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 0.50%. The interest rates for the general public range from 2.90% p.a. to 5.40% p.a.
SBI FD Interest Rates
The interest rates for domestic term deposits of less than Rs.2 crore are given below:
Tenure | For Genral Public (% p.a.) | For Senior Citizens (% p.a.) |
---|---|---|
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 12 months | 4.40% | 4.90% |
12 months to less than 24 months | 4.90% | 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 are effective 8 January 2021.
SBI Domestic Bulk Term Deposit Interest Rates
The interest rate for domestic term bulk deposits of above Rs.2 crore are as given below:
Tenures | For General Citizens (p.a.) | For Senior Citizens (p.a.) |
---|---|---|
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 12 months | 3.00% | 3.50% |
12 months to less than 24 months | 2.90% | 3.40% |
24 months to less than 36 months | 3.00% | 3.50% |
36 months to less than 60 months | 3.00% | 3.50% |
60 months to 120 months | 3.00% | 3.50% |
Note: The interest rates mentioned in the table are effective 8 January 2021.
Interest Rates for SBI Tax Savings Scheme, 2006
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 18 January 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 2021.
Maturity Period | Senior citizen FD interest rate (per annum) |
---|---|
5 years to 10 years | 6.50% |
*The interest rates are subject to change as per the discretion of the bank. Rates with effect from 8 January 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
Know about SBI RD Interest Rates
NRO Fixed Deposit Interest Rates
The interest rate for fixed deposits opened by NRIs is given below:
Tenure | Below Rs.2 crore | 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 12 months | 4.40% | 3.00% |
12 months to less than 24 months | 5.00% | 3.00% |
24 months to less than 36 months | 5.10% | 3.00% |
36 months to less than 60 months | 5.30% | 3.00% |
60 months to 120 months | 5.40% | 3.00% |
Note: The interest rates mentioned in the table are effective 8 January 2021.
NRE Fixed Deposit Interest Rates
The interest rates for Non Resident External (NRE) account deposits are as given below:
Tenure | Below Rs.2 crore | Rs.2 Crore & above |
---|---|---|
12 months to less than 24 months | 5.00% | 3.00% |
24 months to less than 36 months | 5.10% | 3.00% |
36 months to less than 60 months | 5.30% | 3.00% |
60 months to 120 months | 5.40% | 3.00% |
Note: The interest rates mentioned in the table are effective 8 January 2021.
Features of SBI Fixed Deposits for NRIs
Key Highlights
- No minimum balance required to open the account
- Minimum deposit of Rs.1,000
- Loan against FD facility available
- Nomination facility available
- Premature withdrawal facility
- Tenures ranging from 1 year to 10 years
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 4.90% 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 0.50% p.a. is offered to senior citizens for fixed deposits. The rate of interest ranges from 3.40% to 6.20% p.a. Senior citizens are given 0.25% additional interest for amounts exceeding Rs.10,000.
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.
Types of State Bank of India FDs
- Annuity Deposit Scheme
- SBI Reinvestment Plan
- SBI Tax Saving Scheme
- SBI MOD
- SBI Flexi Deposit Scheme
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
Key Information before Opening a Fixed Deposit
Eligibility to Open a FD |
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Documents Required |
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Benefits of an SBI FD |
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FAQs on SBI FD Interest Rates
- 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.
- 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.
- Is it possible to deposit an additional amount into my already existing FD?
No. This will not be possible.
- 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
- Can an SBI FD account be closed online?
Yes, SBI FD account be closed online.
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