SBI Fixed Deposit (FD) Rates

State Bank of India offers attractive interest rates on fixed deposits for tenures that range from 7 days to 10 years with many attractive features and benefits. Senior citizens are offered an additional interest rate of up to 0.8%. The interest rates for the general public range from 2.90% p.a. to 5.40% p.a.

Domestic Term Deposits (Below Rs.2 crore)

The interest rates for domestic term deposits of less than Rs.2 crore are given below:

Tenors Interest Rates for Public Interest Rates for Senior Citizens
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 years 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%

Note: The interest rates mentioned in the table is effective 01 October 2021.

Domestic Bulk Term Deposits (Rs. 2 Crores and above)

The interest rate for domestic term bulk deposits of above Rs.2 crore are as given below:

Tenors Interest Rates for Public Interest Rates for Senior Citizens
7 days to 45 days 2.90% 3.40%
46 days to 179 days 2.90% 3.40%
180 days to 210 days 3.00% 3.50%
211 days to less than 1 year 3.00% 3.50%
1 year to less than 2 years 3.00% 3.50%
2 years to less than 3 years 3.00% 3.50%
3 years to less than 5 years 3.00% 3.50%
5 years and up to 10 years 3.00% 3.50%

Note: The interest rates mentioned in the table are effective 01 October 2021.

Interest Rates for SBI Tax Savings Scheme

Tax deductions of up to Rs.1.5 lakh can be availed under Section 80C of the Income Tax Act, 1961, by investing in the SBI Tax Savings Scheme for a tenure of 5 years. There is no premature withdrawal for this scheme.

The interest rate for this scheme is as given below:

Maturity Period General Public FD interest rate (per annum) Senior citizen FD interest rate (per annum)
5 years 5.30% 5.80%

*The interest rates are subject to change as per the discretion of the bank. Rates with effect from 01 October 2021.

SBI WeCare Deposit for Senior Citizens

SBI WeCare Deposit Scheme is for senior citizens for retail term deposits. In this scheme, an additional premium of 30 bps, over and above the additional 50 bps, will be paid for tenure of 5 years and above. This is only available for a limited period of time till 31 March 2022.

Maturity Period Senior citizen FD interest rate (per annum)
5 years to 10 years 6.20%

*The interest rates are subject to change as per the discretion of the bank. Rates with effect from 01 October 2021.

Features of SBI Fixed Deposits

SBI fixed deposits have several features which are customer-friendly such as:

  • Interest payments on a calendar quarter/quarterly/monthly basis
  • Minimum deposit is Rs.1,000 only
  • No limit on maximum deposit
  • Tenure ranging from 7 days to 10 years
  • Nomination facility is available
  • Loans of up to 90% of the principal amount can be availed against the FD
  • Overdraft of up to 90% of the principal amount can be availed against the FD
  • Term Deposit with Regular Interest Payout can be converted to Cumulative Interest Payout and vice versa

SBI NRI FD Rates

NRO Fixed Deposit Interest Rates

The interest rate for fixed deposits opened by NRIs is given below:

Tenors Interest for deposits below Rs.2 Crore Interest of Rs.2 Crore & above
7 days to 45 days 2.90% 2.90%
46 days to 179 days 3.90% 2.90%
180 days to 210 days 4.40% 3.00%
211 days to less than 1 year 4.40% 3.00%
1 year to less than 2 years 5.00% 3.00%
2 year to less than 3 years 5.10% 3.00%
3 years and up to 5 years 5.30% 3.00%
5 years and up to 10 years 5.40% 3.00%

Note: The interest rates mentioned in the table are effective 01 October 2021.

NRE Fixed Deposit Interest Rates

The interest rates for non-resident External (NRE) account deposits are as given below:

Tenors Interest for deposits below Rs.2 Crore Interest of Rs.2 Crore & above
1 year less than 2 years 5.00% 3.00%
2 years to less than 3 years 5.10% 3.00%
3 years to less than 5 years 5.30% 3.00%
5 years and up to 10 years 5.40% 3.00%

Note: The interest rates mentioned in the table are effective 01 October 2021.

