As a result of their guaranteed returns, FDs are the most trusted method of saving for customers of all ages. The bank offers attractive interest rates on deposits over the depositor's desired term.
An SBI Fixed Deposit has interest rates ranging from 3.00% to 7.10% per annum for the general public and 3.50% to 7.50% per annum for senior citizens for a tenure ranging from 7 days to 10 years.
The interest rate for the general public is 6.50%, and for senior citizens, it is 7.50%. NRIs can also choose from various fixed deposit products the bank offers, such as NRO, NRE, RFC and FCNR (B). SBI accepts FCNR (B) fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euros, Canadian Dollars (CAD), Australian Dollars (AUD) and Japanese Yen (JPY). The bank accepts RFC fixed deposits in USD, Euro and GBP.
SBI Fixed Deposit Rates Highlights 2024
| Highest slab rate | 7.10% p.a. (for 400 days) |
| For 1 year | 6.80% p.a. |
| For 2 year | 7.00% p.a. |
| For 3 year | 6.50% p.a. |
| For 4 year | 6.50% p.a. |
| For 5 year | 6.50% p.a. |
| Tax-Saving FD | 6.50% p.a. |
SBI Fixed Deposit Interest Rates
SBI Fixed Deposit Interest Rates on Domestic Deposits of less than ₹2 crore w.e.f. 15 February 2022
| Tenors | Interest Rates (p.a.) | |
| General Public | 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 year | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.50% | 7.50%* |
*Includes a premium of 50 basis points under the “SBI Wecare” deposit scheme.
| Note: For domestic and NRI customers, SBI has introduced a tenor-specific term deposit scheme known as Amrit Kalash. The scheme offers the general public a FD interest rate of 7.10% per annum and the senior citizens a rate of 7.60% per annum for a term of 400 days. It is valid until 31 March 2023 |
SBI Fixed Deposit Rates for Senior Citizens
SBI Fixed Deposit rates for senior citizens are 50 basis points higher than rates offered to other depositors (as already mentioned in the table). Only resident senior citizen depositors are eligible for the additional interest of 0.50% per annum. This interest premium cannot be applied to NRE and NRO depositors. As part of the SBI Wecare Deposit Scheme for Senior Citizens, eligible depositors receive a premium of 50 bps in addition to the 50 bps already paid to senior citizens. This scheme, however, is only available for FDs with a tenure of 5 or more years. It can be applied to new deposits as well as renewals of maturing deposits.
SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)
| Tenure | Interest Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 5 – 10 years | 6.50% | 7.50% |
SBI FD Rates on Domestic Bulk Term Deposit of ₹2 Crore and above w.e.f. 15 February 2023
| Tenors | Interest Rates (p.a.) | |
| General Public | Senior Citizens | |
| 7 days to 45 days | 4.75% | 5.25% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.00% | 6.50% |
| 211 days to less than 1 year | 6.25% | 6.75% |
| 1 year to less than 2 years | 6.75% | 7.25% |
| 2 years to less than 3 years | 6.50% | 7.00% |
| 3 years to less than 5 years | 6.00% | 6.50% |
| 5 years and up to 10 years | 6.00% | 6.50% |
SBI Fixed Deposit Interest Rates – NRIs
SBI NRE FD Interest Rates w.e.f. 15 February 2023
| Tenure | Interest Rates(p.a.) | |
| Below ₹2 Crore | ₹2 Crore & Above | |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
SBI FD Rates for Non-Residential Ordinary (NRO) FD Account w.e.f. 15 February 2023
| Tenure | Interest Rates (p.a.) | |
| Deposits below ₹2 crore | Deposits of ₹2 crore & above | |
| 7 days to 45 days | 3.00% | 4.75% |
| 46 days to 179 days | 4.50% | 5.50% |
| 180 days to 210 days | 5.25% | 6.00% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years and up to 10 years | 6.50% | 6.00% |
How to Calculate SBI FD Returns?
SBI FD returns can be calculated using the following formula:
|
A = P(1 + r/n)^(n*t)Where, A = Maturity amount P = Principal amount r = Rate of interest n = Compounding frequency t = Tenure in years |
SBI compounds the interest quarterly for FDs with a tenure of 6 months or more. For FDs with a tenure of less than 6 months, the interest is payable at maturity.
Let us take an example to understand the calculation of SBI FD returns:
Suppose you invest Rs. 1,00,000 in an SBI FD for a tenure of 3 years at an interest rate of 5.30% per annum. The interest is compounded quarterly. The calculation of the maturity amount will be as follows:
| A = 1,00,000(1 + 0.01325)^(4*3) = ₹1,16,927 |
Therefore, the maturity amount will be ₹1,16,927, and the interest earned will be ₹16,927.
