State Bank of India (SBI) is one of the leading banks of the country. It provides an interest rate of up to 6.85 percent per annum on Fixed Deposits (FDs) or Term Deposits. The SBI FD rates lie within the range of 5.75 percent to 6.85 percent per annum. SBI offers 0.50% higher interest rate on FDs for Senior Citizens.SBI Fixed Deposit rate for senior citizents is 7.35 percent per annum
SBI FD Interest Rates
Tenure
FD Rates
Senior Citizen FD Rates
7 to 45 days
5.75%
6.25%
46 days to 6 months
6.25%
6.75%
6 to 7 months
6.35%
6.85%
Above 7 days to 12 months
6.40%
6.90%
12 months to 24 months
6.80%
7.30%
24 months to 36 months
6.80%
7.30%
36 months to 60 months
6.80%
7.30%
60 to 120 months
6.85%
7.35%
*The above table highlights the interest rates* for varying tenures for FDs less than Rs.2 crore:
*The SBI FD rates given here are valid as of 5 March 2019. The rates can change at the discretion of the bank.
State Bank of India(SBI) is one of the oldest banks of the country.The Bank offers a variety of investment products. Fixed Deposits (FDs) or Term Deposits are one of the key products for rewarding interest rates and high returns.
FD rates in SBI
The interest rates applicable on short-term SBI Fixed Deposits with tenures starting from 7 days and up to less than 1-year ranges from 5.75% p.a. to 6.40% p.a.
The rate of interest associated with medium-term SBI Fixed Deposits, i.e. tenures ranging from 1 year to 5 years, stands at 6.80% p.a.
The FD rates applicable on long-term SBI Fixed Deposits, i.e. maturities ranging from 5 years to 10 years stands at 6.85% p.a.
The FD interest rate associated with SBI Fixed Deposits for senior citizens ranges from 6.25% p.a. to 7.35% p.a. depending on the tenure. At present, SBI offers senior citizens 0.50% higher interest rate than others.
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.
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.
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SBI fixed deposit rates revised as the bank slashes lending rate
State Bank of India (SBI) recently slashed its MCLR (Marginal Cost-based Lending Rate) by 5 basis points on all loans. As per the bank’s website, the lender also revised its interest rates of fixed deposits (FDs). The revised rates are applicable from 9 May 2019.
With the cut in lending rates, the overnight MCLR now stands at 8.10% compared to the earlier 8.15%. This is one of the most competitive rates allowed by any lender in the market.
Similarly, the revision in FD rates have brought interest rates on 1-year to 2-year FDs to 7% from 6.8%. As per reports, interest rate on term deposits with 2- to 3-year tenure has been slashed by 5ps. Term deposits with 3- to 5-year tenure have witnessed a reduction of 10 bps on its rates. Similarly, interest rate of deposits ranging from 5 years to 10 years have been reduced by 15 bps.
However, rates of short-term deposits that have a tenure of less than or up to one year haven’t undergone any change in the rates, as per the bank’s website.
13 May 2019
SBI to Link Savings Account, Short-Term Deposits to RBI’s Repo Rate
India’s largest lending bank, the State Bank of India (SBI) is all set to move to a new interest rate plan for large savings account deposits, with balance over Rs.1 lakh and short-term loans from 1 May 2019. The announcements about the change to the new interest plan was made by the bank in March 2019. Under this new rule, the bank will link its interest rate on savings account with an existing balance of more than Rs.1 lakh to the Reserve Bank of India’s (RBIs) repo rate. This new rule will be applicable to short-term loans such as overdrafts and cash credit facility. With this change, the interest rate applicable on large SBI savings account deposits as well as interest rate on short-term loans will be automatically revised if the RBI changes its repo rate – the lending rate at which the apex bank extends loans to banks. SBI is the first bank in India to introduce the external benchmark rate to the fixed rates. The bank will move away from the current practice of fixing interest rates based on the MCLR (Marginal Cost of Fund Base Lending Rate). For those savings account deposits with a balance of less than Rs.1 lakh, the bank continues to levy 3.50% interest as per the existing fixed rates under RBI norms and will change only when the bank decides to revise them.
