State Bank of India (SBI) is a public sector bank in India that has branches across the world. It is the largest bank in the country, offering multiple retail banking products. One such retail banking product is Fixed Deposit (FD) accounts.
FDs are by far the most trusted mode for savings across customers of all age groups due to their guaranteed returns feature. The bank provides attractive interest rates on customers’ deposits over the tenure chosen by the customers.
Here is all that you need to know about FD schemes, interest rates, eligibility criteria, and more.
SBI Fixed Deposit Rates Highlights 2024
SBI FD Period | Interest Rates |
|---|---|
Highest FD rate (400 Days - Amrit Kalash) | 7.10% p.a. |
1 year | 6.80% p.a. |
2 years | 7.00% p.a. |
3 years | 6.75% p.a. |
4 years | 6.75% p.a. |
5 years | 6.50% p.a. |
Tax-Saving FD | 6.50% p.a. |
Note: Interest rates are as of 15/05/2024
SBI Bank FD Rates 2024 (Below 2 Crores)
Below table provides theSBI Bank FD interest rates 2024 for depositsbelow Rs.2 crore:
FD Tenure | Interest Rates (p.a) for General Public |
7 days to 45 days | 3.50% |
46 days to 179 days | 5.50% |
180 days to 210 days | 6.00% |
211 days to less than 1 year | 6.25% |
1 year to less than 2 years | 6.80% |
2 years to less than 3 years | 7.00% |
3 years to less than 5 years | 6.75% |
5 years and up to 10 years | 6.50% |
Note: Interest rates are as of 15/05/2024
SBI Term Deposit Rates 2024 (Above 2 Crores)
Below table provides theSBI Bank FD interest rates 2024 for depositsabove Rs.2 crore:
FD Tenure | Interest Rates (p.a) for General Public |
7 days to 45 days | 5.25% |
46 days to 179 days | 6.25% |
180 days to 210 days | 6.60% |
211 days to less than 1 year | 6.75% |
1 year to less than 2 years | 7.00% |
2 years to less than 3 years | 7.00% |
3 years to less than 5 years | 6.25% |
5 years and up to 10 years | 6.00% |
Note: Interest rates are as of 15/05/2024
SBI Fixed Deposit Rates for Senior Citizens
FD Tenure | Interest Rates (p.a) for deposits below Rs.2 crore | Interest Rates (p.a) for deposits above Rs.2 crore |
7 days to 45 days | 4.00% | 5.75% |
46 days to 179 days | 6.00% | 6.75% |
180 days to 210 days | 6.50% | 7.10% |
211 days to less than 1 year | 6.75% | 7.25% |
1 year to less than 2 years | 7.30% | 7.50% |
2 years to less than 3 years | 7.50% | 7.50% |
3 years to less than 5 years | 7.25% | 6.75% |
5 years and up to 10 years | 7.50%* | 6.50% |
*This includes the additional 50 bps premium of under the “SBI We-care” deposit scheme.
Note: Interest rates are as of 15/05/2024
Term wise SBI Fixed Deposit Rates
Short-Term SBI Fixed Deposit Rates
For short-term SBI FD, i.e., FDs ranging from 7 days to 1 year, the interest rates vary from 3.50% p.a. to 6.00% p.a. For senior citizens, the FD interest rates range from 4.00% p.a. to 6.50% p.a.
Medium-Term SBI Fixed Deposit Rates
For medium-term SBI FD, i.e., FDs ranging from more than 1 year to less than 5 years, the interest rate varies from 6.80% p.a to 6.75% p.a. For senior citizens, the FD interest rates range from 7.30% p.a. to 7.25% p.a.
Long-Term SBI Fixed Deposit Rates
For long-term SBI FD, i.e., FDs ranging above 5 years, the interest rate is 6.50% p.a. The FD interest rate for senior citizens is 7.50% p.a. under the ‘SBI We-care’ deposit scheme.
SBI vs Other Banks' FD Rates
The below table shows the comparison between SBI bank FD interest rates with the other top banks in India:
Bank | FD Tenure | Interest Rates |
SBI Bank | 7 days - 10 years | 3.50% - 7.00% |
Axis Bank | 7 days - 10 years | 3.00% - 7.20% |
HDFC Bank | 7 days - 10 years | 3.00% - 7.25% |
ICICI Bank | 7 days - 10 years | 3.00% - 7.20% |
IDBI Bank | 7 days - 20 years | 3.00% - 7.00% |
Canara Bank | 7 days - 10 years | 4.00% - 7.25% |
Kotak Mahindra Bank | 7 days - 10 years | 2.75% - 7.25% |
Bank of Baroda | 7 days - 10 years | 4.25% - 7.25% |
Punjab National Bank | 7 days - 10 years | 3.50% - 7.25% |
Indian Bank | 7 days - Above 5 years | 2.80% - 7.25% |
UCO Bank | 7 days - Above 5 years | 2.90% - 6.75% |
Yes Bank | 7 days - 10 years | 3.25% - 7.75% |
RBL Bank | 7 days - 10 years | 3.50% - 7.80% |
Induslnd Bank | 7 days - Above 5 years | 3.50% - 7.75% |
Features and Benefits of SBI Fixed Deposit
- The minimum deposit tenure to open an FD account is 7 days.
