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.
SBI WeCare Deposit for Senior Citizens Extended until 31 March 2022
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 a tenure of 5 years and above. The validity of the scheme has been extended until 31 March 2022. Earlier, the scheme was valid until 30 September 2021.
Types of SBI Fixed Deposit Schemes
SBI offers various kinds of fixed deposits to its customers. These are:
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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.
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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).
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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.
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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).
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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
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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.
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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.
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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.
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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
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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%.
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What is the minimum investment for FDs under SBI?
The minimum deposit is Rs.1,000 top open a fixed deposit with SBI.
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Do we have premature withdrawal facility on SBI FD?
Yes, you can prematurely withdraw your fixed deposit with SBI.
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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%.
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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.
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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.
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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.
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Is it possible to deposit an additional amount into my already existing FD?
No. This will not be possible.
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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
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Can an SBI FD account be closed online?
Yes, SBI FD account be closed online.
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