6 May 2019
SBI, India Post offer attractive interest rates on its time deposits
The country’s largest lender i.e., State Bank of India and financial institutions such as India Post offer attractive interest rates when it comes to fixed deposits. While SBI offers a maturity period that range from seven days to 10 years, India Post offer four maturity periods of 1-year, 2-years, 3-years and 4-years.
The interest rate offered by SBI for the term deposits range from 5.75% to 6.85% p.a. for general public while senior citizens are paid an interest in the range of 6.25% to 7.35% p.a. The interest rates offered by India Post on it small savings schemes is the range of 7% to 7.80% p.a.
It needs to be mentioned here that other small savings schemes such as Public Provident Fund (PPF), Kisan Vikas Patra, Senior Citizen Savings Scheme, and Recurring deposit accounts are also provided by India Post.
2 May 2019
SBI offers fixed deposit scheme in gold
State Bank of India, the country’s largest lender is offering its customers a fixed deposit scheme in gold called Revamped Gold Deposit Scheme (R-GDS). The scheme will provide customers the opportunity to deposit their gold and earn interest on it. In order to avail the scheme, customers need to make a minimum deposit of 30 grams of gold. Gold can be deposited in the form of raw gold by individuals, Hindu Undivided Family (HUFs), proprietorship and partnership firms, companies, and mutual funds that are registered under SEBI.
The bank is offering three types of deposits under R-GDS. They are – short term bank deposit (STBD), medium term government deposit (MTGD), and long term government deposit (LTGD). The interest rates offered under STGD are 0.50% per annum for 1 year, 0.55% per annum for 2 years, and 0.60% per annum for 3 years. For MTGD and LTGD, the interest rate offered is 2.25% and2.50% respectively.
It needs to be mentioned here that premature payment is allowed after a lock-in period of 1 year for STGD, 3 years for MTGD and 5 years for LTGD under the scheme.
23 April 2019
SBI’s Tax Savings Fixed Deposit Account comes with a variety of facilities
State Bank of India (SBI), the country’s largest lender offers its customers a number of schemes under its personal banking portfolio. One such scheme offered by the lender is SBI Tax Savings Scheme, 2006. It is a kind of fixed deposit or term deposit whose benefit can be availed in the capacity of a resident Indian as an individual or karta of the Hindu Undivided Family.
In order to avail the scheme, you need to possess a Permanent Account Number (PAN) issued by the Income Tax department. As per the bank’s portal, the maximum deposit should not exceed Rs.1, 50,000 in a year while the minimum deposit under the scheme should be Rs.1, 000.
The minimum tenure of the scheme is five years, which can go up to a maximum of 10 years while the interest rates offered on the scheme are similar to that of term deposits. Under the scheme, the lender offers customers the nomination facility along with tax benefits of up to Rs.1.5 lakh under Section 80C of Income Tax Act.
It needs to be mentioned here that the bank does not offer the facility of premature withdrawal or using the term deposit account to secure a loan.
5 April 2019
SBI Offers Its Customers The Option Of Opening a MODS Account
The country’s largest lender namely State Bank of India (SBI) is offering its customers the option of opening a multi-option deposit scheme (MODS) account. The scheme offered by the bank under its personal banking portfolio is a type of fixed deposit or term deposit scheme. However, a MODS account is unlike normal term deposits and allows an individual to withdraw in multiples of Rs.1, 000.
In order to open a MODs account, you must have a minimum fixed deposit of Rs.10, 000. In case of deposits more than Rs.10, 000, the amount should be in multiples of Rs.1, 000. The minimum tenure is one year with the maximum being 5 years. SBI is offering the same interest rates on a MODS account as a fixed deposit account. The bank is also offering customers the facility of premature withdrawals along with nomination and loan facilities.
3 April 2019
Key Features Of SBI Gold Deposit Scheme (R-GDS)
Revamped Gold Deposit (R-GDS) in an investment scheme offered by State Bank of India (SBI). It requires an investor to deposit their idle gold holdings to earn an interest income. The features of the scheme are similar to SBI Fixed Deposit scheme. You must deposit a minimum investment of 30 grams of gold.
