Investing in a Fixed Deposit (FD) account does not come with any risks as they are not linked to the market. State Bank of India (SBI) offers several FD accounts at attractive interest rates. The tenure of the FD account offered by SBI ranges between 7 days and 10 years. Certain FD accounts come with tax benefits under Section 80C of the Income Tax Act.
The SBI FD Calculator can be used to know the maturing amount and the interest that you will earn. You can also use the FD calculator offered by BankBazaar to calculate the maturity amount. Apart from being easy to use, the calculator helps in saving time.
The procedure to use BankBazaar’s FD Calculator is mentioned below:
The FD interest rates offered by SBI for deposits less than Rs.2 crore are mentioned below:
| Tenure | Interest Rate for General Public | Interest Rate for Senior Citizens |
|---|---|---|
| 7 days – 45 days | 2.90% | 3.40% |
| 46 days - 179 days | 3.90% | 4.40% |
| 180 days – 210 days | 4.40% | 4.90% |
| 211 days – less than a year | 4.40% | 4.90% |
| 1 year – less than 2 years | 4.90% | 5.40% |
| 2 years – less than 3 years | 5.10% | 5.60% |
| 3 years – less than 5 years | 5.30% | 5.80% |
| 5 years – up to 10 years | 5.40% | 6.20% |
The main benefits of the SBI FD Calculator are mentioned below:
The minimum deposit that must be made to open an FD account is Rs.1,000.
Yes, you can add nominees to an FD account.
There is no limit to the amount of money that can be deposited towards an FD account.
Up to 90% of the money available in the FD account can be availed as a loan.
Yes, the premature withdrawal facility is provided by SBI.
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