Sbi Fixed Deposit Rates
SBI Term Deposit is also known as normal fixed deposit. This type of deposit is opened for a specific term. Term deposit offers guaranteed returns, choice of interest payout & liquidity. The tenure of this deposit is from 7 days to 10 days. Interest payout is monthly, quarterly, half-yearly and yearly. Currently, SBI gives 5.4 percent interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to.
Bank Fixed Deposits (FDs) are the safest forms of investment. They are not only risk-free but also flexible as banks allow you to withdraw the amount prematurely when in need. There are different types of FDs in the banks such as the short-term deposits and long-term deposits. The short-term deposits are usually for periods less than six months where the banks give you simple interest on the principal investments. The long-term deposits are re-investment kind of deposits where the bank pays you interest on compound basis.
Calculating the compound interest is a complex mathematical operation. The process is extremely difficult and time-consuming. Plus, the results so derived are prone to human calculation errors. Thus, you can use an FD Calculator to determine the interest you receive on maturity of such deposits. One such user-friendly calculator is the SBI fixed deposit calculator. SBI FD Calculator allows you to calculate the total interest you’ll receive upon maturity of your deposit and plan your investment accordingly.
Features and Benefits of SBI FD Calculator
State Bank of India (SBI) offers two kinds of fixed deposits: non-cumulative FD and cumulative FD. The periodic interest payment option is the first one whereas the second category is the reinvestment option. Calculating the interest payment in the periodical option category is easy because SBI uses the simple interest calculation formula. However, you will need the help of the SBI FD calculator to arrive at the maturity amount in the reinvestment category. Let us now look at the features and benefits of the SBI fixed deposit calculator.
The formula for calculating the maturity amount with compound interest is a challenging one to understand and determine. The SBI FD calculator makes your job easy.
SBI Fixed Deposits Interest Rates
Different Types of SBI FD Schemes. The following schemes are available to investors under SBI fixed deposit plans. SBI Term Deposit Scheme – Investors can freely pick a maturity term ranging from 7 days to 10 years.The minimum investment is Rs. SBI Fixed Deposit Interest Rates generally range from 2.90% - 6.20% per annum which is quite high seeing the current market standards. The bank pays an additional interest to senior citizens. To know the FD interest rate of different investment periods, check the interest rate table given below: Interest Rates on Retail Deposits Below INR 2 Crore.
State Bank of India is the largest public sector bank in India. It offers various fixed deposit products to its customers at attractive rates of interest. The SBI interest rates change at frequent intervals. Similarly, they have different rates of interest depending on the principal deposit amount. This interest rate table will make things clear.
Below ₹ 1 Crore w.e.f. 28.11.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.80% | 7.30% |
| 2 years to < 3 years | 6.80% | 7.30% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Bulk Term Deposits between ₹ 1 Crore and ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.85% |
Bulk Term Deposits above ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Important points to note
- NRO and NRE deposits have a different rate structure.
- There is a premature withdrawal penalty of 1% for the bulk term deposits.
- Staff members and ex-staff of State Bank of India get an additional interest of 1% on all fixed deposits.
How to calculate the interest with Online SBI FD Calculator
Calculating the applicable interest is a complicated process. It is best to use the SBI Fixed Deposit Calculator to determine the maturity amount and the interest you earn from the deposit. Here is the process explained in a few steps.
- Enter the principal amount, the rate of interest, and the deposit tenure.
- The next step is to choose the interest frequency options. The available options are simple, monthly, quarterly, half-yearly, and annually.
- On clicking the ‘Calculate’ button, you get the maturity amount and the amount of interest.
Tax on SBI Fixed Deposit
The interest received on bank FDs is taxable. You have to include the interest as a part of your income while preparing your Income Tax returns. The income tax rate depends on the slab you fit into while computing your taxable income.
The Income Tax Act 1961 stipulates that banks and other financial institutions should deduct tax at source while paying interest on fixed deposits placed with them if the amount of interest paid to the individual depositor is more than ₹ 10,000 in a financial year. All branches of a bank constitute a single identity. The TDS rate is as follows.
- 10% if you update the PAN details in your account
- Otherwise, the rate is 20%
The banks are under an obligation to deposit the TDS amount to the Income Tax department at fixed intervals. Consequently, the banks furnish the details of the TDS deposited with the IT Department to the depositor vide Form 15G and 15H. You can use these details while preparing your IT returns and claim refunds if applicable.
If your annual income does not come in the tax bracket, you can submit Form 15G (General Public) or 15H (Senior Citizen) along with your PAN details to the banks. The banks do not deduct TDS under such circumstances.
