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Calculate Your Fixed deposit Maturity with: FD Calculator
The State Bank of India (SBI) offers a wide range of Fixed Deposits (FDs) that offer a good rate of return and come with various other benefits. Some of the features of SBI FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. It is very easy to open an SBI FD online and this can be done at the click of a button in a paper-free manner. There are different types of FDs to choose from in SBI and one can opt for the same based on individual needs and financial goals. Senior citizens and pensioners are eligible for a higher rate of interest and the same will be provided upon submission of age proof documents.
SBI recently revised the interest rates offered on FDs, increasing the rates across all tenures. At present, the highest rate of interest provided on SBI FDs for individuals is 6.75% p.a, while the highest rate of return offered to senior citizens is 7.25% p.a. There are various advantages of opening an FD with SBI:
The revised Interest rates per annum for Regular & Senior Citizens with effect from 28 March 2018 are as follows:
| Tenure | Regular FD Interest Rates (p.a) | Senior Citizen FD Interest Rates (p.a) |
|---|---|---|
| 7 days to 45 days | 5.75% | 6.25% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.35% | 6.85% |
| 211 days to less than 2 years | 6.40% | 6.90% |
| 2 years to less than 3 years | 6.60% | 7.10% |
| 3 years to less than 5 years | 6.70% | 7.20% |
| 5 years to 10 years | 6.75% | 7.25% |
*The above interest rates are for investments less than Rs.1 crore
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
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.
For those who are looking to meet short-term financial goals and gain returns at a faster pace, these types of FDs are an ideal option. The interest rate offered on short-term SBI FDs range from 5.75% p.a to 6.40% p.a. The tenure range for these investments extend from a minimum of 7 days to less than 365 days.
Medium-term FDs come with a lock-in period of at least 1 year but the rate of return on these types of term deposits are lucrative. The tenure offered for these deposits is 1 year to 5 years. The interest rate in this slab ranges from 6.40% p.a to 6.70% p.a. The highest rate of interest is for deposits held for 2 years to 5 years, where the rate of return is at 6.70% p.a.
SBI long-term deposits are specially designed for those who want to park their surplus funds for a longer period of time and create a pool of savings while earning a good interest rate. The tenure range for these types of FDs extend from 5 years to 10 years. The interest rate offered in this slab is 6.75% p.a.
Under this slab, one can also opt for tax saver FDs that come with tax benefits and a lock-in period of a minimum of 5 years and a maximum of 10 years.
SBI offers an additional interest rate for senior citizen FDs, making it a very lucrative and ideal investment option for those above 60. Senior citizens can go for short-term FDs, medium-term FDs or long-term FDs. The interest rate offered ranges from 6.25% p.a to 7.25% p.a. The highest rate of interest offered is for a tenure that ranges from 2 years to 5 years, where the rate of return is 7.25% p.a. For investing in period that ranges from 211 days to less than 2 years, the rate paid will be 6.90% p.a. An interest rate of 7.20% p.a. can be gained for investing in a time period that ranges from 3 years to 5 years.
This is a very good option for pensioners because it acts as a source of supplementary income.
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:
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.
| Eligibility to Open a FD |
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| Documents Required |
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| Benefits of a SBI FD |
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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.
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.
Yes. All existing customers of SBI, who have an internet banking password and username can open an FD account.
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.
No. This will not be possible.
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:
Yes.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Giving good news to Fixed Deposit (FD) consumers in the country, the State Bank of India (SBI) has increased FD deposit rates yet again.
The interest rates have been increased for all tenures that range from 2 years to 10 years. The rate of interest paid on 2-year FDs will be 6.60% as compared to the earlier 6.50%. For 3 years to 5 years, the rate of interest paid is 6.70% as compared to the previous rate of 6.50%. The highest rate offered is for deposits that are held from 5 years to 10 years, which is 6.75%. The earlier rate for this tenure was 6.50%.
All senior citizens get an additional rate of interest on fixed deposits. The best FD rate offered for senior citizens is 7.25% for a tenure that ranges from 5 years to 10 years compared to the earlier 7%. For a time period of 2 years to less than 3 years, the rate paid is 7.10% and for 3 years to 5 years, the rate of interest paid is 7.20%.
SBI hiked the rate of its deposits in February this year.
28 March 2018
There is good news for all Fixed Deposit (FD) customers as the State Bank of India (SBI) has increased FD rates for all tenure ranges by around 10 to 75 basis points. The new rates will be applicable for deposits that are less than Rs.1 crore.
SBI will now offer an interest rate of 6.50% p.a. for all deposits held for a period that ranges from 2 years to 10 years. For the same tenure range, senior citizens will be paid 7.00% interest per annum. Earlier the rate of interest paid for this same tenure range was 6.00% p.a. and 6.50% p.a. for senior citizens. This means, that the overall increase in the rate of interest for this time slab is 0.50% p.a.
For those investing in FDs for a period ranging from 211 days to less than 2 years, the rate of interest has been increased to 6.40% p.a. from the previous 6.25% p.a. For senior citizens, the interest paid in this time bracket is 6.90% p.a.
It is most likely that other banks will also increase the rates offered on fixed deposits in the near future. People in the banking industry say that the reason for the increase is ‘tight’ liquidity conditions. SBI has raised FD rates previously as well but this may probably be the first time the rates have been increased for FDs less than Rs.1 crore.
