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State Bank of India FD Rates
State Bank of India offers a number of fixed deposit schemes. The FDs can be of tenure ranging from min 7 Days to 10 Year 2 Days . The roi for different schemes starts from 4.75% to 6.75 % for the general public and 5.25% to 7.25 % for senior citizens. The min amount required to open an Fixed Deposit with State Bank of India is Rs.1,000
Types Of State Bank of India Fixed Deposit Schemes
State Bank Of India is offering a different kinds of fixed deposits to its customers. These are :
Name of Schemes | For General Citizen (p.a.) | For Senior Citizen (p.a.) |
|---|---|---|
| State Bank of India Domestic Bulk Term Deposits FD | 4.75% to 6.75 % | 5.25% to 7.25 % |
| State Bank of India Domestic Term Deposits FD | 3.00% to 7.00 % | 3.50% to 7.60 % |
| State Bank of India NRI FD Bulk | 4.75% to 6.75 % | -- |
| State Bank of India NRI FD | 4.75% to 6.75 % | -- |
| State Bank of India NRE | 6.50% to 7.00 % | -- |
| State Bank of India Tax Saving | 6.50% to 6.50 % | 7.00% to 7.00 % |
State Bank of India Domestic Bulk Term Deposits FD
View SchemeGiven below are the latest State Bank of India Domestic Bulk Term Deposits FD, ranging from 7 Days to 10 Year as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 7 Days Upto 1 Months 15 Days | 4.75% p.a. | 5.25% p.a. |
| 1 Months 16 Days Upto 5 Months 29 Days | 5.50% p.a. | 6.00% p.a. |
| 6 Months Upto 7 Months | 6.00% p.a. | 6.50% p.a. |
| 7 Months 1 Days Upto 1 Year | 6.25% p.a. | 6.75% p.a. |
| 1 Year Upto 2 Year | 6.75% p.a. | 7.25% p.a. |
| 2 Year Upto 3 Year | 6.50% p.a. | 7.00% p.a. |
| 3 Year Upto 5 Year | 6.00% p.a. | 6.50% p.a. |
| 5 Year Upto 10 Year | 6.00% p.a. | 6.50% p.a. |
State Bank of India Domestic Term Deposits FD
View SchemeGiven below are the latest State Bank of India Domestic Term Deposits FD, ranging from 7 Days to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 7 Days Upto 1 Months 15 Days | 3.00% p.a. | 3.50% p.a. |
| 1 Months 16 Days Upto 5 Months 29 Days | 4.50% p.a. | 5.00% p.a. |
| 6 Months Upto 7 Months | 5.25% p.a. | 5.75% p.a. |
| 7 Months 1 Days Upto 1 Year | 5.75% p.a. | 6.25% p.a. |
| 1 Year Upto 2 Year | 6.80% p.a. | 7.30% p.a. |
| 2 Year Upto 3 Year | 7.00% p.a. | 7.50% p.a. |
| 3 Year Upto 5 Year 1 Months 7 Days | 6.50% p.a. | 7.00% p.a. |
| 5 Year 1 Months 7 Days Upto 10 Year 2 Days | 6.50% p.a. | 7.60% p.a. |
State Bank of India NRI FD Bulk
View SchemeGiven below are the latest State Bank of India NRI FD Bulk, ranging from 7 Days to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 7 Days Upto 1 Months 15 Days | 4.75% p.a. |
| 1 Months 16 Days Upto 5 Months 29 Days | 5.50% p.a. |
| 6 Months Upto 7 Months | 6.00% p.a. |
| 7 Months 1 Days Upto 1 Year | 6.25% p.a. |
| 1 Year Upto 2 Year | 6.75% p.a. |
| 2 Year Upto 3 Year | 6.50% p.a. |
| 3 Year Upto 5 Year 1 Days | 6.00% p.a. |
| 5 Year 1 Days Upto 10 Year 2 Days | 6.00% p.a. |
State Bank of India NRI FD
View SchemeGiven below are the latest State Bank of India NRI FD, ranging from 7 Days to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 7 Days Upto 1 Months 15 Days | 4.75% p.a. |
| 1 Months 16 Days Upto 5 Months 29 Days | 5.50% p.a. |
| 6 Months Upto 7 Months | 6.00% p.a. |
| 7 Months 1 Days Upto 1 Year | 6.25% p.a. |
| 1 Year Upto 2 Year | 6.75% p.a. |
| 2 Year Upto 3 Year | 6.50% p.a. |
| 3 Year Upto 5 Year 1 Days | 6.00% p.a. |
| 5 Year 1 Days Upto 10 Year 2 Days | 6.00% p.a. |
State Bank of India NRE
View SchemeGiven below are the latest State Bank of India NRE, ranging from 1 Year to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 1 Year Upto 2 Year | 6.80% p.a. |
| 2 Year Upto 3 Year | 7.00% p.a. |
| 3 Year Upto 5 Year 1 Days | 6.50% p.a. |
| 5 Year 1 Days Upto 10 Year 2 Days | 6.50% p.a. |
State Bank of India Tax Saving