The SBI R-GDS comes in three variants based on the tenure range. The maturity range for SBI Short Term Bank Deposit (STBD) is 1 year to 3 years. The period of deposit for Medium Term Government Deposit (MTGD) is within the range of 5 years to 7 years. The SBI Long Term Government Deposit (LTGD) scheme has a tenure range between 12 years and 15 years. The interest rates for STDB, MTGD and LTGD schemes are is 0.50-0.60% p.a., 2.25% p.a. and 2.50% p.a. respectively.
You can either earn the interest as simple interest on a yearly basis. If you choose to receive cumulative interest, the interest is compounded annually. A penalty is imposed on premature withdrawals fir STDBs, MTGDs and LTGD. The Gold Depositor Certificate will be issued by the Nodal Branch.
19 March 2019
Premature withdrawal for FDs of SBI and HDFC
Fixed Deposits (FDs) are one of the most popular modes of investment within the Indian market. It is relatively safe because of its aversion to market variations. An investor can either choose to receive the associated interest income at periodic intervals or get the total interest at the end of the maturity period. Term Deposits or FDs either come with an option of premature withdrawal or a lock-in period. Premature liquidation of an FD is usually coupled with a penalty.
Popular banks such as the State Bank of India (SBI) or HDFC offer FDs with the facility of premature withdrawal. For deposits up to Rs.5 lakh, SBI charges a penalty of 0.50%. Meanwhile, deposits within Rs.5 lakh and Rs.1 crore come with a penalty of 1%. In case an investor withdraws funds within 7 days of opening the FD account, they will not receive an interest income. HDFC charges a penalty of 1% for premature liquidation of an FD. In case of a withdrawal within 7 days and 14 days, the depositor would not receive any interest.
18 September 2018
Hike in FD rates by SBI
One of the most popular banks of the country, State Bank of India (SBI), has declared an increase in their rates for fixed deposits (FD). This announcement came in two days prior to the bi-monthly monetary policy review by the Reserve Bank of India. The rates will come into effect from 30 July. The interest rates for FD schemes of certain tenures below 1 crore will experience a hike by 5 to 10 basis points (bps).
FDs maturing within 1-2 years will see an increase in interest rates to 6.7% p.a., and the ones with tenures between 2-3 years will experience a hike to 6.75% from 6.65% p.a. The rates for FDs with 3-5 years tenure will be increased from 6.70% to 6.80% p.a., while the ones with a tenure between 5-10 years will have a 10 bps hike to 6.85%. This hike reflect the possible trend of increased interest rates in the market.
1 August 2018
Hike in FD rates by SBI
One of the most popular banks of the country, State Bank of India (SBI), has declared an increase in their rates for fixed deposits (FD). This announcement came in two days prior to the bi-monthly monetary policy review by the Reserve Bank of India. The rates will come into effect from 30 July. The interest rates for FD schemes of certain tenures below 1 crore will experience a hike by 5 to 10 basis points (bps).
FDs maturing within 1-2 years will see an increase in interest rates to 6.7% p.a., and the ones with tenures between 2-3 years will experience a hike to 6.75% from 6.65% p.a. The rates for FDs with 3-5 years tenure will be increased from 6.70% to 6.80% p.a., while the ones with a tenure between 5-10 years will have a 10 bps hike to 6.85%. This hike reflect the possible trend of increased interest rates in the market.
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.
I am having fixed deposit with State Bank Of India ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well. I am satisfied with the overall service.
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4
RAM BHAJAN ROY
, faridabad
Reviewed on Apr 30, 2019
SBI gives only 6.7% of interest for the fixed deposit, there is some charges applicable for the per matured liquidity amount. They take 1% from the paid amount, its not flexible as HDFC. The customer dealing is also average to resolve the queries.
My fixed deposit is with State Bank of India. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
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3
ANANTH NAGARAJ NEERAGUNDA
, bangalore
Reviewed on Apr 29, 2019
For SBI fixed deposit there is no locking period, as per the customer convenience they can chose 7 day to 10 years of term. There is pre matured charges they take it from the invest amount . SBI is trusted and reputed and upto Rs.10,000 deposit there is no tax deduction.
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5
RAVINDRANATH AKURATHI
, visakhapatnam
Reviewed on Apr 24, 2019
Two months before I deposited my money nearly 1,50,000 in SBI . I am really happy with their customer service and response . But the interest rate is around 6.85 % which is lesser comparing to other bank . Since It is Government bank, I need not to worry in future if anything uncertain happens .