6 March 2018
Among all other investment options, bank Fixed Deposits (FDs) are considered to be one among the best low-risk options to meet short-term financial goals. The other options include recurring deposits, debt funds and company deposits.
FD is a relatively safe investment, where you can keep your money saved and earn a good rate of return for tenures ranging from 1 to 5 years. FDs pay a much higher rate of return than your average savings account. As of now, there are many small finance banks that are providing very lucrative interest rates on FDs. The State Bank of India (SBI) provides many short-term FD options.
27 December 2017
Now, you can apply for a Fixed Deposit (FD) in the State Bank of India (SBI) and take a loan or overdraft on the same instantly using their new integrated app YONO.
The YONO app can be used for all banking needs such as opening a bank account, initiating fund transfers, applying for loans, FDs, or applying for loans/overdraft against your FD.
YONO, expanded as You Only Need One, is a digital platform that aims to provide customers a wide range of financial services and lifestyle products. All customers will be able to use the app through a single password and user Id.
23 November 2017
The State Bank of India (SBI) has cut down Fixed Deposit (FD) interest rates by 25 basis points. The rate change will be deemed effective from November 1, 2017.
The SBI FD interest rate for 1 year deposits will pay at the rate of 6.25% p.a as opposed to 6.5% p.a., while senior citizens will be eligible for an interest rate of 6.75% as opposed to the earlier 7%.
1 November 2017
The State Bank of India (SBI) has made a revision on Fixed Deposit (FD) interest rates and this came into effect on October 1, 2017.
The current FD rates offered by SBI for a tenure of 1 year is 6.5% and the rates offered for senior citizens is 7%. According to reports, the new interest rates offered by SBI is comparatively lesser than that given by other private banks and financial institutions such as HDFC Bank and ICICI Bank.
At present, SBI offers an interest rate of 6.5% for FDs held for a tenure ranging from 46 days to less than 2 years. The interest rate for the same tenure for senior citizens is 7%. For deposits held from 2 years to 10 years, the rate of interest paid is 6.25% for all individuals and 6.75% for senior citizens. For a time period of 7 days to 45 days, the rate of interest paid is 5.5% and for senior citizens it is 6%.
ICICI Bank and HDFC Bank offers interest at the rate of 6.75% for a 1-year period. Fixed deposits remain to be one of the most popular investment options in India.
3 October 2017
State Bank of India (SBI) has reduced interest rates for its fixed deposits (FD) effective July 1, 2017. The bank has cut the rate for 1-year FD’s to 6.75% from the earlier 6.9%.
FD’s between 365 days and 455 days have also seen a drop in interest rates, with customers to receive 6.5% now from the 6.9% they stood to receive earlier.
Interest rates on deposits that are between 456 days to 2 years have also been reduced, with holders receiving 6.5% now compared to 6.75% earlier.
Senior citizens will receive 50 basis points more than the applicable rates.
7 July 2017
The nation's largest lender State Bank of India (SBI) has decided to reduce the interest rates on Fixed Deposits (FDs) by 0.50%. The new interest rates are applicable for medium and long-term FDs that is below Rs.1 Crore. SBI was offering 6.75% of interest on 2-3 years of deposits, however, now the interest an individual can earn will be limited to 6.25%. The new rates are also revised for Senior Citizens. For the deposits that are made for more than three years, SBI will offer an interest rate of 6.50%. The new rules are effective from 29th of April.
10 May 2017
In a huge setback for customers, State Bank of India has reduced the interest rate on its one-year Fixed Deposits to a six year low of 7.05%. This was done after the most recent round of cuts put forth by the largest bank in India and saw rates on two-year and three-year deposits being increased to 7% and 6.5%, respectively. The last time such as incident occurred was between October 1 and December 7 in the year 2010 when the rate of interest was down to 7%.
SBI’s peer in Delhi, the Punjab National Bank has reduced the rate of interest on one-year deposits by 5bps or basis points to 7.2% and those on 2-year and 3-year deposits by 10bps or base points each to 7.05%. Bank of Baroda has maintained the rate of interest on Fixed Deposits of one and two years, but has decreased the interest rate on 3-year deposits by 5 base points to 7.25%. Important lenders from the private sector such as HDFC Bank, Axis Bank and ICICI Bank have held rates on their one-year, two years and three years deposit at 7.25%.
Reducing the rates on fixed deposits are necessary for banks to maintain their margins while transmitting the Reserve Bank of India’s rate cuts, which has amounted to 175 base points since the January of 2015 to borrowers. Borrowers are likely to get better deals but fixed deposits are also becoming increasingly unappealing for savers.
7 November 2016
Deposits of over Rs 1 Crore have seen interest rates rise over the previous two months on the back of tightening liquidity conditions within the system. This rise has impacted the ability of lenders to reduce rates even though the Reserve Bank of India has hinted at this effect taking place as an outcome of its policy decisions.
The biggest lender in the country, The State Bank of India, have raised their bulk deposit rates over the previous two months. They have coupled this with a raise in interest rates on term deposits of over Rs 1 crore by 25-125 basis points from mid-January.
14 March 2016
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