5.50% - 6.50%
Interest rates
3 Months - 10 Years
Time Period
1000 - No Limit
Min. - Max amount
QUARTERLY
Compounding
About SBI Bank
SBI, short for State Bank of India, is the largest Indian bank with a customer base of about 42 crores. SBI offers an FD rates of around 3.00% to 6.50% to general citizens and 4.00% to 7.50% for senior citizens. It is headquartered in Mumbai and offers its customers a variety of products and services including savings accounts, fixed deposits, loans, and credit cards. Customers can park their surplus savings in multiple fixed deposit account options and enjoy attractive interest on them over a certain period. The depositor just needs to deposit the amount at the time of opening the account and choose a tenure that seems feasible to them. During the ongoing tenure, customers are not allowed to deposit any more money or withdraw either.
The FDs provided by SBI have been rated as FAAA/Stable by CRISIL. This implies that the FD offered by SBI is stable, and generates guaranteed and timely returns.
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| Started On | 1952 |
| Head Quarters | Mumbai |
| CRISIL Rating | FAAA |
| CEO | Dinesh Kumar khara |
| Listed on exchange as | State Bank of India |
| ICRA Rating | MAAA |
SBI Bank FD Rates 2024 (Below 3 Crores)
| Tenure | Regular customers | Senior citizens |
|---|
SBI Term Deposit Rates 2024 (Above 3 Crores)
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of SBI Fixed Deposit
- The SBI FD tenures range from 7 days to 10 years
- The minimum deposit amount needed to open an FD in SBI is Rs. 1000, however, there is no limit on the maximum deposit
- Senior citizens can avail of a 0.50% extra SBI FD interest rates for an amount exceeding Rs. 10,000
- SBI provides a nomination facility so that the depositor can nominate his/her family members or spouse to collect the maturity amount.
- Auto-renewal facility is available on the deposit
- Loan against FD facility is also available
- TDS is deducted at the prevalent rate at source if Form 15G/15H is not submitted.
- Latest Update:State Bank of India has introduced a new deposit scheme, i.e., 444-day deposit scheme with 7.25% interest rate.
Types of SBI Bank FD Schemes
SBI Tax Saving Scheme
- As the name suggests, this scheme is specially designed for resident individuals and HUFs to save on the tax and can make substantial returns on their fixed deposit.
- The depositor can enjoy tax benefits on their deposit under Section 80C of the Income Tax Act, 1961
- Nomination facility is available
- Loans up to 90% can be taken against the FD
- Senior citizens can avail of 0.50% extra interest over regular rates
- Resident Indians and Karta for a HUF can open this account if they have a valid PAN number
Reinvestment Plan
- Under this scheme, the SBI FD interest is paid only upon maturity
- Nomination and loan facility is available
- Auto-renewal facility is available on the deposit
- Senior Citizens get 0.50% extra rates over regular rates
- Resident Indians aged 18 years and above are allowed
SBI Multi Option Deposit Scheme
- This account is linked to the savings or current account from which one can withdraw multiples of Rs. 1000 account
- Interest is paid only upon maturity
- Nomination and loan facility of up to 90% on the deposit is available
- You can withdraw funds from this account as per your need
- The withdrawals should be in multiples of Rs. 1000
- Resident and Non-Resident Indians, HUFs and organizations are eligible
Money Multiplier Plan
- This plan enables the depositor to link a fixed deposit account to their savings account, hence giving a higher rate of interest.
- Loan and nomination facility available
- Interest is paid only at the time of maturity
- Senior citizens can avail of 0.50% extra interest rates over regular rates
- Resident Indians, organizations, HUFS, trust and partnership firms are eligible
Regular Fixed Deposit
- Under this scheme, the depositor can make an investment into the deposit to earn higher returns
- Interest is paid only upon maturity
- Nomination facility is available
- The extra interest of 0.50% is available for senior citizens
- Auto-renewal facility is available
Flexi Deposit Scheme
- This scheme is more like recurring deposits in which the depositor can make deposits anytime during a month instead of a single fixed deposit
- One can make deposits anytime during a month and multiple deposits facilities also available
- Loan and nomination facility available
- Extra 0.50% interest rate available to senior citizens
Amrit Kalash FD scheme
- The SBI Amrit Kalash FD Scheme is a specially-designed fixed deposit scheme with a tenor of 400 days.The Scheme will be valid till 30-Sept-2024
- The State Bank of India has now extended the validity of the scheme. Going forward,an individual can book term deposits offering more than a 7% rate of interest.
- Note the rate of interest for this term deposit is 7.1% for regular customers and 7.6% for elderly individuals.
- Additionally, it is significant to note that the payment of interest for Term Deposits will be at monthly/quarterly/half-yearly intervals.
- For Special Term Deposits, it will be on maturity.Note, the interest, net of TDS, shall be credited to the account of the customer.
Term wise SBI Fixed Deposit Rates
Short-term Deposits
For an SBI FD with tenure ranging from 7 days to 365 days, the interest rate offered is from 3.00% p.a. to 5.50% p.a. These deposits are known as short-term deposits as they have a tenure of less than 1 year. For senior citizens, short-term SBI FD rates range from 3.50% p.a. to 6% p.a.