NRO Term Deposits below Rs.2 crore

  • No interest will be payable if you withdraw the deposit before 7 days.
  • The interest will be 0.50% or 1% below the rate at the time of deposits for the period if the amount has remained been with the bank or 0.50% or 1% below the required rate, whichever is lower.
Description Penalty (All Tenors)
Up to Rs.5 lakh 0.50%
Above Rs.5 lakh but below Rs.1 crore 1%

NRO Term Deposits above Rs.2 crore

  • No interest will be payable if you withdraw the deposit before 7 days.
  • On pre-mature withdrawal after 7 days , the interest will be applicable for the period the deposit has been with the bank or the required rate less the premature penalty is 1%, whichever is lower.

Types of SBI Fixed Deposit Schemes

SBI offers various kinds of fixed deposits to its customers. These are:

  • SBI Term Deposit

    Term deposits are regular deposits which you can have with SBI from a period of 7 days to 10 years. You can withdraw the amount prematurely, but will have to pay a fee on the same.

  • SBI Tax Saving Scheme

    The SBI tax-saving fixed deposit scheme can be opened for tax exemption purposes. You can invest in the scheme and also get a deduction up to Rs.1.5 lakh every year (Section 80C of the Income Tax Act, 1961).

  • SBI Fixed Deposit Reinvestment Plan

    The SBI reinvestment scheme is where the quarterly interest will be added to your principal deposit amount and on this, a further interest will be calculated. The interest will be reinvested in the amount yielding to a much higher interest and maturity amount.

  • SBI Annuity Deposit Scheme

    The SBI Annuity Scheme is a scheme where you will have to deposit a huge sum and the amount will be paid in terms of Equated Monthly Installments (EMIs).

  • SBI WeCare

    SBI We Care was launched to protect the interests of senior citizens. The scheme is applicable from 12 May 2020 to 31 March 2022.

Documents Required to Open an SBI FD

  • Application Form
  • Depositor’s photograph (2 copies)
  • Identity proof & Address proof as per KYC Norms
  • PAN Card copy/ Form 60 or 61
  • Aadhaar Card

Benefits of SBI Fixed Deposits

  • Nomination facility
  • Automatic renewal option after maturity
  • Part withdrawal facility on the deposits
  • Avail loan up to 90% of the deposit amount
  • Online operation for the FD account

Nomination Facility on SBI Fixed Deposits

  • State Bank of India (SBI) offer the facility of nomination on all their deposit accounts. Discussed below are some of the terms and conditions applicable in this case:
  • The nomination facility is available only for the individual holding accounts.
  • Nomination can be done favouring only one person.
  • Nomination can be done favouring a minor as well. However, in the case of receipt of the amount, the natural guardian of the minor will be receiving the amount if the minor does not attain the age of 18 years.
  • The nomination for a SBI FD can be made, cancelled, and altered at any point in time.

Term-wise State Bank of India FD Interest Rates

  • SBI Short-term Deposits

    Short-term Term Deposits are deposits which are opened for a short period of time that ranges for 7 days to less than 12 months. The interest offered by the bank to general citizens for opening a short-term FD is between 2.90% to 4.40% p.a.

  • SBI Medium-term Deposits

    Medium-term fixed deposits have tenures that range from 12 months to less than 5 years. The interest offered by the bank for such deposits ranges from 5.00% p.a. to 5.30% p.a.

  • SBI Long-term Deposits

    Long-term fixed deposits are those that have a tenure that ranges from 5 years to 10 years. The interest rate for such deposits is 5.40% p.a.

  • SBI Fixed Deposits for Senior Citizens

    An additional interest rate of up to 0.80% p.a. is offered to senior citizens for fixed deposits. The rate of interest ranges from 3.40% to 6.20% p.a.

Factors that Affect SBI Fixed Deposit Rates

There are many factors that affect SBI FD interest rates, some of which are given below:

  • Deposit Amount: Higher deposit amounts will fetch you higher interest rates, especially bulk deposits exceeding Rs.2 crore.
  • Deposit Tenure: The shorter the tenure, the lower will be the interest rate and the longer the tenure, the higher the interest rate will be.
  • Depositor type: Senior citizens typically get 0.50% additional interest rate on fixed deposits.

