-term financial goals with quicker returns. Currently, short-term SBI FD interest rates are ranging from 2.90% to 4.40% annually. These FDs come with a minimum tenure of 7days and a maximum tenure of anywhere less than 1 year.

    SBI fixed deposit scheme offers short-term deposits with the shortest term being up to 45 days. Presently, SBI FD interest rate 2020 for the short-term deposit of 7 days to 45 days range from 2.90%  p.a. to 3.4.0% p.a. compounded quarterly. From 46 days to up to 6 months, the interest rate on FD in SBI ranges from 3.90% p.a. to 4.40 % p.a. SBI fixed deposit rates 2020 for six months to 210 days range between 4.40% to 4.90% p.a. The SBI interest rates on fixed deposits for a period of 211 days to up to 1 year also stands at 4.40% to 4.90% p.a. currently for deposits less than Rs 2 Crore.

  • SBI Medium-Term Fixed Deposits

    Medium-term FDs are introduced with a lock-in period of at least 1 year and offer a lucrative rate of return on maturity. The SBI FD rates today range from 5.10% to 5.60% annually for deposits less than Rs 2 Crore. The FD interest rates SBI offers varies as per the amount deposited.

  • SBI Long-Term Fixed Deposits

    Long-term fixed deposits are for those who want to park their extra funds for a longer tenure to save a handsome amount while earning a good FD interest rates SBI. These FDs come with a lock-in period of 5 years to 10 years. It offers a current SBI interest rates on FD ranging from 5.40% to 6.20% per annum for deposits less than Rs 2 Crore. Moreover, one can opt for a tax-saving FD which enables the account holder to enjoy tax benefits*.

Term Limits for SBI Fixed Deposit Schemes

Fixed deposit rates in SBI are offered for all types of FDs. The following table shows the tenure limits for the various fixed deposit schemes offered by SBI to its customers:

Fixed Deposit Schemes

Minimum Tenure

Maximum Tenure

SBI Tax Saving Scheme

5 years

10 years

SBI MODS

1 year

5 years

Reinvestment Scheme

6 months

10 years

SBI Flexi Deposit Scheme

5 years

7 years

Annuity Deposit Scheme

3 years

10 Years

SBI Fixed Deposits for Senior Citizens

SBI FD rates 2020 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.

Loan Against SBI FD

The facility of loan is provided with SBI Fixed Deposit. The investors can avail loan up to 90% of their fixed deposit amount. The SBI FD interest rates today for a loan against FD ranges between 3.9% to 6.4%.

The tenure of the loan is restricted to the maximum tenure of SBI fixed deposit.

Note: SBI does not offer any loan against FDs of other banks.

Example: Mr. Vipin has opened an FD of Rs.1, 00, 000 with State Bank of India. The tenure for this fixed deposit is 2 years. Later, he decided to take a loan against the SBI fixed deposit. For the same, SBI has approved the credit limit’s 90% against his FD. The FD interest rates SBI for the loan against his FD is 10%. Now, if he takes Rs.90, 000 on day one of the first month and repays this amount on next month’s 01st day, then he has to pay Rs. 90,744, wherein Rs.744 is the interest on this amount.

SBI Interest Rates on Fixed Deposits

It is advisable to reconfirm the SBI FD Interest Rates 2020 from the bank before making any decision on basis of data provided below.

  • Domestic Deposits Below Rs. 2 Crore

    SBI FD Interest Rates (p.a.)

    Tenure

    Regular Customers

    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

    4.90%

    5.40%

    2 years to less than 3 years

    5.10%

    5.60%

    3 years to less than 5 years

    5.30%

    5.80%

    5 years and up to 10 years

    5.40%

    6.20%*

    *Rates are subject to change, without prior notice

  • SBI FD Rates for Non-Residential External (NRE) FD Account

    SBI NRE FD Interest Rates

    Tenure

    Below Rs. 2 Crore

    Rs. 2 Crore & above

    1 year to less than 2 years

    4.90%

    2.90%

    2 years to less than 3 years

    5.10%

    3.00%

    3 years to less than 5 years

    5.30%

    3.00%

    5 years and up to 10 years

    5.40%

    3.00%

    *Rates are subject to change, without prior notice

  • SBI Interest Rates for Non-Residential Ordinary (NRO) FD Account

    SBI NRO FD Rates 

    Tenure

    Deposits below Rs. 2 crore

    Deposits of Rs. 2 crore & above

    7 days to 45 days

    2.90%

    2.90%

    46 days to 179 days

    3.90%

    2.90%

    180 days to 210 days

    4.40%

    2.90%

    211 days to less than 1 year

    4.40%

    2.90%

    1 year to less than 2 years

    4.90%

    2.90%

    2 year to less than 3 years

    5.10%

    3.00%

    3 years and up to 5 years

    5.30%

    3.00%

    5 years and up to 10 years

    5.40%

    3.00%

    *Rates are subject to change, without prior notice

  • SBI Interest Rates for Foreign Currency Non-Resident (FCNR) FD Rates

    SBI FCNR Fixed Deposit Interest Rates

    Tenure/Currency

    USD

    GBP

    EURO

    CAD

    AUD

    JPY

    1 year

    0.75

    0.59

    0.01

    0.78

    0.17

    0.02

    Above 1 year to less than 2 years

    0.75

    0.59

    0.01

    0.78

    0.17

    0.02

    2 years to less than 3 years

    0.74

    0.61

    0.01

    0.56

    0.17

    0.05

    3 years to less than 4 years

    0.76

    0.64

    0.01

    0.63

    0.31

    0.05

    4 years to less than 5 years

    0.79

    0.69

    0.01

    0.72

    0.32

    0.05

    5 years

    0.86

    0.73

    0.15

    0.79

    0.42

    0.05

    *Rates are subject to change, without prior notice

  • SBI FD Rates for Resident Foreign Currency Account (RFC)

