SBI FD Interest Rates – Complete Information on SBI FD Interest Rates and Schemes

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What is SBI Fixed Deposit Interest Rate?

State Bank of India is one of the most trusted banks in India for fixed deposit schemes. There are different features and benefits of SBI fixed deposit for investors, including the lowest limit for minimum deposit, flexible tenure, high returns, loan against FD, etc. The highest SBI interest rate in fixed deposit is 5.40%. On the other side, SBI fixed deposit interest rate for seniors starts from 3.40% to 6.20%

The SBI FD interest rates are very competitive on all five schemes, and they provide significant returns on investment. You just have to deposit the fixed amount in your FD account and choose the right tenure. You cannot withdraw or deposit any amount during the tenure.

What are the Key Features of SBI FD?

SBI fixed deposits are the most secure investment option for SBI customers who want to earn higher returns than a savings account. Here are some of the essential features of SBI FDs:

  • You can open an SBI fixed deposit account with a minimum amount of Rs. 1000 and there is no maximum limit. 
  • Tenure starts from 7 days to 10 years
  • Rate of interest ranges from 2.90% to 5.40% per annum
  • The interest rate for seniors ranges from 3.40% to 6.20% per annum
  • Highest SBI fixed deposit interest rate is 5.40% till date for ten years. 
  • SBI deposits are protected under RBI’s Deposit Insurance Scheme. This way, DICGC insures all deposits of up to Rs. 5 Lakh for a depositor. 
  • SBI also offers loans against fixed deposits to meet the liquidity needs of a depositor without having to break the FD. 
  • Nomination and Auto-Renewal available 
  • Some of the well-known FD schemes are SBI Reinvestment Plan, SBI Tax Savings Scheme, SBI Multi Option Deposit Scheme, Money Multiplier plan, Regular Fixed Deposit, SBI Wecare Deposit, Flexi Deposit Scheme, etc.

Best SBI Fixed Deposit Plans

Let’s compare the revised SBI FD rates tenure wise to pick the best tenure for the highest rate. Tenure of 5 to 10 years is considered the best for SBI fixed deposit, where one can get 5.40% per annum of interest. 

For short term deposits, SBI fixed deposit rates from 2.90% to 4.40% per annum are available from 7 days to 364 days. These are known as short-term fixed deposits as tenure is within 1 year. For senior citizens, the SBI FD interest rates for the short term are ranging from 3.40% to 4.90% per annum. 

It is good for long-term deposits to invest for 5 to 10 years with rates of interest of 5.40% with the term of 10 years. Special rates are offered for senior citizens from the bank with 6.20% per annum in the long run. In comparison to savings accounts, fixed deposits come with a higher rate of interest. Here are the pros of having an SBI FD account – 

  • One can get the interest on deposit only when the amount is matured. 
  • One can get higher returns on deposits 
  • Nomination facility is provided. 
  • Auto-renewal facility is available on deposit. 
  • Senior citizens can avail additional interest from 0.25% to 0.50%

How to Open SBI FD Account?

Visit the official SBI portal and login to your net banking account to open a Fixed Deposit. Go to the menu and select Fixed Deposit, Type of FD, and proceed. Later on, select “Senior Citizen” after filling the deposit amount, if you are 60 or older. Choose the frequency of interest payout and tenure of the deposit. Read the terms and conditions and click “Submit” to open an SBI fixed deposit account.

SBI FD Nomination Facility

SBI provides Fixed Deposit nomination facility to all customers. In case the depositor dies during the tenure, the nominee can claim the amount. Any joint or individual account holder can have a nominee. You can appoint only one person as a nominee. When opening a fixed deposit account, you can enter nominee details. The nominee can claim the amount with their ID proof.

What are the Schemes of SBI Fixed Deposit?