Calculating SBI FD Interest Rates

Before you open a SBI fixed deposit account or renew an existing one, it helps to calculate the amount you will get on maturity, with the added interest. This will help you decide which tenure will be the best for you, based on your requirements. This can be done easily online using the SBI FD interest rate calculator which will show you the exact amount you will earn on maturity for your fixed deposit. All you have to do is enter the figures for the amount you wish to invest, the interest rate applicable, and the tenure. The result will be displayed instantly on the page.

Here's an example.

If you decide to invest Rs.1 lakh in your SBI FD account for a tenure of 5 years. The applicable interest rate is 5.30% p.a. Upon maturity, with an annual compounding frequency, you will earn Rs.30,000 as interest and your maturity amount will be Rs.1.3 lakh.

Penalty for Premature Withdrawal of SBI Fixed Deposit

For a term deposit of up to Rs.5 lakh, the penalty for premature withdrawal, across all the tenures, is 0.50%.

TDS for SBI Fixed Deposits

Tax Deducted at Source (TDS) will be taken only if Form 15G/15H is not submitted

Eligibility to Open an SBI FD

  • Individual
  • Joint account but not exceeding 4 applicants
  • Minor with a guardian
  • Partnership
  • Company
  • Any association or Institute
  • NRIs

Loan Against SBI Fixed Deposit

State Bank of India (SBI) offers loans to its customers against fixed deposits. The features are being listed below:

  • Customers can avail a loan which goes up to 90% of the total value of the term deposit.
  • You can avail both SBI Overdraft Facility and Demand Loan, as per your requirement.
  • The interest on the loan is charged on a daily reducing balance.
  • No processing charges.
  • No penalties charged for pre-payment of loans.
  • You can avail a minimum loan amount of Rs.25,000 and a maximum loan amount of Rs.5 crore.
  • The interest rates are charged at 1% in addition to the relative term deposit rate.

FAQs on SBI FD Interest Rates

  1. What is the highest interest rate on SBI FD?

    The highest rate for the general public is 5.4% and for senior citizens, it is 6.20%.

  2. What is the minimum investment for FDs under SBI?

    The minimum deposit is Rs.1,000 top open a fixed deposit with SBI.

  3. Do we have premature withdrawal facility on SBI FD?

    Yes, you can prematurely withdraw your fixed deposit with SBI.

  4. What is the penalty for early withdrawal in SBI FD?

    For a term deposit of up to Rs.5 lakh, the penalty for premature withdrawal, across all the tenures, is 0.50%.

  5. In how many years FD doubled in the SBI?

    You can check the total amount you have yielded by calculating the same using the interest rates from the above tables.

  6. Can a customer open a term deposit account online in SBI?

    Yes. All existing customers of SBI, who have an internet banking password and username can open an FD account.

  7. Can new customers open an FD online? If not, how can they do so?

    For new customers, they will not be able to open an FD online unless they have an internet banking password and username. In such a case, the customer will have to request the bank for an internet banking account.

  8. Is it possible to deposit an additional amount into my already existing FD?

    No. This will not be possible.

  9. What are the consequences of not providing PAN card details?

    PAN card is absolutely mandatory to open an FD account. If a customer fails to provide PAN card details, the following will be the consequences:

    • A higher rate of TDS will be deducted, which will be at 20%, instead of 10%.
    • The Income Tax department will not give the customer any TDS credit or issue a TDS certificate.
    • Certain forms like 15G/H and other kind of tax exemption certificates will become invalid
  10. Can an SBI FD account be closed online?

    Yes, SBI FD account be closed online.

News About State Bank of India Fixed Deposit

  • SBI warns customers about fixed deposit related frauds

    The State Bank of India has alerted customers and fixed deposit account holders about new frauds taking place under SBI fixed deposits. The bank had previously seen reports of cybercriminals creating fixed deposits in customer accounts to carry out frauds and siphon money.

    The bank alerted its customers via social media and asked them to control access to the account and not share any personal information with others including passwords, OTPs, CVV or card number. SBI does not ask customers for this information via phone, SMS or email.

    Fraudsters have been creating an FD account by acquiring net banking details and transferring amounts and asking for OTP posing as an SBI official. They are then said to transfer the entire FD amount to their account after tricking the customers to provide the OTP for the transactions.