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3
ALBERT HARISAN WILLIAM
, chennai
Reviewed on Apr 15, 2019
I also have a fixed deposit account with State Bank of India. The customer services are good. The process can be done online. The lock in period depends on the choice of the customer. The minimum tenure is six months. The interest rate provided is also equally good.
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8
MOHD ANISHAHMED KHAN
, new delhi
Reviewed on Apr 13, 2019
Five years before , I opened a Fixed deposit in SBI , It automatically renewed on every year. I just monitors in online . I am looking for more investment in the future. At one stage I open this fixed deposit for my children's education or marriage .
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4
KIRAN VEDANTAM PHANI
, secunderabad
Reviewed on Apr 10, 2019
All we know, SBI is a government bank, that is the reason I have availed fixed deposit from them. As per the current financial year they are providing the interest around 6%, I opened the account through online, but for the closure I think I need to visit the bank.
I have taken my fixed deposit with STATE BANK OF INDIA, their service is good they provide me good interest rate,my deposit is good in growth, and I am making payment through on line like it get auto debited, and till now experience with this bank was good.
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14
SATHEESH KUTTIYIL SREEDHARAN
, hyderabad
Reviewed on Feb 20, 2019
I have fixed deposit with SBI,As per the bank norms rate of interest is up to 6.88%. I opened the account through bank, There is no maturity period, like it is no fixed period, i can keep on deposit whenever i want and i take whenever i need it is unlimited, Their service is good.
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10
RAMANNA GANGAMMA
, bangalore
Reviewed on Feb 14, 2019
SBI FD account is good, 2 months back I opened this account through offline, I have invested some amount its good, the interest rate is around 8% per annum. The customer support is very good . I can access account through online banking its fine.
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6
MANJEET KUMAR SAHU
, bangalore
Reviewed on Feb 09, 2019
Currently FD interest rate is around 6.5% for per annum. I deposited one time amount of Rs. 2 lakhs for one year, I have activated the service through online, I have netbanking option to track the details, before expiry if we withdraw the amount but there will be interest various applicable.
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7
KASHI VENKATESH PAVAN
, bangalore
Reviewed on Feb 07, 2019
I have fixed deposit with SBI, I deposited one time amount of Rs. 2 lakhs. As per the bank norms rate of interest is 11.50%, I opened the account through bank, on time they activated the fixed deposit. There is no proper coordination with the staff end.
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16
NAZEERUDDIN MOHD
, hyderabad
Reviewed on Feb 01, 2019
I have invested Rs. 2 lakhs in SBI fixed deposit, the interest will be calculated 7.5% for per year. They don't have any fee for account maintenance. I went to the branch to open fixed deposit but they taken 2 days of time to activate because they collected lots of documents for FD account opening.
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14
BOYAPATI ANIL KUMAR
, hyderabad
Reviewed on Jan 21, 2019
I have invested the fixed deposit with State bank of India.the services which they had provided so far has been average.The interest rate with them has been good and the growth with the investment has also been good.maturity period going to get renewal.one it will get mature will do renew of that deposit,there overall service is quite average.
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7
SUYAS SRIVASTAVA
, bhubaneshwar
Reviewed on Jan 21, 2019
I have invested the fixed deposit with State bank of India. Since the branch is nearest by my home and they have given me a locker facility hence i have chosen the fixed deposit with SBI. Overall, I'm very much satisfied with the services with SBI.
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8
SREENIVASARAO VUTHARKAR
, hyderabad
Reviewed on Jan 18, 2019
I have taken fixed deposit account in State Bank Of India . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
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11
SEEMABEN BHAVINKUMAR PATEL
, ahmedabad
Reviewed on Dec 29, 2018
I had made this investment pretty long time back and the services which they had provided so far has been good. The interest rate with them has been good and the growth with the investment has also been good. Their customer support has been helpful in guiding with everything.
I have taken fixed deposit account in STATE BANK OF INDIA . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
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10
JAYESHBHAI ABEALEBHAI SHIYAL
, mumbai
Reviewed on Dec 12, 2018
I had a Fixed Deposit account with SBI and my experience was average, an amount of Rs 20000 is paid as a fixed amount. Customer service was not up to the mark with SBI. I am not aware of the returns in this Fixed deposit account.
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