SBI Fixed Deposit

Public Sector

AAA (Stable)

DICGC

5.3%

Interest for 3 years

State Bank of India FD Interest Rates Oct 2021

Note: All interest rates shown below are as on 22nd Jun 2021

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 14 days2.9%3.4%
1 month 15 days - 5 months 28 days3.9%4.4%
5 months 29 days - 11 months 29 days4.4%4.9%
1 year - 1 year 11 months 29 days5%5.5%
2 years - 2 years 11 months 28 days5.1%5.6%
2 years 11 months 29 days - 4 years 11 months 28 days5.3%5.8%
4 years 11 months 29 days - 9 years 11 months 28 days5.4%6.2%

About State Bank of India Fixed Deposit

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%

FD Rate

3.4% - 6.2%

FD Rate for Seniors

-

Minimum Deposit

₹ 2 Crores

Maximum Deposit

0 days

Lock-in

-

FD Tenure

-

Loan against FD

AAA (Stable)

CRISIL Rating

Fixed Deposits

Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.

State Bank of India Fixed Deposit Returns Based on Investment Amount

Investment AmountFor 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

Compare State Bank of India Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs

Pre Tax

Post Tax

Tax Rate
Maturity Amount₹105116₹ 101764
Total Investment Amount₹ 100000₹ 100000
Total Interest Gained₹5116

₹5116

₹ 1764
Income Tax on Wealth Gained₹ 12898₹ 13092

Compare State Bank of India Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Dhanlaxmi Bank
5.4% - 5.9%
Tamilnad Mercantile Bank
5.5% - 5.5%
IDBI Bank
5.3% - 5.8%
Bank of India
5.15% - 5.65%
Sundaram Finance
6.25% - 6.75%
AU Small Finance Bank
6.25% - 6.75%
Canara Bank
5.5% - 6%
Axis Bank
5.4% - 5.9%
Mahindra Finance
6.3% - 6.55%
PNB Housing Finance Ltd
6.6% - 6.85%
IDFC First Bank
5.75% - 6.25%
HDFC Bank
5.15% - 5.65%
Bank of Baroda
5.1% - 5.6%
LIC Housing Finance
5.75% - 6%
Tamil Nadu Power Finance
7.75% - 8.25%
Jammu & Kashmir Bank
5.3% - 5.8%
Bajaj Finance
6.5% - 6.75%
Yes Bank
6.25% - 7%
RBL Bank
6.3% - 6.8%
Punjab and Sind Bank
5.3% - 5.8%
Kotak Mahindra Bank
5.1% - 5.6%
IndusInd Bank
6% - 6.5%
Central Bank of India
5% - 5%
DCB Bank
6.5% - 7%
Bandhan Bank
5.25% - 6%
Fincare Small Finance Bank
6.25% - 6.75%
DBS Bank
5.5% - 5.5%
Indian Overseas Bank
5.2% - 5.7%
Karur Vysya Bank
5.5% - 6%
Equitas Small Finance Bank
6.35% - 6.85%
City Union Bank
5.5% - 6%
SCB Bank
5.35% - 5.85%
Karnataka Bank
5.5% - 5.9%
South Indian Bank
5.5% - 6%
HDFC Ltd Fixed Deposit
6.05% - 6.3%
Bank of Maharashtra
4.9% - 5.4%
ICICI Housing Finance Company
6.05% - 6.3%
ESAF Small Finance Bank
5.75% - 6.25%
Indian Bank
5.15% - 5.65%
Shriram Finance
8% - 8.4%
Federal Bank
5.35% - 5.85%
ICICI Bank
5.15% - 5.65%
Ujjivan Small Finance Bank
6.75% - 7.25%
Post Office
5.5% - 5.5%
Punjab National Bank
5.1% - 5.6%
Union Bank of India
5.4% - 5.4%

Calculate State Bank of India Fixed Deposit Returns

₹ 100000

Total Investment

₹5116

Wealth Gained

₹5116

Wealth Gained

₹105116

Maturity Amount

How to invest in State Bank of India Fixed Deposit?

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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.

SBI Bank Fixed deposit schemes

Following are the types of SBI Bank fixed deposit schemes:

  • Regular FD
  • Flexi Deposit Scheme
  • Reinvestment Plan
  • Annuity Deposit
  • MOD
  • Tax Savings

SBI Regular FD

Guaranteed Returns: SBI Regular Fixed Deposit Account allows depositors to park lump sum amounts and get guaranteed returns.

