SBI FD Interest Rates : Calculation for a Better ROI

SBI FD Rates

Fixed Deposits are among the most advantageous financial instruments provided by banks. They enable you to save money on taxes, make nominations, borrow against your FD in the long term and earn interest regularly upon maturity.

SBI Bank is a name that continues to stand out from all of the banks that provide the finest fixed deposit facilities. It is a trustworthy government sector bank with several branches across India founded in 1955. The bank has an astounding customer base including over 48 crores and provides alluring and incredible interest rates on fixed deposits. The SBI FD tenure ranges from 7 days to 10 years.

SBI FD Interest Rates 2024

SBI has always been the safest option among all the banks for everyone. That being said, SBI offers a range of secure deposit schemes and investment plans in the market that offers customers a range of investment plans so that they can invest their salary and income wisely. The schemes offered by the bank have competitive advantages and SBI FD rates as they extend to give significant returns to the customers.

SBI FD Interest Rates 2024 (Less than Rs. 2 Crores)

The table below shows SBI FD interest rates for 2024, below โ‚น 2 Crores.

FD TenureGeneral PublicSenior Citizens
7 days to 45 days3.50% p.a.4.00% p.a.
46 days to 179 days4.75% p.a.5.25% p.a.
180 days to 210 days5.75% p.a.6.25% p.a.
211 days to less than 1 year6.00% p.a.6.50% p.a.
1 year to less than 2 years6.80% p.a.7.30% p.a.
2 years to less than 3 years7.00% p.a.7.50% p.a.
3 years to less than 5 years6.75% p.a.7.25% p.a.
5 years and up to 10 years6.50% p.a.7.50%* p.a.
400 days (Amrit Kalash)7.10% p.a.7.60% p.a.

Note:- SBI FD Interest rates for 400 days can be avail by Senior Citizens under โ€œAmrit Kalashโ€ scheme till 30 September 2024.

SBI Term Deposit Rates 2024 (Above Rs. 2 Crores)

The table below shows SBI FD interest rates for 2024, above โ‚น 2 Crores.

FD TenureInterest Rates for General PublicInterest Rates for Senior Citizens
7 days to 45 days5.00% p.a.5.50% p.a.
46 days to 179 days5.75% p.a.6.25% p.a.
180 days to 210 days6.50% p.a.7.00% p.a.
211 days to less than 1 year6.75% p.a.7.25% p.a.
1 year to less than 2 years6.80% p.a.7.30% p.a.
2 years to less than 3 years6.75% p.a.7.25% p.a.
3 years to less than 5 years6.25% p.a.6.75% p.a.
5 years and up to 10 years6.00% p.a.6.50% p.a.

Note: Interest rates last recorded on 27 December 2023. 

SBI Fixed Deposit Rates for Senior Citizens

As of 2024, SBI offers 7.5% interest rates on five-year fixed deposits to senior citizens. If invested in a special fixed deposit account via the appropriate fixed deposit โ€œWe-Care Schemeโ€œ. They will receive extra benefits from the bank on their SBI FD rates. The extra 0.50% p.a. interest is exclusively available for depositors who are resident senior citizens. This interest premium is not applicable to NRE and NRO depositors. These SBI FD interest rates will be effective from 27 December 2023.

Here are the SBI FD interest rates for Senior Citizens.

FD TenureInterest Rates (p.a.)
5 years7.50%
10 years7.50%

Note:- These SBI FD rates are subject to any prior notice.

SBI Fixed Deposit Interest Rates โ€“ NRIs/NRO

The below table depicts the SBI Fixed Deposit Interest Rates for NRIs/NRO:-

TenorsInterest for Deposits below Rs.2 Crore
7 days to 45 days3.50%
46 days to 179 days4.75%
180 days to 210 days5.75%
211 days to less than 1 year6.00%
1 year to less than 2 years6.80%
400 Days (AMRIT KALASH)7.10%
2 years to less than 3 years7.00%
3 years and up to 5 years6.75%
5 years and up to 10 years6.50%

Note:- Interest rates last recorded on 27 December 2023. 