  1. SBI Tax Savings Scheme – In this SBI fixed deposit scheme, HUFs and resident individuals can save their tax and use their returns and yields on fixed deposit. Income Tax Act, 1961 Section 80C provides numerous tax benefits under this scheme. One can also get a nomination facility and loan against FD for up to 90% of the deposit. Senior citizens can get 0.50% of extra interest under this scheme. Any resident Indian and Karta of HUF can avail this facility with a PAN number.
  2. SBI Multi Option Deposit Scheme – Withdraw Rs. 1000 or in multiples of 1000 from the MOD account linked to your current or savings account with this scheme. You can get an interest-only on maturity, and it provides a nomination facility too. This scheme provides a loan facility of around 90% on deposit. In this scheme, deposits made are totally liquid. Any NRI, resident Indian, company, organization and HUF can opt for this scheme.
  3. Reinvestment Plan – Like other FD schemes, interest can be paid only on maturity, and it also provides a nomination facility. One can avail loan on 90% of the amount of deposit.  It provides auto-renewal and an additional interest of 0.50% for seniors.  Any resident Indian above 18 years can avail this scheme. 
  4. Money Multiplier Plan – A depositor can get a higher interest rate by linking their savings account with a fixed deposit account under this plan. Under the Income Tax Act, 1961 Section 80C, one can also get tax savings on deposit. Rest of the terms are the same as the above plans. Any private/public limited company, resident Indian, trust, partnership firm, and HUF can avail this facility. 
  5. Regular Fixed Deposit – The depositor can gain higher and attractive returns with security and flexibility under this scheme. One can avail auto-renewal and earn higher returns on deposit. This scheme is available for resident Indians, HUFs, public/private limited company, partnership firm and trust. 
  6. Flexi Deposit Scheme – Like recurring deposits, this scheme allows the depositor to deposit several times in a month rather than a single deposit. One can deposit any number of times during a month. In this scheme, interest is compounded every three months on deposit. Private/public limited company, resident Indians, partnership firm, trust, and HUFs can avail this scheme.
  7. SBI Wecare Deposit – This scheme was aimed to help senior citizens above 60 years with financial aid, especially in COVID-19 pandemic when interest rates are falling down. It provides additional 30 bps on interest rates to senior citizens, along with 50bps on fixed deposits. It was introduced to provide higher interest rates to senior citizens in this period. The government has extended this scheme till March 31, 2021. Senior citizens can get benefits of this scheme for around 5 years or more on term deposits. They can avail benefits on renewal of maturity and fresh deposit.

Updated SBI FD Rates 2021

The SBI bank FD rates are very competitive from 2.90% p.a. to 4.40% p.a. between 7 days to 1 year of tenure for general category customers. On the other side, SBI bank FD interest rates range from 3.40% p.a. to 4.90% p.a. You can avail competitive interest rates on all the five schemes from SBI Bank on fixed deposits. You just have to deposit the amount as an investor when you open an FD account and choose the feasible tenure for you. 

Key Features and Benefits of SBI Fixed Deposits

  • You can open a fixed deposit account with just Rs. 1000
  • No maximum limit on this scheme 
  • Tenure ranging from 7 to 10 years
  • Senior citizens can avail 0.25% additional interest rate by depositing above Rs. 10000
  • One can avail interest payment on calendar quarter/quarterly/monthly basis
  • You can also avail nomination facility

Updated SBI FD Rates in India

Term

FD Rates for Seniors

FD Rates for Others

7-45 days

3.40%

2.90%

46-179 days

4.40%

3.90%

180-210 days

4.90%

4.40%

211-364 days

4.90%

4.40%

1 year to below 2 years

5.60%

5.10%

2 years to below 3 years

5.60%

5.10%

3 years to below 5 years

5.80%

5.30%

5 to 10 years

6.20%

5.40%

 

NoteState Bank of India FD rates mentioned in this article are subject to change from time to time without any notification. Please reconfirm the interest rates before making any decision.

SBI FD Interest Rates for Deposits less than Rs. 2 Cr. for Domestic Term Deposits

Maturity Term

R.O.I. (p.a.) 

(with effect from 

Sept 10, 2020)

For Others  

R.O.I. (p.a.) 

(with effect from 

Sept 10, 2020)

For Seniors

7 to 45 days 2.90%3.40%
46 to 179 days3.90%4.40%
180 to 210 days4.40%4.90%
211 to 364 days4.40%4.90%
1 year to 1 year 364 days4.90%5.40%
2 years to 2 years 364 days5.10%5.60%
3 years to 4 years 364 days5.30%5.80%
5 to 10 years 5.40%6.20%

Note – Additional interest rate of 1% is applicable for staff members and pensioners on fixed deposits. For SBI pensioners 1.50% additional FD rates are applicable in SBI Bank. Hence, it includes staff benefit of 1% plus senior citizen benefit of 0.50%.  

For Domestic Bulk Term Deposits (above Rs. 2 Cr)

 

Maturity Term

Rate of Interest (p.a.) 

(effective from March 27, 2020) 

For Others 

Rate of Interest (p.a.) 

