State Bank of India (SBI) is one of the oldest banks to be established in India. Fixed Deposits (FDs) are one of the many financial products offered by the bank. FDs or Term Deposits let one invest a portion of their savings within a financial institution for a fixed tenure. These investment schemes allow one to earn an interest along with high returns upon maturity of the FD.
SBI Fixed Deposit Rates: January 2019
SBI Rates For Fd: Deposits Less Than Rs.1 Crore
The following table highlights the interest rates* for varying tenures for FDs less than Rs.1 crore:
| 7 to 45 days |
5.75% |
6.25% |
| 46 to179 days |
6.25% |
6.75% |
| 6 months to 7 months |
6.35% |
6.85% |
| 7 months 1 day to 12 months |
6.40% |
6.90% |
| 12 months to 24 months |
6.70% |
7.20% |
| 24 months to 36 months |
6.75% |
7.25% |
| 36 months to 60 months |
6.80% |
7.30% |
| 60 months to 120 months |
6.85% |
7.35% |
*The interest rates are subject to change as per the discretion of the bank. The rates mentioned as of 1 October 2018.
SBI Rates For Fd: Deposits Between Rs.1 Crore And Rs.10 Crore
The interest rates* for deposits within Rs.1 crore and Rs.10 crore are given in the table below:
| 7 to 45 days |
5.75 |
6.25 |
| 46 to179 days |
6.25 |
6.75 |
| 6 months to 7 months |
6.35 |
6.85 |
| 7 months 1 day to 12 months |
6.40 |
6.90% |
| 12 months to 24 months |
6.70 |
7.20% |
| 24 months to 36 months |
6.75 |
7.25% |
| 36 months to 60 months |
6.80 |
7.30% |
| 60 months to 120 months |
6.85 |
7.35% |
*The interest rates are subject to change as per the discretion of the bank. The rates mentioned as of 1 October 2018.
SBI Rates For Fd: Deposits Above Rs. 10 Crore
The table below shows the FD rates* for deposits above Rs.10 crore:
| 7 to 45 days |
5.75% |
6.25% |
| 46 to 179 days |
6.25% |
6.75% |
| 6 months to 7 months |
6.35% |
6.85% |
| 7 months 1 day to 12 months |
6.40% |
6.90% |
| 12 months to 24 months |
6.70% |
7.20% |
| 24 months to 36 months |
6.75% |
7.25% |
| 36 months to 60 months |
6.80% |
7.30% |
| 60 months to 120 months |
6.85% |
7.35% |
*The interest rates are subject to change as per the discretion of the bank. The rates mentioned as of 1 October 2018.
SBI short-term FD rates (Deposits below Rs.1 crore)
- A short-term FD has a tenure range of 7 days to less than 1 year.
- The interest rates for this term are between 5.75% p.a. to 6.40% p.a.
- The highest rate available for this term is 6.40% p.a. for a tenure from 7 months 1 day to less than 1 year.
SBI medium-term FD rates (Deposits below Rs.1 crore)
- The tenure range of a medium-term FD is 1 year to 5 years.
- The FD rates for this tenure range from 6.70% p.a. to 6.80% p.a.
- The highest interest rate offered for this term is 6.80% p.a. for a tenure between 3 years and 5 years.
SBI long-term FD rates (Deposits below Rs.1 crore)
- A long-term FD has a maturity period of above 5 years.
- The interest rate for this tenure is 6.85% p.a.
SBI FD rates for Senior Citizens (Deposits below Rs.1 crore)
- Senior citizens can enjoy FD rates which are 0.50% higher than the regular rates.
- The highest rates available on different term periods:
- Short-term FD: 6.90% p.a.
- Medium-term FD: 7.30% p.a.
Rates For SBI Tax Savings Scheme, 2006
The tenure for SBI Tax Savings Scheme, 2006 is 5 years to 10 years. One can avail tax benefits as stated under Section 80C of the Income Tax Act 1961.
The following table indicates the rates* associated with SBI Tax Savings Scheme, 2006:
| Maturity period |
General Public |
Senior Citizens |
| 5 years to 10 years |
6.85% |
7.35% |
*The interest rates are subject to change as per the discretion of the bank. The rates mentioned above are applicable of 1 October 2018.