View SchemeGiven below are the latest State Bank of India Tax Saving, ranging from to 5 Year 1 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| Upto 5 Year 1 Days | 6.50% p.a. | 7.00% p.a. |
SBI FD Rate - Overview
Looking for a sound investment? A fixed deposit is an attractive investment tool for low-risk appetite investors. Here, your deposited amount gathers interest and can range from 2.9% to 5.54%. The SBI fixed deposit plan is promising as it offers low minimum deposits at high-interest rates.
Let’s look at the SBI FD and find the perfect scheme for you!
About State Bank FD
SBI, the State Bank of India provides a range of investment options. One of the main products is Fixed Deposits, also known as Term Deposits. You can open an SBI FD account with the bank for a duration ranging from seven days to ten years.
For public tenures, interest rates range from 2.90% to 5.40% yearly. Senior folks are given an additional 0.80% interest rate on all tenures. The features of the SBI fixed deposit is:
- An individual can be nominated
- Bulk deposit can be made of INR 2 crores or more
- Beyond the initial deposition of INR 1,000, deposits are to be made in the multiples of INR 100
- Form 15G/15H can be submitted to avail TDS under Income Tax Act
- All branches of SBI offer fixed deposit service which can be transferred among its branches
Classification of SBI Fix Deposit
The fixed deposit in SBI Bank are of the following types:
Nominal Fixed Deposit
The tenure is fixed and can range from 7 days to 10 years. The interest rate is slightly higher than a savings account.
Tax Saving Fixed Deposit
This type provides tax exemptions up to INR 1.5 lakhs in a calendar year. The lock-in period is five years, and only a one-time deposit can be made in a lump sum.
Senior Citizen Fixed Deposit
People aged 60 years or above can apply for this fixed deposit. The tenure is flexible, and senior citizens get special interest rates.
Cumulative Fixed Deposit
Under this type, the interest is compounded yearly or quarterly and is paid at maturity. This grows your savings exponentially.
Non-Cumulative Fixed Deposit
This type allows a person to have a choice towards interest. It can be paid monthly, yearly, quarterly or half-yearly. This is the most appropriate type for people looking for a regular source of income.
Flexi Fixed Deposit
This type of fixed deposit account is linked to your savings account, and the money commutes between the two.
SBI Fixed Deposits Schemes
The table below pertains to the SBI fixed deposit schemes:
| Scheme | Meaning | Interest | Tenure | Deposit Amount |
| SBI Annuity Deposit Scheme | One-time lumpsum amount is deposited. A predetermined amount is received per month | Quarterly compounded | 36 - 120 months | Minimum INR 1,000 |
| SBI Multi-Option Deposit Scheme (MODS) | FD account is inked with savings/current account | Constant throughout | 1 - 5 years | Minimum INR 10,000 |
| SBI Tax Saver Deposit | Saves tax under Section 80C | Paid at the maturity | At least five years | INR 1,000 - INR 1.5 lakhs |
| Motor Accident Claims Annuity Deposit Account (MACAD) | A monthly SBI FD plan foe compensation deposition | As per tenure | 46 - 216 months | Minimum INR 1,000 |
| SBI Special Term Deposit | A cumulative deposit scheme | Interest is compounded and paid at maturity only | six months - 10 years | Minimum INR 1,000 |
| Floating Rate Bulk Term Deposit (FRBTD) | A bulk deposit scheme with evolving interest rate | Interest will change | 91 days - 3 years. | Minimum INR 2 crores |
Benefits of SBI Fixed Deposit Schemes
The SBI fixed deposit plan serves the following benefits:
Interest Rate
The SBI FD interest rate has a competitive advantage. SBI FD offers its investors an interest rate of 5.40%, and the senior citizens get a 6.20% on the deposit. This interest rate claims to be better than the others in the race.