(effective from March 27, 2020)

For Seniors

7 to 45 days

2.90%

3.40%

46 to 179 days

2.90%

3.40%

180 to 210 days

2.90%

3.40%

211 to 364 days

2.90%

3.40%

1 year to 1 year 364 days

2.90%

3.40%

2 years to 2 years 364 days

3.0%

3.50%

3 years to 4 years 364 days

3.0%

3.50%

5 years to 10 years

3.0%

3.50%

For Tax Saving Scheme

The minimum tenure of SBI Tax Saving Fixed Deposit scheme is 5 years. One cannot withdraw these SBI FDs before the expiry of tenure like other schemes. You can’t also get a loan against tax-saving FDs.  The SBI interest rate for senior citizens is 6.20% and for others is 5.40%, and the tenure is 5 to 10 years. 

SBI NRI Fixed Deposit Interest Rates

W.E.F. March 27, 2020, here are the interest rates for SBI NRI Fixed Deposits for less than Rs. 2 Cr. 

Maturity period 

Rate of Interest (p.a.)

1 year to 1 year 364 days

5.10%

2 years to 2 years 364 days

5.10%

3 years to 4 years 364 days

5.30%

5 to 10 years

5.40%

Withdrawal before maturity 

NA (before 1 year) 

Effective from April 1, 2017, Premature Retail Term Deposits withdrawal attracts penalty 

0.5% if up to Rs. 5 Lakh have been withdrawn 

1% if Rs. 5 Lakh to Rs. 1 Cr. have been withdrawn

SBI Fixed Deposit Interest Rates for NRIs – More than Rs. 2 Cr

 

Maturity period 

Rate of Interest (p.a.)

(w.e.f May 27, 2020)

1 year to 1 year 364 days

2.90 %

2 years to 2 years 364 days

3.00 %

3 years to 4 years 364 days

3.00 %

5 to 10 years

3.00 %

Withdrawal before maturity 

No interest is paid for withdrawal before 1 year

Effective from April 1, 2017, Premature Retail Term Deposits withdrawal attracts penalty 

If withdrawn prematurely after one year, the interest will be paid as per the applicable rate for the FD left in the bank or the rate of the contract with deduction of 1% as penalty on withdrawal prematurely, whatever is lower. 

SBI NRO FD Interest Rates

W.e.f. March 27, 2020, here are the interest rates of SBI Fixed Deposit for NRO if the amount deposited within Rs. 2 Cr. 

Term

Interest Rate (p.a.) 

7-45 days

2.90%

46-179 days

3.90%

180-210 days

4.40%

211-364 days

4.40%

1 year to 1 year 364 days

5.10%

2 years to 2 years 364 days

5.10%

3 years to 4 years 364 days

5.30%

5 to 10 years

5.40%

 

W.e.f. March 27, 2020, here are the SBI FD interest rates for more than Rs. 2 Crores for NRO

Term

Interest Rate (p.a.) 

7-45 days

2.90%

46-179 days

2.90%

180-210 days

2.90%

211-364 days

2.90%

1 year to 1 year 364 days

2.90%

2 years to 2 years 364 days

3.00%

3 years to 4 years 364 days

3.00%

5 to 10 years

3.00%


Note – All the above rates of interest are subject to change without notice. Kindly reconfirm the rates with the bank before investing.

Frequently Asked Question

One can earn up to 5.40% on fixed deposit with SBI.

Currently, fixed deposit rates are ranging from 2.90% to 5.40%

SBI interest rates are higher for senior citizens in India in comparison to others. While regular interest rates are 2.90% to 5.40% p.a. For senior citizens, the rate of fixed deposit interest is ranging from 3.40% p.a. to 6.20% p.a.

To start your FD with your account, you need to deposit at least Rs. 1000.

Anyone, including resident Indians, NRIs, HUFs, and firms can open an FD account.

You need declaration Form 60/61 under Income Tax Act or PAN card to open an FD account.

No, you can deposit only once in your FD account while opening it. You have to open a separate FD account if you want to invest more amount.

No, you cannot change the tenure of your existing FD account once you have opened your account. But you may close the current FD account and open another account for the term as you desire.

Here are the implications if you open FD account without PAN – 

  • The bank will charge TDS @20% and 10% as per section 206AA
  • Bank will not issue TDS certificate 
  • The I-T department won’t provide TDS credit 
  • Penal TDS will be applicable, and exemption certificates like Form 15G/H will not be valid

Yes, you can apply for an FD account online by logging into the online SBI account. The bank’s representative will call you back once you submit your application and explain the different processes, such as submitting KYC and filling the application form.

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