SBI NRE FD Interest Rates

The Interest rates for non-resident External (NRE) FD are shown below:-

FD TenureInterest for deposits below Rs.2 Crore
1 year to less than 2 years6.80%
400 Days (AMRIT KALASH)7.10%
2 years to less than 3 years7.00%
3 years to less than 5 years6.75%
5 years and up to 10 years6.50%

Note:- Interest rates last recorded on 27 December 2023.

SBI FCNR Interest Rates

The SBI FCNR FD Interest rates are as given below:-

CURRENCYUSDGBPEUROCADAUDJPY
1 year5.7355.324.064.564.560.05
Above 1 year to less than 2 years5.985.544.184.724.720.05
2 years to less than 3 years4.615.401.554.384.720.05
3 years to less than 4 years4.364.361.564.184.710.05
4 years to less than 5 years4.274.451.574.334.690.05
5 years4.334.331.574.394.570.05

Note:- Interest rates were last recorded on 10th Februaryโ€™2024.

SBI RFC Rates

The SBI RFC FD Interest rates are as given below:-

TenureUSDGBPEURO
1 year to less than 2 years54.251.5
2 years to less than 3 years3.952.351.5
3 years3.82.451.5

Note:- Interest rates were last recorded on 10th Februaryโ€™2024.

Features and Benefits of SBI Fixed Deposit Interest Rates

The features and benefits of SBI fixed deposit interest rates include:-

  • The minimum amount one needs to open a fixed deposit account is โ‚น 1000.
  • There is no limit on the maximum amount of fixed deposit amount.
  • The tenure of the SBI FD interest rates is from 7 days to up to 10 years.
  • If the FD scheme is above โ‚น 10,000, then the bank will offer a 0.25% extra rate of interest for the senior citizens.
  • SBI offers monthly/quarterly/calendar quarter basis options for interest payment on fixed deposit accounts.
  • The bank also offers a nomination facility for fixed deposit customers.
  • Fixed interest rate returns are guaranteed at the time of booking.
  • โ‚น5 lakhs interest cover is provided for all the fixed deposit investors.
  • Offers the facility for bulk fixed deposits of more than โ‚น2 crores.
  • Provides the investors’ benefits with a special FD scheme as per section 80C of Income Tax Act, 1961.
  • The bank provides an overdraft/loan facility to deal with financial setbacks.
  • Offers availability of automatic renewal of fixed deposits.
  • If the customer chooses to deposit the amount for 5 years or above, they can get an additional 0.3% interest along with the existing interest of 0.5% which in total makes 0.8%.
  • SBI offers their customers the option to prematurely withdraw funds from their fixed deposits.

Calculation of SBI FD Rates

To calculate SBI FD rates, just multiply the principal amount, the SBI FD interest rates per annum, and the time for which the depositor has lent the money. Check out the formula below.

Calculation of SBI FD rates = Principal amount * SBI FD interest rate * Time period of the lent money.

You can also use this free online SBI FD Calculator.

Types of SBI Bank FD Schemes

SBI offers beneficial bank schemes for fixed deposits. Letโ€™s take a look at each of them in detail to better understand what they are and how they can benefit you.

