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    Overview of SBI Fixed Deposit

    State Bank of India (SBI) offers a variety of investment products. Fixed Deposits (FDs) or Term Deposits are one of the key products.

    Types of SBI Fixed Deposits

  • SBI Term Deposit
  • SBI Tax Saving Scheme, 2006
  • SBI Multi Option Deposit Scheme
  • Reinvestment Plan

    • Features of SBI Term Deposit scheme

  • Range of SBI FD rates: 5.75% p.a. to 6.85% p.a.
  • Highest Term Deposit rate: 6.85% p.a.
  • Range of maturities: 7 days to 10 years
  • Minimum deposit amount: Rs.1,000
  • No limit on the maximum deposit amount.
  • Senior citizens get an additional interest rate of 0.25% for deposits above Rs.10,000.
  • Interest payment options: Monthly, quarterly or yearly basis
  • Premature withdrawals allowed
  • An account holder can avail loans and overdraft for up to 90% of the deposit value.
  • Overdraft limit: Rs.25,000 to Rs.5 crore.
  • Interest rate for the loan would be 1% more than the FD rate.
  • Tax Deducted at Source (TDS) is applicable to the interest income as per the Income Tax Act, 1961.
  • Nomination facility can be availed.
  • The option for automatic renewal FD is available.
  • You can convert their interest payout frequency to cumulative payout at any point.

    • Features of SBI Tax Savings Scheme, 2006

  • Deposit range: Rs.1,000 to Rs.1.50 lakh.
  • Maturity period: 5 years and 10 years
  • The interest rate for SBI Tax Savings Scheme, 2006, is 6.85% p.a.
  • The account holder is entitled to tax benefits as listed under Section 80C of the Income Tax Act, 1961.
  • The FD account comes in two variants:
  • Term Deposit (TD)
  • Special Term Deposit (STD)
  • You cannot make premature withdrawals before completing 5 years of tenure.
  • You cannot apply for loans or overdraft facility against the deposit.

    • Features of SBI Multi Option Deposit Scheme (MODS)

  • Range of tenure: 1 year to 5 years
  • Minimum amount of investment: Rs.10,000
  • No upper limit on deposit amount
  • You can link your FD account to your Savings/Current account.
  • You can easily liquify your FD funds and transfer it to the linked account.
  • You will continue to earn interest on the remaining funds in the FD account.
  • The interest will be taxed under Tax Deducted at Source (TDS).
  • One can make withdrawals in multiples of Rs.1,000 only.
  • SBI MODS can be prematurely withdrawn.

    • Features of Reinvestment Plan

  • The interest income is only credited to your account on the date of maturity.
  • The interest income is consistently added to the principal amount.
  • The minimum amount of deposit is Rs.1,000.
  • There is no upper limit on the deposit amount
  • One can choose a maturity period from 6 months to 10 years.
  • Reinvestment Plan comes with facilities like:
  • Nomination facility
  • Loan against the deposit
  • Overdraft facility up to 90% of the deposit amount
  • Auto renewal of the deposit (if no instructions are given)

    • Penalty for Premature Closure for SBI Fixed Deposits

    In case of foreclosure of the FD before maturity date, a penalty will be imposed as thus:

  • The penalty for deposits up to Rs.5 lakh is 0.50%.
  • For deposits which are more than Rs.5 lakh but less than Rs.1 crore, the penalty rate is 1%.
  • Premature withdrawal from bulk deposits will be penalized with a rate of 1%.

    • SBI Term Deposit interest rates: Under Rs.1 crore

    Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)

    7 days to 46 days

    5.75%

    6.25%

    46 days to 6 months

    6.25%

    6.75%

    6 months to 7 months

    6.35%

    6.85%

    Above 7 months 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 months to 120 months

    6.85%

    7.35%

    *The SBI FD rates are subject to change as per the discretion of the bank. The rates given in this table are valid as of 5 December 2018.

    Who is eligible to apply for SBI FD account (individuals)?

  • Citizens of India
  • Members of the Hindu Undivided Family

    • What are the documents needed for individuals to apply for SBI FD?

  • Valid identity proof and address proof such as:
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter’s ID card
  • Permanent Account Number (PAN) Card
  • NREGA Card

    • FAQs on SBI Fixed Deposit scheme

    1. What is the minimum tenure for SBI Fixed Deposit scheme?

      2. The minimum tenure for an SBI FD scheme is 7 days.

    2. How to get tax exemption from TDS?

      3. If your net income does not fall under taxable limit, you can request a tax exemption by submitting Form 15G/15F to the bank.