    14 April 2021

  • SBI hikes FD rates

    State Bank of India (SBI) has hiked its interest rates for fixed deposits for amount less than Rs.2 crore effective from 8 January 2021.

    SBI FDs with tenure between 7 days and 45 will days will now fetch 2.9% followed by 3.9% for FDs with tenure between 46 days to 179 days. You will earn interest of up to 4.4% on your deposits for tenure between 180 days to less than one year while deposits with maturity between 1 year and up to less than 2 years is increased by 10 bps. FDs maturing in 2 years to less than 3 years will ow fetch interest at 5.1%. FDs with 3 years to less than 5 years will offer 5.3% while term deposits maturing in 5 years and up to 10 years will give you 5.4%.

    8 January 2021

  • Special fixed deposit scheme given for senior citizens by the State Bank of India

    The State Bank of India has extended the special fixed deposit for senior citizens for the second time and will be continuing its SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme. Special FD scheme was announced in May and was supposed to originally continue till September. However, the country’s largest lender had extended the scheme till the end of December. Now, the special scheme can be availed by senior citizens till the end of March 2021 as the bank extended it even further to cater to their customers who are senior citizens.

    14 December 2020

  • FD rates slashed by SBI

    The term deposit rates for a tenure that ranges between 1 year and less than 2 years has been slashed by State Bank of India. The lender has reduced the interest rate by 20 basis points and will now offer 4.90 percent per annum on that tenure. SBI which lets customers open a fixed deposit account with them for a period between 7 days and 10 years offer interest in the range of 2.90 percent and 5.40 percent to general citizens. Citizens above the age of 60 years are offered additional interest of 50 percent per annum on all tenures.

    13 September 2020

  • Fixed deposit rates revised by SBI

    The State Bank of India has reduced the interest rates on fixed deposits from 27 May 2020 by 40 basis points across all tenures. A fixed deposit for a tenure of 1 year will now offer an interest rate of 5.10% compared to 5.50% earlier.

    The immediate impact of the revised interest rates will be for the accounts which are going to be up for renewal shortly. The rate of interest applicable for fixed deposits of 1 year to less than 2 years and 2 years to less than 3 years will offer an interest rate of 5.1% compared to 5.50%. Fixed deposits of 1 year to 3 years will be offering a return of 5.1$ per annum. For the fixed deposits ranging from 3 years to less than 5 years and 5 years to 10 years, the rate of interest has been changed to 5.3% from 5.7%.

    For senior citizens, SBI had introduced a new scheme, the ‘SBI Wecare’ Deposit where additional premium of 30 bps over the extra 50bps will be given on the fixed deposit

    29 May 2020

  • SBI cuts term deposit rates

    State Bank of India (SBI) on Thursday cut the fixed deposit (FD) rates for the third time in two months. In the latest development the lender slashed the interest rates for tenures up to 3 years by 20 basis points. The new rates shall be effective from 12 May. Following the revision, deposits will earn interest of 3.30% p.a. on FDs having a tenure between 7 days and 45 days, 4.30% p.a. for those between 46 days and 179 days, 4.80% p.a. on those deposits maturing between 180 days and less than a year. FDs having a tenure between 1 year and 3 years will earn interest of 5.50% p.a. going forward. It must be noted that the bank had earlier slashed the interest rates on March 10 and 28 respectively.

    8 May 2020

  • SBI FD rates slashed by 15 basis points across select tenors

    A reduction in the fixed deposit (FD) rates has been made by the country’s largest bank by assets, State Bank of India (SBI) across select tenors. In the retail segment, the FD rates have been reduced by 0.15 percentage points or 15 basis points across a select tenor for FDs below Rs.2 crore. For FDs of Rs.2 crore and above, a reduction of 30 to 75 basis points has been made in the interest rates. The revised interest rates will be effective from 10 November 2019. SBI currently offers 6.25% interest rate to the general public while senior citizens can enjoy 6.75% interest on FDs below Rs.2 crore for 1-year tenor to less than 2-years tenor. For FDs maturing between 46 days and 179 days, the FD rates for the general public and senior citizens are 6% respectively. FDs maturing in a period of one year to 10 years have the revised FD rates for the general public and senior citizens at 6.25% and 6.75% respectively. The last revision in FD rates was made by SBI on 10 October 2019.