Deposit
You can begin your journey with SBI FFD by making a minimum deposit of INR 1,000. This allows an Indian citizen to make an easy investment. The minimum deposit is INR 25,000 for the SBI annuity scheme.
Loan Facility
The fixed deposit in SBI Bank provides you with a loan facility. You can avail yourself of 90% of the outstanding value of FD as and when a need to gain capital arises. These loans have an interest rate of 5.5% to 7.1%.
Auto-Renewal
Your SBI fixed deposit will get automatically renewed in case you wish for it. You will just have to opt for this option, which will reward you with a renewal for the same period. This facility extends to a few other SBI fixed deposit schemes.
How to Choose the Right SBI Fixed Deposit
To invest in the right SBI fixed deposit scheme, a person will need to evaluate their goals and investment purpose. The next step would be to gather information on the various schemes offered by the SBI FD. The scheme that aligns with a person’s goal and purpose and offers a reasonable interest rate must be chosen.
Eligibility Criteria for State Bank FD,
The eligibility criteria for SBI FD are:
- Investors must be a resident of India,
- Must have a valid PAN Card
- Members from HUF, firms, local bodies etc.
Documentation Required - SBI Fixed Deposits
If you wish to invest in SBI fixed deposit plan, you need the following documents:
- Aadhaar Card
- Driving License
- Passport
- Voter’s ID
- Permanent Account Number (PAN)
- NREGA Card.
How is the Interest Rate Calculated on SBI Fixed Deposit?
At competitive interest rates, several FD accounts are available from the State Bank of India (SBI). The SBI FD account has a duration that runs from 7 days to 10 years.
Under Section 80C of the Income Tax Act, certain FD accounts are eligible for tax benefits. You can use the SBI FD Calculator to determine the mature amount and the interest you will receive. To calculate the SBI FD interest rate, a mixture of the simple and compound interest formulas is used. These formulas are-
SI = P x R x T / 100
Here:
- SI is Simple Interest,
- P is the Principal Amount,
- R is the Rate of Interest
- T is the FD Tenure.
A = P (1+r/n) ^ (n * t)
Here:
- A is the Maturity Amount,
- P is the Principal Amount,
- R is the Interest Rate,
- n is the Number of Years
- T is the FD tenure.
SBI FD Returns Based on Investment Amount
The SBI fixed deposit plan returns depend upon the invested amount and tenure.
Interest Rate
The SBI FD interest rate as on 5th July 2022 are:
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
| 7 days - 1 month 14 days | 2.9% | 3.4% |
| 1 month 15 days - 5 months 26 days | 3.9% | 4.4% |
| 5 months 27 days - 6 months 26 days | 4.4% | 4.9% |
| 6 months 27 days - 11 months 29 days | 4.6% | 5.1% |
| 1 year - 1 year 11 months 28 days | 5.3% | 5.8% |
| 1 year 11 months 29 days - 2 years 11 months 28 days | 5.35% | 5.85% |
| 2 years 11 months 29 days - 4 years 11 months 28 days | 5.45% | 5.95% |
| 4 years 11 months 29 days - 9 years 11 months 27 days | 5.5% | 6.3% |
SBI FD Returns
The SBI fixed deposit receipt or returns based on the investment amount can be studied as follows:
| Investment Amount (in INR) | For 3 years with interest of 5.45% | For 5 years with interest of 5.5% |
| 50,000 | 58859 | 65785 |
| 1 lakh | 11,7719 | 13,1570 |
| 2 lakh | 23,5438 | 26,3141 |
| 5 lakh | 58,8595 | 65,7852 |
| 10 lakh | 11,77190 | 1315704 |
Compare State Bank Fixed Deposit Returns with Top Banks
Indian banks hold a good competition when it comes to fixed deposit returns. A comparison has been made between the top banks in India based on fixed deposit interest rates, minimum deposit amount and tenure.