  • Tenure: The tenure ranges between 7 days to 10 years
  • Minimum Deposit Amount: INR 1,000
  • Maximum Deposit Amount: No Limit
  • Interest Payment: Depositors can choose between monthly or quarterly, or calendar quarters based on their requirements. Also, monthly interest payments are at discounted rates.
  • Loan: Depositors can avail of a loan or overdraft up to 90% of their deposit amount.
  • Nomination Facility: Available
  • Premature Withdrawals: SBI FD allows premature withdrawals, however, with a penalty.
  • TDS: SBI deducts TDS at applicable rates in case Form 15G/15H is not submitted.
  • Flexibility: SBI FD offers flexibility to depositors to convert from regular interest payout to cumulative interest payout and vice versa.
  • Renewals: SBI FD provides auto-renewals in case there isn’t any instruction given while opening the account.

SBI Flexi Deposit

SBI Flexi deposit scheme is a variant of a recurring deposit. However, this scheme allows variable deposit amounts instead of fixed instalments.

  • Minimum Deposit Period: 5 years
  • Maximum Deposit Period: 7 years
  • Minimum Deposit Amount: INR 5,000 in a financial year. Minimum of INR 500 at one instance. Also, deposits can be made any number of times in a month.
  • Maximum Deposit Amount: INR 50,000 in a financial year.
  • Penalty for payment default: INR 50 in a financial year.
  • Interest: The rate of interest is the same as a regular fixed deposit.
  • Interest Payment: Interest for SBI staff and SBI pensioners is 1% higher than the applicable rate. Similarly, the rate for senior citizens is 0.5% higher than the applicable interest rate.
  • Loan: Depositors can avail loan to 90% of their deposit amount.
  • Nomination Facility: Available
  • Transferable: The account can be transferred from one SBI branch to the other easily.
  • Mode of Holding: Single or joint account
  • Eligibility: Resident individuals, including minors, can open the SBI Flexi Deposit Scheme.

SBI Reinvestment Plan

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.

  • Minimum Deposit Period: 6 Months
  • Maximum Deposit Period: 10 years
  • Minimum Deposit Amount: INR 1,000 and in multiples of INR 100 after that.
  • Maximum Deposit Amount: No limit
  • Interest: The rate of interest is the same as a regular fixed deposit; however, the interest gets compounded quarterly.
  • Interest Payment: Interest is paid upon maturity. However, interest for SBI staff and SBI pensioners is 1% higher than the applicable rate. Similarly, for senior citizens, the rate is 0.5% higher than the applicable interest rate.
  • Loan: Depositors can avail loan to 90% of their deposit amount.
  • Nomination Facility: Available
  • TDS: SBI deducts TDS at applicable rates if Form 15G/15H is not submitted.
  • Transferable: The account can be transferred from one SBI branch to the other easily.
  • Mode of Holding: Single or joint account
  • Eligibility: Resident Indians (single or joint), Minor, Company, Firm, Local Bodies, any government department, and HUFs can open SBI Reinvestment Plan.
  • Flexibility: SBI FD offers flexibility to depositors to convert from regular interest payout to cumulative interest payout and vice versa.

SBI Annuity Deposit Scheme

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.

  • Minimum Deposit Duration: 36/60/84 or 120 months.
  • Minimum Deposit Amount: INR 1,000 and in multiples of INR 100 after that.
  • Maximum Deposit Amount: No limit
  • Interest: The rate of interest is the same as a regular fixed deposit; however, the interest gets compounded quarterly. Also, for SBI staff and SBI pensioners, interest is 1% higher than the applicable rate. Similarly, for senior citizens, the rate is 0.5% higher than the applicable interest rate.
  • Annuity Payment: On the anniversary date of the month following the month of deposit. However, in case the date is non-existent, i.e. 29th or 30th or 31st, the payment would then be on the 1st of next month.
  • Premature Withdrawals: Available, however, with a penalty.
  • Loan/Overdraft: Depositors can avail a loan or overdraft up to 75% of the balance amount.
  • Nomination Facility: Available
  • Transferable: The account can be transferred from one SBI branch to the other easily.
  • Mode of Holding: Single or joint account
  • Eligibility: Resident individuals, including minors, can open the SBI Annuity Deposit Scheme.

SBI Multi Option Deposit Scheme

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.

  • Minimum Deposit Period: 1 year
  • Maximum Deposit Period: 5 years
  • Minimum Deposit Amount: INR 10,000 and in multiples of INR 1,000 thereafter.
  • Maximum Deposit Amount: No limit
  • Interest: The rate of interest is the same as a regular fixed deposit.
  • Loan: Depositors can avail loan on their deposit amount. However, future withdrawals are not permitted in case of a loan against the account is taken.
  • Nomination Facility: Available
  • TDS: SBI deducts TDS at applicable rates.
  • Transferable: The account can be transferred from one SBI branch to the other easily.
  • Premature Closure: Available, however, with a penalty.
  • Auto Sweep: Available. However, the auto sweep of INR 10,000 takes place only when the minimum balance amount in a savings account or current account is INR 35,000.
  • Eligibility: Resident Indians (single or joint), Minor, Company, Firm, Local Bodies, any government department and HUFs can open SBI multi-option deposit scheme.