    13 November 2019

  • Fixed Deposit interest rates reduced by SBI

    Due to the liquidity of the economy, State Bank of India (SBI) has reduced its Fixed Deposits (FD) and bank deposits interest rates. The interest rates on bank deposits have been reduced to 3.25% from 3.50%. The new interest rates will be effective from 1 November 2019.

    Apart from bank deposits, interest rates of bulk deposits and term deposits have been reduced by 30 basis points and 10 basis points by SBI, respectively. The new interest rates are on term deposits that have a tenure ranging between one year and two years. These interest rates came into effect from 10 October 2019. The MCLR has also been reduced by SBI for the FY 2019-2020 for the sixth time. Therefore, personal loans, car loans, and home loans will become cheaper. With effect from 10 October 2019, the new MCLR will be 8.05%. The interest rates have been deducted by 10 basis points by SBI. SBI has also decreased the interest rates on loans to 8.05% from 8.15%. The new interest rates came into effect from 10 October 2019. Recently, the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points. The new repo rate has been reduced to 5.15% from 5.40%.

    15 October 2019

  • FD interest rates revised by SBI

    State Bank of India (SBI), the country’s largest bank has revised the fixed deposit interest rates for the second time within a month on Wednesday. The rates were lowered by 10 basis points across select maturities. The reduction in the interest rates comes after Reserve Bank of India (RBI) cut the repo rate by 25 basis points last week.

    The bank slashed the interest rates for deposits that mature in 1 year to less than 2 years. Following the revision, the bank shall offer 6.40% per annum on the above-mentioned tenure. SBI has kept the interest rates for all the other tenures unchanged. It needs to be mentioned here that senior citizens are offered additional interest of 0.50% on all FD tenures by the bank. The new interest rates shall be effective from 10 October.

    Apart from SBI, other lenders like Kotak Mahindra Bank, Punjab National Bank and Axis Bank have also revised the FD interest rates in select maturities of late.

    11 October 2019

  • State Bank of India cuts interest rates for FD twice in 2 weeks

    The State Bank of India has cut down the rate of interest for its Fixed Deposits for the second time in a matter of only 2 weeks. On Monday, the bank cut down the interest rate by 20-25 basis points. The bank also cut down its MCLR by 10 basis points for all tenures.

    An official from the bank has mentioned that due to the current market and falling interest rate scenario and surplus liquidity, the bank will realign its interest rate on the term deposits which the bank offers from 10 September 2019. The term deposits rates have been slashed by 20-25 basis points and bulk term deposits, by 10 basis points.

    The term deposits maturing in 7 days to 45 days will give you an unchanged rate of interest of 4.50% per annum and deposits maturing in 46 days to 179 days will give you an interest rate of 5.50% per annum. However, the term deposit tenure which was hit with the interest rate cut was the one maturing in 180 days to less than 1 year. The rate of interest dropped by 20 basis points and will not get you a rate of 5.80% instead of 6.00% per annum.

    For the long-term fixed deposits, the rate of interest will remain unchanged as per the State Bank of India.

    9 September 2019

  • FD interest rates cut by SBI

    State Bank of India (SBI) has reduced the interest rates for the second time within a month. Interest rates of all tenures have been reduced after the lending rates were reduced by the Reserve Bank of India (RBI).

    Apart from SBI, various other banks such as IDFC First Bank, HDFC Bank, ICICI Bank, and others have also reduced the Fixed Deposits (FD) interest rates. Bulk deposits of all tenors have been reduced by 30-70 basis points and retail FD rates on maturities have been reduced by 10-50 basis points by SBI. The new interest rates would be effective from 26 August 2019. The new FD rates offered by SBI are 4.50%, 5.50%, 6.00%, 6.00%, 6.70%, 6.50%, 6.25%, and 6.25% for tenures ranging from 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 1-2 years, 2-3 years, 3-5 years, and 5-10 years. The new FD rates offered by ICICI Bank, IDFC Bank, and HDFC Bank were effective from 14 August 2019, 21 August 2019, and 2 August 2019, respectively. Individuals can compare the interest rates that are being offered by various banks before opting for the right one.

    28 August 2019

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