    SBI RFC Interest Rates (% p.a.)

    Tenure

    USD

    GBP

    EURO

    1 year to less than 2 years

    0.75

    0.59

    0.01

    2 years to less than 3 years

    0.74

    0.61

    0.01

    3 years

    0.76

    0.64

    0.01

    *Rates are subject to change, without prior notice

How to Calculate SBI FD Interest Rates?

The SBI FD rates depend on the maturity period. The interest rates offered by SBI on Fixed Deposits are given in the table below:

SBI FD Interest Rate Calculator

State Bank of India offers a Maturity Value fixed deposit calculator that helps account holders to analyze how much interest they can earn with an FD.

The SBI FD interest rates calculator requires you to enter your

  • Principal amount,
  • SBI FD Rates, and
  • Duration of the FD

And then, SBI interest rates calculator tells you

  • Interest value, and
  • Total Maturity Value.

How to Open a SBI Fixed Deposit Account?

To make the most of SBI interest rates on fixed deposits, here are some of the things that every account holder should know before opening an SBI fixed deposit account:

  • Fixed Deposit Rates in SBI- Before opening a fixed deposit, it is crucial to go through the current FD interest rates in SBI. This will enable you to know the amount that you can expect to earn upon maturity.
  • Deposit Amount- One should know the minimum and the maximum deposit amount required to open a fixed deposit in SBI. While the minimum amount to open a fixed deposit account with SBI is Rs 1000, there is no cap on the maximum deposit amount.
  • Reinvestment Option- Check for the reinvestment option under the SBI fixed deposit scheme. The reinvestment option allows you to reinvest the amount earned through FD interest rates in SBI, which is compounded and paid at the time of maturity.
  • Tenure- Go through the fixed deposit term limit for different types of SBI FD schemes. The minimum tenure for a fixed deposit account with SBI is 6 months while the maximum tenure goes up to 10 years.

Documents required to open SBI Fixed Deposit Account

SBI fixed deposit account can be opened at the bank by furnishing the following documents:

  • SBI FD Application form
  • Copy of Applicants identity proof
  • Copy of Applicants address proof
  • PAN copy or Form 60/61
  • Applicants Aadhar card details

SBI fixed deposit scheme can be opened easily online if you have an SBI bank savings account.

How to Close SBI Fixed Deposit Account Online?

FD interest rates in SBI are a popular topic of discussion amongst people. SBI fixed deposits don’t only offer a lucrative SBI interest rates on Fixed Deposits but also offer flexible withdrawals. Account-holders can easily withdraw or close their FD accounts before maturity. The internet has made the process easier than before. Now closing one’s FD account or premature withdrawal of SBI fixed deposits is a matter of few clicks. Below are the steps of closing an SBI FD account:

  • Step 1. Go to the Official website of State Bank of India. Look for the tab ‘ETDR/STDR (FD)’
  • Step 2. Click on the option ‘close FD account prematurely’
  • Step.3. A list of all your FD accounts will appear. Now select the one which you want to close
  • Step 4. Now click on the 'proceed' button
  • Step 5. Verify all FD related details. Mention the reason for closing the account and click the ‘confirm’ button.
  • Step 6. A security password will be sent to the registered mobile number. Type the code and click on ‘confirm’.
  • Step 7. A confirmation message will be sent pronouncing the FD account to be closed.
  • Step 8. The amount that was deposited will be credited to your preferred savings account.

In case of immediate closure, one should do this between 8 am and 8 pm.

How to Link Aadhar with Bank Account

To earn interests through SBI FD rates, it is important to ensure that your SBI bank account has been linked with your Aadhar number. The process to link an SBI bank account with Aadhar is very easy. All you have to do is to fill the KYC form of SBI and mention your Aadhar number on it. You might have to submit a copy of your Aadhar Card along with your KYC form. You will also be required to present your Aadhar Card to the bank officials for verification. Post verification, your Aadhar will be linked with your bank account.

SBI Fixed Deposit Premature Withdrawal Terms and Conditions

SBI charges penalty on premature withdrawals on fixed deposits of up to Rs 5 Lakh. The penalty is 0.50% of the principal amount.

On Fixed Deposits ranging from Rs 5 lakh to Rs 1 Crore, the penalty is charged at 1%.

The penalty is as mentioned above for Fixed Deposits of all tenures.

SBI FD Interest Rates - FAQs

SBI FD Rates News

  • 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: 22 October 2020
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