Interest for 3 years
Note: All interest rates shown below are as on 16th Feb 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|0 months - 1 months||2.9%||3.4%|
|2 months - 6 months||3.9%||4.4%|
|6 months - 7 months||4.4%||4.9%|
|7 months - 12 months||4.4%||4.9%|
|1 year - 1 year 4 days||5%||5.5%|
|2 years - 2 years 4 days||5.1%||5.6%|
|3 years - 4 years 4 days||5.3%||5.8%|
|5 years - 10 years||5.4%||6.2%|
State Bank of India is the largest public sector bank in India with a 23% share in deposits and 20% share in advances With a legacy of over 200 years, State Bank of India is an Indian multinational, public sector banking and financial services statutory body. The Bank has a large footprint of 22,141 branches with 58,555 ATMs spread across the country as on 31st March, 2020. The bank has a balance sheet size of Rs. 41.97 Lakh Crs as on 31st March 2020 The bank recorded a profit of Rs 19,768 Crs in FY20
2.9% - 5.4%
3.4% - 6.2%
FD Rate for Seniors
₹ 2 Crores
|Investment Amount||For 3 years with interest of 5.3%||For 5 years with interest of 5.4%|
|₹ 50,000||₹ 65134||₹ 65459|
|₹ 1 lakh||₹ 130267||₹ 130917|
|₹ 2 lakh||₹ 260534||₹ 261834|
|₹ 5 lakh||₹ 651335||₹ 654586|
|₹ 10 lakh||₹ 1302671||₹ 1309171|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 130267||₹ 123630|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹ 30267||₹ 23630|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Indian Bank||5.25% - 6%|
|DBS Bank||5.5% - 5.5%|
|Bandhan Bank||5.5% - 6.25%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|Punjab National Bank||5.2% - 5.7%|
|Bank of Baroda||5.1% - 5.6%|
|IDFC First Bank||5.75% - 6.25%|
|Bank of Maharashtra||4.9% - 5.4%|
|Indian Overseas Bank||5.2% - 5.7%|
|Axis Bank||5.4% - 5.9%|
|ICICI Bank||4.3% - 4.3%|
|Union Bank of India||5.5% - 5.5%|
|HDFC Bank||5.15% - 5.65%|
|IDBI Bank||5.1% - 5.6%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|AU Small Finance Bank||6.5% - 7%|
|City Union Bank||5.75% - 6.25%|
|Karur Vysya Bank||5.65% - 6.15%|
|IndusInd Bank||6.5% - 7%|
|Federal Bank||5.35% - 5.85%|
|Bank of Maharashtra||4.9% - 5.4%|
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SBI offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on SBI FDs is higher in their savings account. One can invest in SBI FDs through both online and offline modes with just a minimum investment of INR 1,000. This article covers SBI FD, its features and interest rates in detail.
Following are the types of SBI Bank fixed deposit schemes:
Guaranteed Returns: SBI Regular Fixed Deposit Account allows depositors to park lump sum amounts and get guaranteed returns.
SBI Flexi deposit scheme is a variant of a recurring deposit. However, this scheme allows variable deposit amounts instead of fixed instalments.
SBI Reinvestment Plan is one of the fixed deposits FD plans where the interest is added to the principal amount. Here the interest is paid upon maturity. The deposits earn compound interest.
SBI Annuity Deposit Scheme enables depositors to deposit a lump sum amount to receive equated monthly instalments. The EMIs comprise a part of the principal amount as well as interest on the reducing principal amount. The interest is compounded quarterly. However, the amount is discounted to the monthly value.
SBI Multi Option Deposit Scheme (MODS) allows linking fixed deposit accounts to current account or savings account. Unlike regular fixed deposits, MODS allows depositors to withdraw money in multiples of INR 1,000. The remaining amount will continue to earn interest.
One can open an SBI Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open an SBI Bank FD account through internet banking:
The following steps will guide in opening an FD account through SBI Bank Mobile App:
To open an SBI Bank FD account offline, one has to visit the nearest SBI Bank branch. Fill the SBI Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, SBI bank will provide an FD receipt.
Following are the documents required to open an FD in SBI are:
Also, only eligible investors can invest in SBI Bank FD. The eligibility criteria to invest in SBI Bank FD is:
SBI offers recurring deposits to its depositors. SBI recurring deposits have a minimum tenure of one year and a maximum tenure of 10 years. Depositors can open an RD account either by going to the SBI bank branch or online using internet banking. The interest rate for regular citizens on SBI RDs is in the range of 5% to 5.4%, and for senior citizens, it is in the range of 5.5% to 6.2%.
Only investment in SBI bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other SBI bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from SBI FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to TDS of 10% if the income from SBI FD exceeds INR 40,000 per annum. For senior citizens, the TDS threshold limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to SBI Bank, then the TDS rate will be 20%.
To know in how many years SBI FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years SBI Bank FD will double. For example, for a tenure of 10 years, the SBI FD interest rate is 5.4%. An investor can double the investment amount by investing for this tenure in SBI FD in 13.33 years (72/5.4).
Interest on SBI FD is calculated using both simple and compound interest formulas.
The simple interest formula is SI = P x R x T/ 100, where P is the principal amount, R is the interest rate, and T is the tenure of the FD.
The compound interest formula is A = P (1+r/n) ^ (n * t), where A is the maturity amount, P is the principal amount, r is the interest, n is the number of compounding periods, and t is the tenure of the investment.
SBI FD rates range between 2.9% and 5.4% for regular citizens and between 3.4% and 6.2% for senior citizens. Moreover, SBI offers an additional 0.5% interest to senior citizens on their FDs. SBI gives the choice of interest payout frequency to the investors, and they can choose from the following – monthly, quarterly, half-yearly, yearly, or at maturity.
Yes, investors can get monthly interest from their SBI FD. Investors have the choice to select the interest payout frequency, and they can choose the monthly option to get monthly interest.
The minimum investment in SBI FD is INR 1,000. However, there is no limit on the maximum amount of investment in SBI FD.
Individuals, private and public limited companies, partnership firms, HUFs/specified associations, societies, trusts, etc., are eligible to open an SBI FD account.
Yes, one can open an SBI FD account online through internet banking.
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