Key features of SBI FD schemes
- The tenure range is 7 days to 10 years.
- The minimum amount of deposit to be made is Rs.1,000.
- One can choose a suitable interest payout frequency viz. monthly, quarterly or yearly basis.
- Premature withdrawals for deposits below Rs.5 lakh and above Rs.5 lakh is charged with a penal interest of 0.50% and 1% respectively.
- A depositor can avail for overdraft facility and loans against the deposit (up to 90% of the deposit value).
- The interest income would be viable to taxation under Tax Deducted at the Source (TDS). This tax is mandated by the Income Tax Act 1961.
Types of State Bank of India FDs
- SBI Tax Saving Scheme
- Reinvestment Plan
- SBI MODS
- Annuity Deposit Scheme
- SBI flexi Deposit Scheme
- SBI Tax Saving Scheme: These are FDs that come with a tax benefit. Customers who invest in this type of FD will become eligible for tax benefits under Section 80C of the Income Tax Act, 1961. These FDs have to be held for a minimum of 5 years and the funds cannot be withdrawn prematurely before the completion of this tenure. It is also important to note that no loan or overdraft can be taken against these tax saver deposits. The minimum deposit amount under this slab is Rs.1000, while the upper limit for investments is Rs.1,50,000 p.a. For details on interest rates refer to the table above.
- Reinvestment Plan: This type of term deposit is best suited for those who want to gain the maximum out out their FD and take advantage of the compound interest factor. Here, interest will not be paid at regular intervals but only at the time of maturity of the deposit. The minimum amount that can be invested is Rs.1000, while there is no ceiling limit. These types of deposits will have to be held for a minimum of 6 months and the maximum tenure is 10 years. Some of features include premature withdrawal, loan/overdraft facility, nomination and auto renewal facility.
- SBI MODS: SBI also offers customers the option to invest in Multi Option Deposit Schemes. These types of term accounts are usually linked with the bank savings or current account. The highlight of this deposit is that money can be withdrawn at any point of time. The remaining balance in your account will continue to earn interest as usual. The minimum amount that has to be invested under this scheme is Rs.10,000, while the tenure range extends from 1 year to a maximum of 5 years.
- Annuity Deposit Scheme: This is a type of deposit where the account holder makes a deposit of a certain lump sum amount, on which he/she is entitled to receive money in the form of income. Money will be paid in the form of Equated Monthly Installments (EMIs) along with interest that is earned. The deposit made by the customer must be a minimum of Rs.25,000. For more information on the interest rates offered, please refer to the interest table above.
- SBI flexi Deposit Scheme: This is a type of deposit account where, instead of paying a lump sum, the customer will be allowed to make deposits at regular internals. In other words, an investor can pump in money into the scheme as and when it is convenient for him/her. The minimum tenure for this type of deposit is 5 years while the maximum is 7 years. The minimum investment amount is Rs.5000, while the upper limit is Rs.50,000 in a particular financial year.
Now, Close Your SBI FD Online Easily
State Bank of India (SBI) customers can easily close their Fixed Deposit (FD) account online before maturity. The bank recently took to social media and even posted a video on Twitter to create awareness about how to preclose an FD online.
This is applicable to customers holding ETDR/STDR e-term deposits.
How to Close an SBI FD Online
- Log on to the website
- Choose the FD account and then tap ‘close account prematurely’
- A list of all the FDs you hold with the bank will be displayed. Choose the one you want to close and tap ‘proceed’
- Confirm details and mention the reason for closing your FD
- Type in the password that is sent to your registered mobile number and confirm the transaction
All customers will receive an alert once their FDs are closed and their bank account will be credited with the FD amount. It is advisable to initiate the closure between 8.00 a.m. to 8.00 p.m. for immediate closure.
How to calculate SBI fixed deposit interest rate
Before making a decision to invest in an FD, it is always wise to calculate the maturity value that you will get. To compute this amount, there are various factors that need to be considered. First, let us take a look at the various factors influencing maturity amount.
Factors affecting maturity amount:
- The amount/principal invested
- Rate of interest
- Tenure of deposit
- Interest computation frequency
- Taxation
SBI FD Calculator
An FD calculator is used to calculate the total maturity amount by feeding in the required data. To calculate the total amount due to the customer after the completion of the deposit tenure, the data required is the principal amount, rate of interest, compounding frequency and the time period for which the deposit is held.