- The maximum deposit tenure for an FD account is 10 years.
- The minimum deposit amount is Rs.1,000.
- You can open an FD account online or by visiting the nearest branch of SBI.
- Get attractive interest rates on all tenures and schemes.
- Senior citizens above the age of 60 years, SBI staff, and SBI pensioners are bound to receive additional interest rates.
- A nomination facility is available.
- Transfer the account across branches of SBI.
- Interest payout can be done monthly, half-yearly, yearly, or on maturity based on the scheme chosen.
- A loan facility against FD is available.
Types of SBI Bank FD Schemes
1. Fixed Deposit
Deposit a lump sum in this account and get access to features such as flexible interest payout options, guaranteed returns, liquidity, and premature withdrawal. The features of an SBI fixed deposit account are as follows:
- Minimum deposit tenure is 7 days
- Maximum deposit tenure is 10 years
- Minimum sum for the deposit is Rs.1,000
- No limit on the maximum sum for deposit
- Available at all SBI branches
- Senior citizens can get 0.25% extra interest rate for the deposit amount
2. Annuity Deposit Scheme
This account allows you to deposit a lump sum in one go and receive the same in Equated Monthly Installments (EMIs), where a part of the principal is paid back along with the interest on the reduced principal amount. The interest is compounded in quarterly intervals and discounted to the monthly value. The features of the SBI annuity deposit scheme are as follows:
- Deposit period can be 36, 60, 84, and 120 months
- Deposit must be made such that the minimum monthly annuity is Rs.1,000 for the chosen tenure
- No limit on the maximum sum for deposit
- Premature payment is allowed for deposits up to Rs.15,00,000
- Available at all SBI branches
- In special cases, overdraft/loan facility is available up to 75% of the annuity balance amount
- Nomination is available only in favour of individuals
3. Multi Option Deposit (MOD)
MOD is a term deposit linked to your savings/current account. You can withdraw from this account in the units of Rs.1,000 as per your needs. The balance in the account will continue to earn interest as per the initial rate. The minimum sum to deposit is Rs.10,000. The features of the SBI annuity deposit scheme are as follows:
- Tenure of deposits can be 1 year to 5 years
- Nomination facility is available
- Provision of MODs are available through the auto-sweep facility in Savings Plus accounts
- AMB (Average Monthly Balance) must be maintained in the linked savings/current account
4. Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
The account is dedicated to credit the compensation awarded by the court/tribunal to victims/claimants of motor accidents. The credited amount will be paid to the victims/claimants in monthly annuity instalments comprising a part of the principal amount with interest. The features of SBI MACAD are as follows:
- Minimum monthly annuity is Rs.1,000 for the specified tenure
- Tenure ranges from 36 months to 216 months, as stated by the court/tribunal
- No limit on the maximum deposit amount
- Nomination facility is available
- Passbook will be issued to account holders
- Annuity payment, premature closure payment or part lump sum payment will be made only through the linked MACT claims in a savings bank account
5. SBI ‘Sarvottam’ (Non-Callable) Term Deposit
This term deposit offers a higher interest rate without a pre-mature withdrawal facility. Only resident individual and non-individual customers can open this term deposit account. NRI’s cannot open this account. The features of the SBI ‘Sarvottam’ term deposit scheme are as follows:
- Minimum deposit amount is Rs.1 crore for retail and Rs.2 crore for bulk
- Maximum deposit amount is less than Rs.2 crore for retail and there is no maximum limit for bulk
- Tenure ranges from a year to 2 years
- Senior citizens above the age of 60 years and SBI staff are bound to receive additional interest rates
- Only a demand loan against the deposit is allowed with an applicable margin
- Renewal of deposits are not allowed
6. SBI Tax Savings Scheme
The deposits in this account give tax benefits under Section 80C of the Income Tax Act, 1961. They are ideal for individuals looking to save tax and claim deductions under the Income Tax Act. The features of the SBI tax savings scheme are as follows:
- Minimum tenure is 5 years, and the maximum is 10 years
- Lock-in period of 5 years
- Interest is compounded quarterly
- Loans or advances are not allowed against these deposits during the lock-in period
- Minimum sum for the deposit is Rs.1,000
- Maximum sum for the deposit is Rs.1,50,000
- Deposit can be transferred from one branch to another branch; however, it cannot be transferred to another bank
7. SBI ‘We-Care’ Deposit for Senior Citizens
The SBI ‘We-Care’ deposit scheme is for senior citizens. Under this scheme, senior citizens get an additional premium of 30 bps, above the additional 50 bps, for a deposit tenure of 5 years and above. However, this scheme is available only for a limited period till 31 March 2024. The features of the SBI ‘We-Care’ deposit for senior citizens are as follows:
- Minimum tenure is 5 years, and the maximum tenure is 10 years
- Interest payment at monthly or quarterly intervals for term deposits
- Loan facility available against the deposits
- Available at any branch or on YONO app
8. Floating Rate Bulk Term Deposit (FRBTD)
This deposit offers an interest rate linked to an external benchmark (Repo Rate). Thus, the interest rates change with a change in the Repo Rate or spread during the currency of the deposit. All Individuals and non-individuals, including NRIs, can open this deposit account. The features of the SBI FRBTD are as follows:
- Senior citizens above the age of 60 years and SBI staff are bound to receive additional interest rates
- Minimum tenure is 91 days, and the maximum tenure is 3 years
- Minimum sum for the deposit is Rs.2 crore
- No limit on the maximum amount
- Loan or overdraft facility is available up to 90% on the FRBTD amount
- Penalty for premature payment of 1%
9. SBI Special Term Deposit
This is a term deposit where interest is paid only at the time of maturity and not at the regular frequency of the deposit period. The regular interest is added to the principal, and compound interest is calculated and paid. The features of the SBI special term deposit are as follows:
- Minimum tenure is 6 months, and the maximum tenure is 10 years
- Minimum sum for the deposit is Rs.1,000
- No limit on the maximum amount
- Available at all SBI branches
- Interest on the deposit is compounded quarterly and paid at the end of the term
- Nomination available only in favour of individuals
- Loan facility is available against deposits with applicable margins
Eligibility to Open an SBI FD Account
- Resident individuals holding account ownership singly or jointly.