Eligibility Criteria for SBI Fixed Deposits
State bank of India has the most extensive network of branches in India. You are never far away from a State Bank of India branch wherever you are in India. Hence, a significant proportion of the Indian population prefers to open fixed deposit accounts with the SBI. The following categories of entities can open fixed deposits with SBI.
Sbi Fixed Deposit Rates Nro
- Individuals – Resident as well as Non-Resident Indians can open FDs in SBI in single or joint names.
- Non-individuals like sole proprietorship, partnership firms, companies, Government departments, clubs, societies, trusts, and associations
One should compulsorily satisfy KYC norms while opening FD in SBI. It is also advisable to avail the nomination facility for your convenience. Ensure to update your PAN details and submit the necessary 15G/H forms if you do not come in the tax bracket.
Use the SBI FD calculator to determine the maturity amount and the interest you earn on your deposit.
SBI FD Online – State Bank of India is India’s largest public sector bank. SBI FD is one of the most preferred, popular, and safe investment options. SBI FD’s are offered with an interest rate of 2.9% to 6.2%. SBI fixed deposit can be purchased offline as well as online. You just required a net banking facility to open SBI fixed deposit online. You can also renew or close fixed deposit online.
SBI Fixed deposit key features
- SBI Fixed deposit interest rate payment is monthly, quarterly, or maturity basis as per your requirement.
- The rate of interest applicable is different based on duration and amount of FD.
- A higher interest rate applies to the senior citizen.
- Deposit tenure is 7 days to 10 years.
- The minimum deposit amount is Rs.1000. No limit on the maximum amount.
- The nomination facility is available on the fixed deposit.
- Premature withdrawal can be done by paying a penalty.
- TDS is applicable if form 15G or 15H is not submitted.
- Automatic renewal is done in case instruction for closure is not given.
SBI FD Options
SBI Term Deposit
SBI Term Deposit is also known as normal fixed deposit. This type of deposit is opened for a specific term. Term deposit offers guaranteed returns, choice of interest payout & liquidity. The tenure of this deposit is from 7 days to 10 days. Interest payout is monthly, quarterly, half-yearly and yearly.
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SBI Tax Saving FD
The fixed deposit that is used for saving tax is known as Tax Saving FD. The rate of interest applicable to SBI Tax Saving FD is same as that of term deposit. The lock-in period for tax saving FD is 5 years. The amount is payable only at the time of maturity.
Sbi Fixed Deposit Rates For Senior Citizens
SBI Recurring Deposit
A recurring deposit is one that allows investor to invest fixed sum over a period of time. The minimum period is 12 months and the maximum period is 120 months. The minimum deposit amount is Rs.100 per month.
SBI FD reinvestment scheme
SBI FD reinvestment scheme is a scheme where interest earned is reinvested in the fixed deposit again to generate appreciation. The maturity duration is 6 months to 10 years. If you are not in need of money for long term you can opt for a reinvestment scheme.
Who can open SBI FD?
The eligibility criteria to open SBI FD is given below.
- The depositor must be an Indian resident
- NRI are also eligible to open NRE fixed deposit
- Partnership firm and HUF
SBI FD Interest Rates 2021
Domestic term deposit interest rate below 2 Cr.
| Tenors | Revised Rates For Public w.e.f. 08.01.2021 | Revised Rates for Senior Citizens w.e.f. 08.01.2021 |
| 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 year | 5.00% | 5.50% |
| 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% |
How to open SBI FD Online?
Step by step method to open SBI FD online is given below.
- Visit SBI net banking website and login via net banking user name and password.
- Under fixed deposit section you will find e-TDR/e-STDR (FD). Click on that option to proceed. TDR stands for term deposit and STDR stands for Special Term Deposit.
- Select the appropriate option and click on Proceed. You will be able to see multiple bank accounts that you have with SBI.
- You need to select the account from which the money needs to be debited.
- Now enter the fixed deposit principal amount in the amount column.
- Select the tenure of the deposit. You have options to select days, years, months, days or maturity date.
- Now choose the maturity instruction on your tem deposit. Click on the terms and condition and press submit button.
- Your Fixed deposit will be generated with complete details such as name, tenure, principal amount, maturity amount. You need to press OK button.
- You can note down the transaction number for the future reference. The on screen PDF can be downloaded.
You will need documents such as identity proof – Aadhaar card, Passport, PAN card, passport size photos. Bank will also ask for resident proof, age proof and income proof for opening for fixed deposit.