| Bank | Interest Rate (p.a.) | Tenure | Minimum Deposit (in INR) |
| Bajaj Finance Ltd. | 6.03% - 7.75% | 1 - 5yrs | 15,000 |
| SBI Bank | 2.90% - 5.40% | 1 - 10yrs | 1,000 |
| ICICI Bank | 2.50% - 5.60% | 1 - 10yrs | 10,000 |
| Axis Bank | 2.50% - 5.75% | 1 - 10yrs | 5,000 |
| HDFC Bank | 2.50% - 5.50% | 1 - 10yrs | 5,000 |
| Bank of Baroda | 2.80% - 5.25% | 1 - 10yrs | 1,000 |
| IDFC Bank | 3.00% - 4.65% | 1 - 10yrs | 10,000 |
| Kotak Mahindra Bank | 2.50% - 5.30% | 1 - 10yrs | 5,000 |
| Canara Bank | 2.90% - 5.35% | 1 - 10yrs | 1,000 |
| Yes Bank | 3.25% - 6.25% | 1 - 10yrs | 10,000 |
| IndusInd Bank | 2.50% - 6.00% | 1yr - 5yrs 1m | 10,000 |
| Punjab National Bank | 2.90% - 5.25% | 1 - 10yrs | 1,000 |
| IDBI Bank | 2.70% - 5.40% | 1 - 20yrs | 10,000 |
| Union Bank | 3.00% - 5.50% | 1 - 10yrs | 1,000 |
| Citibank | 1.85% - 3.50% | 1 - 5yrs | 1,000 |
| RBL Bank | 3.25% - 6.30% | 1 - 10yrs | 1,000 |
| Indian Bank | 2.80% - 5.25% | 1 - 10yrs | 1,000 |
How to Open a State Bank FD Account
The State Bank of India provides a customer to open their fixed deposit account either online or offline. The procedure for each method has been explained below:
Online
You can open your SBI FD account from home. Follow the given steps:
- Visit the official website of SBI
- Log in to your net banking account using your ID and password
- Locate the ‘Deposit Scheme’ option and opt for ‘Term Deposit’
- From the menu, choose ‘E-fixed Deposit’
- Scan through the types of fixed deposits and land on one that suits you
- Once you have clicked on ‘Proceed’, you will be required to enter the necessary details
- Upload the scanned copies of the documents asked
- Once you are satisfied with the information you have put, click on ‘Submit’
- Congratulations! You are a proud owner of the fixed deposit account.
Offline
Your SBI fixed deposit account awaits you at the nearest SBI branch. Follow these steps:
- Visit the nearest branch
- Carry self-attested documents
- Fill out SBI fixed deposit form
- An SBI representative will guide you through the process.
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Frequently Asked Questions (FAQs)
How to withdraw a fixed deposit in SBI?
You can withdraw a fixed deposit in SBI by either logging into your net banking account or visiting the nearest SBI branch.
What is the percentage of fixed deposits in SBI?
The interest rate on SBI fixed deposits is 5.40% for general citizens and 6.20% for senior citizens.
How to make a fixed deposit in SBI online?
You will need to log in to SBI net banking, opt for deposit schemes, and turn to fixed deposit. You will be asked to choose an FD type and fill in the required details. Once you complete the needful, your fixed deposit account with SBI will start.
Can I get an SBI credit card against a fixed deposit?
Yes, you can get an SBI credit card against a fixed deposit.
What is the minimum amount of deposit needed to open an FD account?
To open an SBI FD account, a minimum deposit of INR 1,000 is required. The minimum deposit amount varies from one bank to another.
Do senior citizens get a different FD rate?
Yes, senior citizens get offered a different FD rate. The current SBI FD interest rate is up to 5.40% for general citizens and 6.20% for senior citizens.
What is the penalty for breaking FD in SBI Bank?
You will need to pay a penalty of 0.50% if the amount withdrawn is less than INR 5 lakhs; a 1% penalty for amounts between INR 5 lakhs to INR 1 crore, and zero interest on deposits remaining in the account for less than 7 days.
In how many years FD will double in SBI Bank?
Rule 72 can calculate the time it will take to double the fixed deposit amount in the SBI Bank.
Does SBI Bank allow pre-closure of fixed deposit accounts?
Yes, SBI allows pre-closure of fixed deposit accounts.