For example, if an investment of Rs.1 lakh is made for 1 year at the rate of 6.25% p.a., the maturity value will approximately add up to 1,06,250. Here the total interest earned on the principal will be Rs.6,250 p.a. The interest has been compounded annually.
On the other hand, if the interest is computed on a quarterly basis for the same principal, rate of interest and tenure, the total interest earned will be Rs.6,398 and the maturity value will be 1,06,398.
Also, please note that if you go for a cumulative FD, the maturity amount and interest will be paid at the end of the tenure. However, in case of a non-cumulative FD, the interest is paid at regular periods of time, say monthly, quarterly or half-yearly.
Key Information before Opening a Fixed Deposit
| Eligibility to Open a FD |
- Individual
- Joint account but not exceeding 4 applicants
- Minor with a guardian
- Partnership
- Company
- Any association or Institute
- NRIs
|
| Documents Required |
- Application Form
- Depositor’s photograph (2 copies)
- Identity proof & Address proof as per KYC Norms
- PAN Card copy/ Form 60 or 61
- Aadhaar Card Details
|
| Benefits of a SBI FD |
- Nomination facility
- Automatic renewal option after maturity
- Part withdrawal facility on the deposits
- Avail loan upto 90% of the deposit amount
- Online operation for the FD account
|
Know More About SBI Fixed Deposit
SBI NRI FD
The State Bank of India (SBI) offers attractive interest rates and a wide range of tenure options on all fixed deposits for Non-Resident Indians. NRIs often look towards India to create a savings pool and also enjoy a host of other benefits such as tax exemption. Some of the best investments options for NRIs are Non-Resident Ordinary (NRO) fixed deposits, Non-Resident External (NRE) fixed deposit and Foreign Currency Non Repatriable (FCNR) fixed deposits. SBI offers both ordinary term deposits and special term deposits for NRIs. These schemes come with different interest payout options. Customers can also avail tax exemption on the interest earned on NRE fixed deposits.
Taking Loans Against SBI FDs
All State Bank of India (SBI) customers are eligible to take a loan of their Fixed Deposit (FD) without any hassle at the time of a financial emergency.
Customers can avail this facility with no penalties, processing or prepayment charges. Loans can be availed on up to 90% of the term deposit held and SBI also provides its customers the benefit of overdraft. Loans on FDs can be taken through internet banking or by visiting the respective SBI branch. The maximum amount that can be taken as a loan or an overdraft is Rs.5 crore while the minimum amount Tis Rs.25,000.
Now, Buy Paperless Fixed Deposits Instantly!
Want to buy a fixed deposit but have no time to go to the bank. No worries! You can now purchase the best fixed deposit in the market at the comfort of your home. BankBazaar.com has launched a paperless application process for fixed deposits. This paperless facility will provide consumers the ease of booking a fixed deposit in a paperless manner, instantly.
All it takes to open an FD is 10 minutes. A prospective investor can compare all FD interest rates online through the BankBazaar website and apply for an FD at the click of a button. Information such as credit rating of the product and other details will also be displayed. The purchase can be made and authenticated using Aadhaar-OPT based KYC verification. One can also upload documents and provide PAN card details.
FAQs on SBI Fixed Deposit schemes
- What documents do I have to submit to open an SBI FD account?
Individuals are required to submit Government authorised identity proof and residential proof such as:
Aadhaar Card
Voter ID
Driving Licence
Passport
Permanent Account Number (PAN) Card.
-
Can I prematurely withdraw funds from the FD?
Yes, you can prematurely withdraw but you will be charged with a penalty. You will not receive any interest if you make premature withdrawals within 7 days of opening the account.
- How can I apply for tax exemption from TDS?
You are eligible for a tax exemption if your net income does not fall within the taxable bracket. You can avail for a tax exemption by submitting Form 15G/15H to the bank.
- Can my FD be automatically renewed?
Yes, SBI automatically renews your FD unless any instruction given by you otherwise.
- What is the tenure for SBI Tax Saving Scheme, 2016?
The tenure range is 5 years to 10 years. No premature withdrawals can be made before 5 years.
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