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SBI FD Calculator

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SBI Fixed Deposit Features

SBI FD is one of the popular savings schemes amongst investors who prefer fixed income with low risk. Following are the features of this savings scheme:

  • Guaranteed Returns: SBI FD schemes offer guaranteed income at a fixed interest rate.
  • Tenure: The scheme tenure ranges from 7 days to 10 years
  • Minimum Deposit Amount: The minimum amount is INR 1,000 to open an FD account with State Bank of India.
  • Maximum Amount: There is no maximum limit on the deposit amount. Also, the bank accepts bulk deposits, i.e. deposits above INR 2 crore.
  • Fixed Deposit ratesThe bank FD interest rate ranges between 2.50% to 5.50% p.a.
  • Senior Citizens FD Rate: SBI offers an additional 0.5% interest rate for senior citizens. Also, for all deposits held for more than five years, the bank offers 0.3% additional interest rate.
  • Interest Payouts: Depositors have an option to choose interest payout frequency (either monthly or quarterly).
  • Safety: SBI Bank provides insurance cover to all its investors for deposits up to INR 5,00,000.
  • Loan against FD: SBI Bank permits its depositors to avail a loan against their FDs. It is to help the investors meet their financial requirements without having to withdraw the deposit.
  • Nomination Facility: SBI Bank provides a nomination facility. The depositors can nominate beneficiaries for the deposits while opening the account.
  • Auto-Renewal: The bank has an auto-renewal facility.
  • Convenience: Depositors can start their fixed deposit scheme investments at their convenience. In other words, one can open an FD account either by visiting the nearest bank branch or through Internet Banking.
sbi fd calculator

What is an SBI FD Calculator?

An SBI FD Calculator is a simple tool that helps in estimating the returns from an SBI FD. It calculates the wealth gained and maturity amount that investors might receive if they invested in the SBI FD Scheme. The SBI FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.

SBI FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the SBI fixed deposit calculator only provides an estimation of wealth that one can earn based on the inputs provided. Hence, it doesn’t guarantee any returns. The SBI FD calculator is a simple tool available online for free. Also, it can be used multiple times to estimate the returns from an SBI FD investment.

How to use the SBI FD Calculator?

It is essential to check the return an investment offers. An investor will understand it better if the return is in terms of wealth gained rather than in terms of percentage. Hence it provides the investor with an opportunity to plan their goals in a better way.

Scripbox’s online SBI FD Calculator is a simple tool that estimates the return from an SBI FD Investment. The SBI FD calculator is an easy-to-use tool and requires simple inputs to give the required outputs. There are two ways one can estimate the returns from FD investment using Scripbox SBI FD Calculator, and they are the invest amount approach and target amount approach.

Investment Amount Approach

Following are steps that you can follow to use the SBI FD Calculator using the Investment Amount Approach:

  • Firstly, enter the investment amount that you intend to invest in the SBI FD scheme.
  • Now, use the slider to select the tenure of the investment. For SBI FD, the tenure usually varies from 7 days to 10 years.
  • Then, use the slider to select the interest rate on the SBI FD.
  • Lastly, select the compounding frequency from monthly, quarterly, half-yearly and yearly options. Compounding frequency is the number of times the interest will be compounded.

The SBI FD calculator automatically shows the interest and maturity amount. The SBI FD calculator shows a tabular format of the interest earned each year along with the opening and closing balance. Moreover, the SBI FD calculator gives a graphical representation of the initial investment and maturity amount.

Target Amount Approach

While the investment amount approach requires you to enter the investment amount, the target amount approach estimates the investment amount based on the amount you expect from the SBI FD investment. Following are the steps that you need to follow to use the SBI FD Calculator using the Target Amount Approach:

  • Firstly, select how you want to receive the interest from SBI FD, as a regular income or in a lump sum.
  • Secondly, enter the target amount you want to receive from the SBI FD investment.
  • Lastly, enter the during, interest rate and compounding frequency that the SBI FD offers.

The SBI FD calculator gives the investment amount needed to achieve the target and estimates the interest you might earn. Moreover, the SBI FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.

Benefits of using SBI FD Calculator

Analysis and research are necessary before investing in any financial asset. It requires matching the investment objective with the investor’s financial goals. This enables investors to choose the right investment that suits their requirements and goals. By knowing how much will an investment reap, an investor will know if they will achieve their goal or not.

An SBI FD Calculator will help estimate the maturity amount from the investment and enable investors to make a well-informed decision. Following are the benefits of using the SBI FD Calculator:

  • Easy to use: The SBI FD calculator is a simple tool and is very easy to use. The investor has to just enter the necessary inputs and get the output. The SBI FD calculator also has sliders to adjust the tenure and interest rate, making it very flexible to use in multiple scenarios.
  • Free to use: The SBI FD calculator is available online and is free to use multiple times.
  • Comparing results: Investors can use the SBI FD calculator to compare results by tweaking the interest rate or tenure to see which scenario will help them reach their goals. They can also compare the results of the SBI FD Calculator with the returns from other investments and see which investment gives higher returns. For example, an investor who wants to compare the results of the SBI FD investment with PPF can use the Scripbox PPF Calculator and SBI FD Calculator.
  • Report: Scripbox SBI FD Calculator provides a downloadable report with a detailed analysis of the investment regarding payout and wealth gained.

How is FD interest calculated?

Let us understand how one can calculate SBI FD interest with the following example.

Ms Shanti opens an FD account with SBI Bank. The investment amount is INR 5,00,000. The tenure of the FD is ten years. Also, the applicable interest rate is 5.4% per annum. Furthermore, the interest gets compounded quarterly for the fixed deposit.

To calculate SBI FD interest amount and maturity value, one can use the FD formula.

A = 5,00,000 (1+5.4%/1)^1*10

A = INR 8,54,909

The maturity amount for Ms. Shanti is INR 8,54,909

Also, the interest earned is INR 3,54,909

Frequently Asked Questions

What is the highest FD rate for State Bank of India SBI?

The highest SBI FD interest rate for regular citizens is 5.4% for a tenure of 5 years to 10 years. For senior citizens, it is 6.2% for a tenure of 5 years to 10 years. Returns from SBI FDs can be calculated using the SBI FD calculator. One can also use Scripbox’s fixed deposit calculator to calculate the maturity amount of an FD investment. Scripbox’s fixed deposit calculator is available online and is easy to use.

Is there a Premature withdrawal facility available with SBI?

Yes, SBI allows premature withdrawal on its FDs except for tax saving FDs. However, it charges a penalty for premature withdrawals. The penalty for deposits up to INR 5 lakh, for all tenures, is 0.5%. The deposits above INR 5 lakh but below INR 1 Cr have a penalty of 1%. There is no penalty for all deposits withdrawn within seven days of deposit.

Does SBI provide Loan against FD?

Yes, SBI provides a loan against FD. One can get up to 90% of the deposit amount as a loan. The bank uses the FD as collateral. In the case of non-repayment of the bank loan, the bank uses the FD to recover the loan amount. The bank levies a 1% interest rate above the FD interest rate for the SBI loan as interest. The SBI loan repayment period is around 3-5 years. One can apply for a bank loan online or offline (bank branch). To apply for an online loan one can visit the bank’s website. SBI offers loans such as a loan against property (home loan), business loan, an education loan, etc., against an FD. The interest rate varies based on the bank and type of loan.

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