- Minors with parents/guardians’ consent.
- Karta of Hindu Undivided Families (HUFs).
- NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin).
- Partnership firms.
- Companies.
- Trusts.
- Societies.
- Local bodies and any government department.
Documents Required to Open State Bank of India FD
- PAN card
- Bank account details like account number, bank branch and IFSC code
- Proof of Identity
- Passport
- PAN card
- Voter ID
- Driver’s license
- Aadhaar card
- Proof of Address
- Passport
- Aadhaar card
- Bank statement with a cheque
- Proof of Date of Birth
- Service discharge certificate
- PAN card
- Aadhaar card
- Voter ID
How to Invest in SBI FD?
You can invest in SBI FD through various ways.
Internet Banking
Step 1: Log in to theSBI net banking by entering your credentials.
Step 2: Click on the ‘Deposit & Investment’ tab and select ‘Deposit’.
Step 3: Click on the ‘Fixed Deposit’ option.
Step 4: Select the type of deposit account and click ‘Proceed’.
Step 5: Choose the account from which money has to be debited to the FD account.
Step 6: Enter the FD principal value, select the term deposit option, accept the terms and conditions and click the ‘Submit’ button to open an FD.
Mobile Banking
Step 1: Download and log in to the Yono SBI app.
Step 2: Click on ‘Deposits’ and select the ‘Fixed Deposits’ option.
Step 3: Click on the ‘Open Fixed Deposits’ button.
Step 4: Enter the required details and click ‘Next’.
Step 5: Review the details, tick the terms and conditions and click ‘Confirm’.
Visiting the Bank Branch
You can also open an FD account by visiting the SBI bank branch and obtaining the FD opening form. Fill out the form and submit it to the bank to open an FD account.
Tax on SBI Fixed Deposit
State Bank of India offers a tax saving deposit, i.e. the ‘SBI Tax Savings Scheme, 2006’, which provides tax benefits under Section 80C of the Income Tax Act,1961. The minimum deposit amount under this scheme is Rs.1,000, and the maximum deposit amount is Rs.1.5 lakh. It has a minimum lock-in period of 5 years, and the maximum tenure is 10 years.
Apart from the above scheme, SBI deducts TDS based on the interest earned on the FD accounts. However, the bank deducts TDS of 10% only when the total FD interest income exceeds Rs.40,000 in a year and Rs.50,000 in the case of senior citizens. You can submitForm 15G/15H to the bank requesting not to deduct TDS when the total interest income does not exceed Rs.40,000 or Rs.50,000 (in case of senior citizens).
Premature Closure of SBI Fixed Deposit
The State Bank of India will charge a penalty when the fixed deposit account is closed before the minimum tenure period. The penalty for premature closure of SBI fixed deposit account is as follows:
- For deposits up to Rs.5 lakh, the penalty for premature withdrawal is 0.50%
- For deposits above Rs.5 lakh, the penalty for premature withdrawal is 1%
Other Banks FD Interest Rates:
1. Kotak Mahindra Bank FD Interest Rates
2. Indian Bank FD Interest Rates
3. Canara Bank FD Interest Rates
4. HDFC Bank FD Interest Rates
5. ICICI Bank FD Interest Rates
6. Axis Bank FD Interest Rates
Other Small Finance Bank FD Interest Rates:
1. Jana Small Finance Bank FD Rates
2. Ujjivan Small Finance Bank FD Rates
3. AU Small Finance Bank FD Rates
4. Utkarsh Small Finance Bank FD Rates
5. Small Finance Bank FD Rates
6. Equitas Small Finance Bank FD Rates
7. Suryoday Small Finance Bank FD Rates
8. Unity Small Finance Bank FD Rates