SBI Tax Savings Scheme, 2006

  • Minimum Deposit Period: 5 years
  • Maximum Deposit Period: 10 years
  • Minimum Deposit Amount: INR 1,000 and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: INR 1,50,000 per year
  • Interest Payment: The interest payment terms are similar to that of a regular fixed deposit. However, interest for SBI staff and SBI pensioners is 1% higher than the applicable rate. Similarly, for senior citizens, the rate is 0.5% higher than the applicable interest rate.
  • Loan: No loan facility available during the lock-in period of 5 years.
  • Nomination Facility: Available
  • Taxation: Deposits up to INR 1,50,000 in a year qualify for Income Tax deduction under Section 80 C of the Income Tax Act. However, SBI deducts TDS at applicable rates. Also, the depositor has to submit Form 15G/H to get an exemption.
  • Transferable: The account can be transferred from one SBI branch to the other easily.
  • Joint Account: A joint account can be opened by two adults or by an adult and a minor.
  • Eligibility: Resident Indians and HUFs have a PAN Card and can open SBI Tax Savings Scheme.

Explore: Current Fixed Deposit Rates

Key Features of State Bank of India Fixed Deposit Schemes

  • Tenure: The tenure of SBI FD ranges from seven days to ten years. One cannot change the tenure of their SBI FD once it has commenced.
  • Minimum and maximum investment: The minimum investment in SBI FD is INR 1,000. However, there is no limit on the maximum amount of investment in SBI FD.
  • SBI Bank FD rates: 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.
  • Premature withdrawal: All SBI bank FDs can be withdrawn prematurely except for tax saving FDs. SBI charges a 0.5%-1% penalty on the interest for premature withdrawals. However, their penalty is subject to change as per SBI terms and conditions.
  • Loan against FD: SBI offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan. Also, the interest rate for the loan will be in the range of 3.9%-6.4%.
  • Nomination facility: SBI FD investors can nominate beneficiaries for their FDs.
  • Auto-renewal: Investors can opt for auto-renewal of their SBI FDs.
  • Safety: The Deposit Insurance Scheme of RBI covers all SBI bank deposits. The scheme covers all SBI bank deposits up to INR 5,00,000.
  • Additional payments: Investors cannot deposit an additional amount in an SBI FD once it has commenced. However, they can open a fresh SBI FD with the new amount.

How to open an SBI Bank FD deposit account?

One can open an SBI Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open an SBI Bank FD account through internet banking:

  • Log in to the SBI NetBanking account.
  • Under the ‘Deposit Scheme’ tab, select the ‘Term Deposits’ option.
  • Choose the type of fixed deposit and click on ‘Proceed’ to continue.
  • Provide all the deposit details, nominee information and maturity instructions.
  • Accept the ‘Terms and Conditions’ upon reading them.
  • Next, click on ‘Submit’ to complete the fixed deposit opening process.

Through Mobile App

SBI Bank App

The following steps will guide in opening an FD account through SBI Bank Mobile App:

  • Download the SBI Bank App and log in.
  • Select the Fixed Deposits or Term Deposits option to proceed.
  • Provide all the deposit details, nominee information and maturity instructions.
  • Accept the ‘Terms and Conditions’ upon reading them.
  • Next, click on ‘Submit’ to complete the fixed deposit opening process.

Offline SBI Bank FD Opening

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.

Documents Required to Open State Bank of India FD

Following are the documents required to open an FD in SBI are:

  • FD account opening form
  • Four passport size photographs
  • Identity Proof as per KYC norms. (PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License)
  • Address proof as per KYC norms. (PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License)
  • Age Proof (Birth Certificate, Matriculation Certificate)
  • Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
  • Bank Account details like account number, IFSC code and branch
  • Any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Eligibility to Open State Bank of India FD

Also, only eligible investors can invest in SBI Bank FD. The eligibility criteria to invest in SBI Bank FD is:

  • Resident Individuals
  • Partnership Firms
  • Public and Private Limited companies
  • Societies
  • Trusts
  • HUFs
  • NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

Does SBI Bank offer Recurring Deposits?

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%.

Is FD interest taxable?

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%.

How many years will FD double?

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).

How is SBI FD interest calculated?

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.

Frequently Asked Questions

What are the current FD rates of SBI?

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.

Can I get monthly interest on FD in SBI?

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.

Is there any minimum amount that I have to give for opening a Fixed Deposit with SBI?

The minimum investment in SBI FD is INR 1,000. However, there is no limit on the maximum amount of investment in SBI FD.

Who all are eligible to open an SBI fixed deposit account?

Individuals, private and public limited companies, partnership firms, HUFs/specified associations, societies, trusts, etc., are eligible to open an SBI FD account.

Can one open an SBI FD Account online?

Yes, one can open an SBI FD account online through internet banking.

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