  1. SBI Tax Saving Scheme
    This SBI bank scheme is specially designed for individual residents and HUFs to help them save on the tax amount and get a substantial return on the fixed deposit amount. Under Section 80 C of the Income Tax Act, 1961, fixed depositors can enjoy the benefits of a tax on their fixed deposit amount.
    It also gives nomination facilities to the customers. Against this FD scheme, the loan amount can be 90% of the whole amount. Also, it provides a 0.50% extra SBI senior citizen FD interest rate over the regular SBI FD rates. Karta for a HUF and the resident Indians can open this account with a valid PAN card.
  2. SBI Multi Option Deposit Scheme
    This fixed deposit account is linked to the current and savings account, enabling users to withdraw multiple โ‚น 1000 from the account. SBI FD interest rates on this account can only be determined upon maturity. A loan facility of up to 90% is available under this scheme, along with the nomination facility. Funds from this account can be withdrawn depending upon your needs. The withdrawing amount should be in multiples of โ‚น 1000. HUFs, organizations, and the residents of India are eligible for this SBI fixed deposit scheme.
  3. Reinvestment Plan
    This scheme pays the SBI FD rates only after the maturation of the account. Both loan facilities and nomination facilities are available under this scheme. The best benefit of this scheme is that it provides an auto-renewal facility to the customers. For senior citizens, this scheme provides a 0.50% extra SBI senior citizen interest rate on the fixed deposit account.
  4. Flexi Deposit Scheme
    Fixed deposit under this scheme is more like a recurring deposit. In this, the depositors have the freedom to deposit funds at any time of the month instead of a fixed time. The scheme also provides multi-deposit facilities to the customers along with nomination and loan facilities. It has another benefiting feature for senior citizens, which is 0.50% of SBI senior citizen FD rates.
  5. Money Multiplier Plan
    Under this scheme, the depositors can link their savings account and the fixed deposit account, which will give a higher interest rate on the amount. Interest will be paid at the time of maturity only. Also, it provides nomination and loan facilities to the customers. It even allows senior citizens to avail themselves of 0.50% higher SBI senior citizen FD rates over the regular interest rates. HUFs, organizations, partnership firms, trusts, and Indian residents are eligible for this fixed deposit scheme.
  6. Regular Fixed Deposit
    In this SBI fixed deposit scheme, the depositors can directly invest in fixed deposit accounts so that they can earn higher SBI FD interest rates. The interest will be paid by the bank only after maturity. It also offers nomination facilities to the customers. It gives 0.50% higher SBI FD rates to senior citizens. The depositors can also avail themselves of the auto-renewal fixed deposit facility in this scheme.

Term-Wise SBI FD Interest Rates

  • Short Term Deposits – For the fixed deposit accounts whose tenure is between 7 days to 365 days, the SBI FD interest rate offered starts from 2.90% to 4.60% per annum. These deposits are called short-term deposits as the tenure of the deposit is less than that of one year. As for senior citizens, the SBI senior citizen FD rates start from 3.40% to 6.45%.
  • Medium Term Deposits – The medium-term fixed deposit has a time period of more than one and less than 5 years. The SBI FD rates offered on this fixed deposit start from 5.10% to 5.45%.
  • Long Term Deposits – The tenure for long term deposits is more than five years and less than 10 years. The bank offers SBI FD rates starting from 5.65%. As for senior citizens, the SBI senior citizen interest rates start from 6.30% for their fixed deposit accounts.

How to Apply for Opening an FD in SBI Bank?

Some steps are mentioned below to open an FD account in SBI Bank:-

Step 1: Go to the official website of SBI. 

Step 2: Choose the โ€œPersonal Bankingโ€ option and login.

Step 3: After login, refer to the homepage, and select the โ€˜Deposit Schemesโ€™ option.

Step 4: Click on the โ€˜Term Depositsโ€™ and โ€˜e-fixed depositโ€™ from the top-down menu.

Step 5: Select the type of FD as per your choice and make payment. Also, choose FD principal value, enter the โ€˜Amountโ€™ and the โ€˜Submitโ€™ it.

Eligibility to Open an SBI FD

The following clients can get benefits of an SBI FD:-

  • Business organisations 
  • Government offices 
  • Trust accounts
  • Employees working in private firms
  • Local Governing bodies 
  • Hindu Undivided Family (HUF)
  • Indian citizens

Documents Required to Open an SBI FD

Have a glance at all the important documents that are required to open a Fixed Deposit account with SBI.

  • Proof of identity such as an Aadhaar card/Passport, etc.
  • Proof of Address like a Passport/PAN card, etc.
  • Recent passport-sized photographs
  • Age Proof like a birth certificate or any other valid document
  • If any, savings account detail in SBI branch
  • Online and Mobile banking (activated)

Tax on SBI Fixed Deposit

Tax deductions of up to Rs.1.5 lakh are available under Section 80C, Income Tax Act of 1961. It is the best investment in the SBI Tax Savings Plan for a 5-year period. This scheme has no provision for early withdrawal.