Benefits of Investing in SBI FD
Here are some of the benefits of investing in SBI FD:
- Guaranteed Returns: SBI FD offers guaranteed returns on investment, making it a safe investment option.
- Flexible Tenure: SBI FD allows investors to choose the tenure of their investment, ranging from 7 days to 10 years.
- Loan Facility: Investors can avail a loan against their SBI FD account.
- Nomination Facility: SBI FD allows investors to nominate their family members in case of their unfortunate demise.
- Tax Benefits: SBI FD offers tax-saving benefits under Section 80C of the Income Tax Act.
How to Invest in SBI FD?
State Bank of India (SBI) is one of the largest public sector banks in India, offering a wide range of financial products and services to its customers. One of the most popular investment options offered by SBI is the Fixed Deposit (FD) scheme. SBI FDs are safe and secure as it offers guaranteed returns on your investment.
How You Can Invest in SBI FD?
- Visit the nearest SBI branch or log in to your SBI net banking account
- Fill out the SBI FD application form with all the necessary details
- Choose the tenure and deposit amount for your FD
- Submit the application form along with the required documents and deposit the amount
- Once your FD is opened, you will receive a confirmation from SBI.
What is Eligibility to Open an SBI FD Account?
To open an SBI FD account, you need to fulfil the following eligibility criteria:
- You must be an Indian resident or a Non-Resident Indian (NRI).
- You must have valid identity proof (Aadhaar card, PAN card, passport, or voter ID card)
- You must have valid address proof (Aadhaar card, passport, or utility bill)
- You must have a valid bank account with SBI
Documents Required to Open State Bank of India FD
To open an SBI FD account, you need to submit the following documents:
- Identity proof such as an Aadhaar card, PAN card, passport, or voter ID card
- Address proof such as an Aadhaar card, passport or utility bill
- Passport size photograph
- PAN card (if the deposit amount is more than Rs. 50,000)
- Form 15G/15H (if applicable)
Tax on SBI Fixed Deposit
The interest earned on SBI FDs is taxable as per the Income Tax Act, 1961. The tax rate depends on the income tax slab of the investor. SBI deducts TDS (Tax Deducted at Source) on the interest earned on FDs if the interest amount exceeds Rs. 40,000 in a financial year.
| If an investor’s total income is below the taxable limit, they can submit Form 15G/15H to avoid TDS deduction. |
Loan Against SBI FD
SBI offers loans against the FD accounts of its customers. The loan amount can be up to 90% of the FD amount. The interest rate on the loan is usually 1-2% higher than the FD interest rate. The tenure of the loan can be up to the remaining tenure of the FD.
Conclusion
SBI FD rates offer a reliable and secure investment option for individuals looking for guaranteed returns. In this article, we have provided you with an in-depth analysis of SBI FD rates and how to calculate the returns. We have also highlighted the benefits of investing in SBI FDs.
It is essential to note that while SBI FDs offer guaranteed returns, they may not provide the highest returns compared to other investment options. Therefore, it is crucial to evaluate your investment goals and risk appetite before investing in SBI FDs.
We hope this article has provided you with a comprehensive understanding of SBI FD rates and how to make informed investment decisions. If you have any questions or would like to know more about SBI FDs, please feel free to reach out to us. We would be happy to assist you
FAQs
How often do SBI FD interest rates change, and what factors influence these changes?
SBI FD interest rates are subject to change from time to time. The bank reviews the interest rates periodically and may change them based on various factors such as market conditions, inflation, RBI policies and liquidity available in the banking system.
Can I lock in the FD interest rate at the time of deposit, or will it fluctuate throughout the tenure?
The FD interest rate is fixed at the time of deposit and remains the same throughout the tenure of the FD.
What is the difference between regular and special FD schemes that SBI offers in terms of interest rates?
SBI offers special FD schemes such as SBI Tax Saving Scheme and SBI Multi Option Deposit Scheme, which offer higher interest rates than regular FD schemes. The interest rates and other terms and conditions of these schemes may vary from time to time.
Are there any penalties or deductions if I prematurely withdraw my SBI FD before maturity?
Yes, there are penalties and deductions if you prematurely withdraw your SBI FD before maturity. The penalty amount varies depending on the tenure of the FD and the date of premature withdrawal.
Can I avail of tax benefits on the interest earned from SBI FDs, and if so, what are the applicable rules?
No, there are no tax benefits on the interest earned from SBI FDs. The interest earned is taxable as per the Income Tax Act of 1961. However, if the investor's total income is below the taxable limit, they can submit Form 15G/15H to avoid TDS deduction.
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