Medium-term Deposits
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 6.10% p.a.
Long-term Deposits
These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 6.10%. Senior citizens can avail of 6.90% p.a. for such FDs.
SBI vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in SBI FD?
You can now invest in State Bank of India FD through both online methods such as internet banking and mobile app and offline route as well. Let's first check how to open an FD in SBI online:
1. Internet Banking
An SBI Bank FD account can be easily opened with internet banking by following these steps:
1. If you are an SBI Bank customer, just log in to your SBI NetBanking account
2. Click on the ‘Term Deposits’ option which is under the ‘Deposit Scheme’ tab,
3. Select the type of FD and click on the ‘Proceed’ button to continue
4. Provide all the necessary details of the deposit such as nominee information and instructions for maturity.
5. Read the ‘Terms and Conditions' and accept them
6. Finally, you can click on the ‘Submit’ option to complete the SBI fixed deposit opening process
2. Mobile Application
An SBI Bank Fixed deposit account can be opened through the SBI Mobile app as well:
1. Download the SBI Yono app and log in.
2. Select your desired Fixed Deposits or Term Deposits option to proceed
3. Provide all the required details such as nominee information and maturity instructions
4. Check the ‘Terms and Conditions' and accept them
5. Click ‘Submit’ to complete the SBI fixed deposit opening process
3. How to Open FD in SBI Offline
To open an SBI Bank fixed Deposit account through the offline method, one needs to visit their nearest SBI Bank branch, get the SBI Bank FD application form and submit the duly filled form with the deposit amount. Once it's successfully processed, SBI bank provides an FD receipt.
Eligibility to Open an SBI FD Account
Investors should first check their eligibility to invest in SBI Bank FD. The eligibility criteria to invest in SBI Bank Fixed Deposit is:
- Indian Resident Individuals
- Partnership Firms
- Public and Private Limited companies
- Societies
- Trusts
- HUFs
- Non-Resident Indians (NRIs) and PIOs (Persons of Indian Origin)
Documents Required to Open State Bank of India FD
The list of documents required to open an FD in the State Bank of India is:
1. Duly filled SBI FD account opening form
2. Four passport size photographs
3. Identity Proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Driving License or Passport)
4. Address proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Passport or Driving License)
5. Proof of Age (Birth Certificate or Graduation/school passing Certificate)
6. Pan Card or Form No. 60 or 61 of the Income Tax Act (for declaration)
7. Details of your bank account like account number, IFSC code and branch
Tax on SBI Fixed Deposit
SBI offers ‘SBI Tax Savings Scheme, 2006’ in which the minimum deposit amount is Rs.1,000 and in multiples of Rs.100 thereafter. The maximum deposit amount limit is Rs.1.5 lakh. The lock-in period for this type of account is 5 years, but the account can have a tenure of up to 10 years. This account will provide income tax benefits under Section 80C of the Income Tax Act, 1961.
Senior citizens can avail of an additional interest rate of 0.5% on the applicable rate. Also, SBI staff and pensioners have the privilege of a 1% additional interest rate on the applicable rate.
Also, the tax will be deducted at the source by the bank based on the interest you earn on the FD accounts across the bank branches. TDS charged is 10%. It has now reduced to 7.5%.
Loan Against SBI FD
SBI FD provides the facility of claiming a loan against the FD account. Users can vail loan up to 95% of the value of their deposit.
Premature Closure of SBI Fixed Deposit
SBI Fixed Deposit Account holders will be charged a nominal fee upon premature withdrawal.The penalty for long term deposits less than Rs. 5 lakh, the premature withdrawal penalty before maturity is 0.50% while for fixed deposits above Rs. 5 lakh, the premature withdrawal penalty is 1%.
FAQs
What is the Tenure Range for SBI FD Account?
The tenure for SBI FD ranges from 7 days to 10 years.
Who is eligible to invest in SBI Fixed Deposits?
Individuals and groups that are eligible to invest in SBI FDs:
- Resident citizens
- NRIs with NRE or NRO account
- NRIs with NRE or NRO account
- Partnership firms
- Hindu undivided family (HUF) members
- Societies, agencies, and clubs
What is the criteria and penalty for premature withdrawals?
You can withdraw the FD amount before maturity. The premature withdrawal penalty depends on the invested amount you have invested. For deposits, less than Rs. 5 lakh, the penalty is a 0.50% deduction on the interest rate.
In case the deposit is greater than Rs. 5 lakh, the deduction will be charged at 1%. This is applicable for deposits of all tenures.
Can I close an SBI FD account online?
You can close an FD account online only if it is an E-term deposit or special term deposit.
What are some of the highest SBI FD interest rates in 2024?
The highest interest rate offered by SBI on FD is 7.00%. Senior citizens, on the other hand, can get an interest between 4.00% and 7.50%.
Can an extra amount be deposited into my FD account?
No, you cannot deposit more than the preset amount into your FD account.
Calculate
SBI Bank
FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
SBI Bank
₹
@6.8% p.a