The table below shows the interest rate for Tax on SBI Fixed Deposit:-

Maturity PeriodGeneral Public FD interest rate (per annum)Senior citizen FD interest rate (per annum)
5 years6.50%7.50%

Loan Against SBI FD

The State Bank of India (SBI) provides loans to its clients in exchange for fixed deposits. The features are as follows:-

  • Customers can obtain a loan of approximately 95% of the term deposits on total value.
  • Users can use the SBI Overdraft Facility and the Demand Loan, depending on their needs.
  • The loanโ€™s interest is calculated on a daily minimising balance.
  • There are no processing fees and penalties for loan repayment.
  • The lowest loan amount of Rs. 5,000 and a higher loan amount of Rs.5 crore are available.
  • Interest is charged at 1% on top of the comparative term deposit rate.

SBI Contact Details

Toll-Free Helpline numberEmail IdHead Office
1800 1234, 1800 11 2211, 1800 425 3800gm.customer@sbi.co.inA Block, 11, SBI Head Office, Sansad Marg, New Delhi, Delhi, Pincode: 110001.

You May Also Read

Fixed Deposit Top PagesFixed Deposit Other Pages
Open FD in SBI OnlineSBI Tax Saving FD
Fixed Deposit Under Section 80CKarur Vyasa Bank Fixed deposit
Loan against Fixed DepositTamilnad Mercantile Bank FD Rates
Flexi Fixed DepositAllahabad Bank FD Rates
Senior Citizen Fixed DepositNRO Fixed Deposit
15G and Forms 15HLoan Against Fixed Deposit SBI

Frequently Asked Questions (FAQs)

What is the minimum tenure range for an SBI fixed deposit account?

SBI offers a minimum tenure range of 7 days for its fixed deposit account. The maximum tenure range for the same is 10 years.

Is it possible to close an SBI fixed deposit account through the online portal?

With the e-term deposit or special term deposit, you can easily close your SBI fixed deposit account through the online portal.

What is the eligibility for an SBI fixed deposit account?

Citizens of India who are minors, adults, and senior citizens are eligible for opening an SBI FD account. The minimum amount to open an SBI FD account is โ‚น 1,000.

Can I withdraw the fixed deposit amount prematurely?

Yes, SBI gives the freedom to their customers to withdraw the fixed amount prematurely.

What are the highest SBI FD rates in 2021?

The highest SBI FD interest rates are 5.40%. This interest rate is offered to senior citizens who can also get interest benefits between 3.40% to 6.20%.

Is a short-term fixed deposit option available in SBI?

Yes, you can choose to go for a short-term SBI FD account. These short-term deposits can be from 7 days to less than one year tenure in which the interest rates can range from 3.40% to 5.40%.

What are the documents required for an SBI FD account?

An SBI FD account application form, two passport size photos, ID proof, address proof, PAN card or Form 60/61 copy, and Aadhar Card are all the documents required to open an FD account in SBI.

Can I get benefits on SBI FD interest rates?

SBI offers a range of benefits on SBI FD interest rates, such as flexible tenure options, a minimum amount of โ‚น 1,000, nomination facility auto-renewal facility for fixed deposits, and benefits for taxpayers under section 80 C of Income Tax Act, 1961.

What is the limit of fixed deposits in SBI?

There is no maximum amount limit for fixed deposits in SBI. But, the minimum amount to start a fixed deposit account should be โ‚น 1000.

Which SBI FD is the best choice?

The SBI FD rate is 6.75% for regular account holders, and 7.35% for senior citizen fixed deposit accounts with a minimum tenure of 5 years. This is the best SBI FD scheme. But, every scheme has its benefits. Before investing, go through the details of SBI fixed deposit schemes to make an informed decision.

What are the requirements for FD in SBI?

The bank will give a list of documents and proofs required to avail of the benefits of SBI fixed deposit interest rates. It includes a photo id, address id, and other details required by the bank.

Bhavya Mishra Bhavya is a content writer who adores every aspect of writing. She aims to reach her creative goals one day at a time. She is a writer in the day and a reader in the night.
  • Super Quick & Easy
  • Stamped & E-Signed
  • Delivered Directly in Mailbox
Rent-Agreement

Exploring Options for Buying or Renting Property

Looking to buy or rent property
Related Category
  • EPF
  • Income Tax
  • PAN CARD
  • Saving Account
Contact Our Real Estate Experts