    3. What is the minimum amount of deposit needed to open an FD account?

      4. One needs to deposit a minimum of Rs.1,000 to maintain an SBI FD account.

    4. What is the highest SBI Fixed Deposit rate?

      5. The highest SBI FD rate is 6.85% p.a. for a tenure ranging from 5 years and 10 years.

    5. Do senior citizens get a different FD rate?

      6. Yes, senior citizens are eligible to get an interest rate which is 0.50% higher than the regular rate.

    Useful Links

  • View State Bank of India Fixed Deposit rates for various periods »
  • Compare State Bank of India Fixed Deposit rates with those of other institutions »
  • Check for State Bank of India Fixed Deposit »

    • 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.

    News About State Bank of India Fixed Deposit

    • SBI on Repo Rates Reduction - Shift in Deposits a Roadblock

      Ever since September last year, the State Bank of India has been lowering its lending rates in accordance with the cut in the repo rates by the Reserve Bank of India. SBI has always been among the first few of the banks which pass on the benefits of reduced rates to their borrowers. Currently, the base rate of SBI stands at 9.7%, one of the least in the banking sector.

      While some banks have reported that more cuts in their rates could be expected before the policy review this September, SBI has mentioned that all rates from January have been already transmitted and if the cost of deposits fall, the bank will reconsider its rates.

      There has always been a lag for the rate cuts imposed by RBI to show up in the rates of banks. It stands to reason that banks also have to look at how beneficial their deposits actually are, in order to decide how smoothly the rate cuts can be passed on. Since only fresh deposits get the reduced rates, the existing deposits could take two quarters to actually benefit the bank.

      With the borrowers shifting their funds increasingly from CASA to Fixed Deposits, SBI’s benefits have been thin from the deposit sectors.

      6 August, 2015

    • SBI Provides Online Loan Facility against FD

      In a bid to enhance its digital offerings, SBI now provides overdraft against fixed deposits to its online segment customers. The quantum of loan allowable will be up to 90% of the funds held in the customer’s FD account.

      This facility is currently available to customers through SBI’s branches. However, customers can now access it instantly, online as well thereby eliminating the need to be present at a branch. This facility is available to customers via Internet Banking on SBI’s web portal.

      SBI is soon to also launch this service on its mobile app State Bank Anywhere.

      20 May 2015

    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.

    SBI Fixed Deposit Reviews

    Write a Review
    • SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 6
      , faridabad
      Reviewed on Apr 30, 2019
    • SBI Fixed Deposit
      "Can do better"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 3
      , delhi
      Reviewed on Apr 29, 2019
    • SBI Fixed Deposit
      "Good in services"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 4
      , bangalore
      Reviewed on Apr 29, 2019
    • SBI Fixed Deposit
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 7
      , visakhapatnam
      Reviewed on Apr 24, 2019
    • SBI Fixed Deposit
      "Less interest rate"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 3
      , chennai
      Reviewed on Apr 15, 2019
    • SBI Fixed Deposit
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , new delhi
      Reviewed on Apr 13, 2019
    • SBI Fixed Deposit
      "Looking for More Investment"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 4
      , secunderabad
      Reviewed on Apr 10, 2019
    • SBI Fixed Deposit
      "Trusted Saving with SBI"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 13
      , pune
      Reviewed on Feb 25, 2019
    • SBI Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Feb 20, 2019
    • SBI Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 10
      , bangalore
      Reviewed on Feb 14, 2019
    • SBI Fixed Deposit
      "Good saving for future"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 09, 2019
    • SBI Fixed Deposit
      "Safe and secured investment"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 7
      , bangalore
      Reviewed on Feb 07, 2019
    • SBI Fixed Deposit
      "Good for savings"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 16
      , hyderabad
      Reviewed on Feb 01, 2019
    • SBI Fixed Deposit
      "Need quick service"
      0.5 2.0/5 "Expected more"
      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.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 7
      , bhubaneshwar
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Good FD account"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Fixed Deposit
      "Best Investment plan"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 11
      , ahmedabad
      Reviewed on Dec 29, 2018
    • SBI Fixed Deposit
      "Very Good Service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 12
      , bangalore
      Reviewed on Dec 14, 2018
    • SBI Fixed Deposit
      "Good Investment Plan"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 10
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 12
      , kolkata
      Reviewed on Nov 20, 2018
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