SBI FD Interest Rates 2023 | Fixed Deposit Calculator

The State Bank of India offers a wide range of deposit options that allow individuals to invest for both long and short periods of time. As the most important bank in India, SBI’s initiatives have brought about great results and superior returns for numerous decades, establishing them as a widely appreciated investment alternative among consumers. Customers can get excellent FD interest rates from SBI with just a Rs 1000 deposit. The State Bank of India, abbreviated SBI, is the largest bank in India, serving approximately 42 crore customers. People in general can get between 3-6.50% from an SBI FD, and seniors can get between 3.50% and 7.50%.

SBI FD Interest Rates on Domestic Deposits (less than ₹2 crore)

Tenure	General Public	Senior Citizens
7 days to 45 days	3.00%	3.50%
46 days to 179 days	4.50%	5.00%
180 days to 210 days	5.25%	5.75%
211 days to less than 1 year	5.75%	6.25%
1 year to less than 2 years	6.80%	7.30%
2 years to less than 3 years	7.00%	7.50%
3 years to less than 5 years	6.50%	7.00%
5 years and up to 10 years *	6.50%	7.50%
400 days (Amrit Kalash)	7.10%	7.60%

SBI FD Interest Rates on Domestic Deposits (more than ₹2 crore)

Tenure	General Public	Senior Citizens
7 days to 45 days	4.75%	5.25%
46 days to 179 days	5.50%	6.00%
180 days to 210 days	6.00%	6.50%
211 days to less than 1 year	6.25%	6.75%
1 year to less than 2 years	6.75%	7.25%
2 years to less than 3 years	6.50%	7.00%
3 years to less than 5 years	6.00%	6.50%
5 years and up to 10 years	6.00%	6.50%

Features of SBI Bank Fixed Deposit

1. Tenure: The tenures of SBI FDs range from a week (7 days) to 10 years.
2. Minimum Deposit: The smallest deposit required to start an FD with SBI is Rs. 1000, but there is no maximum deposit amount.
3. Benefits for Senior Ciztizen: Senior citizen or elderly persons can benefit from an additional 0.50% SBI FD interest rate on amounts greater than Rs. 10,000.
4. Nominee facility : SBI offers a nomination service, allowing depositors to nominate family members or spouses to receive the maturity amount.
5. Auto renewal : The deposit has the option of auto-renewal.
6. Loan facility : Loan against FD is also readily available.
7. TDS deduction : If the consumer doesn’t send in Form 15G/15H, TDS will be charged out at the source at the current rate.

Types of SBI Bank FD Schemes

1. SBI Amrit Kalash Deposit

Tenure	400 days
Deposit Amount	Less than ₹2 crores
Interest Offered	For General Public: 7.10% For Senior Citizens: 7.60%
Eligible Deposits	Domestic Term Deposits (Retail) & NRI Rupee Term Deposits New & Renewal Deposits Term Deposits & Special Term Deposits only
Eligibility	Resident customers and NRI customers
Special Categories of Customers	Citizens over the age of 65 can get an extra interest rate on their term deposits on top of the general rate.
Premature Withdrawal Facility	Not available
Renewal of Deposit	Allowed
Loan Facility	The Loan Against Deposit facility is accessible with the payment of an appropriate margin.
Payment of Interest	Term Deposits – At monthly/quarterly/half yearly intervals Special Term Deposits – On maturity. The net interest will be transferred to the customer’s account.

2. SBI ‘Sarvottam’ (Non-Callable) Term Deposit

Tenure	1 year and 2 years only
Deposit Amount	Retail Deposits: ₹15.01 lakhs to less than ₹2 crores. (In the multiples of ₹1,000) Bulk Deposits: Above ₹2 crore to less than ₹5 crores
Interest Offered	For General Public: 6.90% to 7.40% For Senior Citizens: 7.40% to 7.90%
Eligibility	Resident individual and non-individual customers, excluding minors and NRI customers
Special Categories of Customers	Senior Citizens are eligible for additional interest rate over the applicable non-callable deposit rate for public.
Premature Withdrawal Facility	Not available
Renewal of Deposit:	Not allowed. The maturity amount shall be credited to the depositor’s Savings Bank Account/ Current Account/ Cash Credit/ Overdraft Account)
Loan Facility	The facility of Loan against Deposit is available with applicable margin.
Other Specifications	The scheme is not to be used as security/ margin money (LC/BG) and any other credit facility or purpose. Conversion from the existing TDR to Non-Callable and vice – versa is not allowed. The scheme is available through branch only.

3. SBI Annuity Deposit Scheme

About	In SBI Annuity Deposit Scheme, an investor deposits a one-time large sum amount and receives a fixed amount every month during the whole tenure.
Interest Offered	For General Public: 3.00% to 6.50% For Senior Citizens: 3.50% to 7.50%
Eligibility	Resident individuals (singly or jointly), including minors
Tenure	36/60/84 or 120 months
Deposit Amount	Based on minimum monthly annuity of ₹1,000 for the relevant period
Premature Payment	Allowed for deposits up to ₹15 lakh (penalty chargeable). In case of depositor’s death, premature payment is allowed without any limit
Overdraft Loan	Up to 75% of the balance amount of annuity may be granted on special cases. After disbursal of OD/loan, further annuity payment will be deposited in loan account only
Payment of Annuity	On the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.

4. SBI Multi Option Deposit Scheme (MODS)

About	By linking the FD account to a savings or current account, this scheme enables the depositor to withdraw funds at any time in multiples of ₹1,000. At the time of initial deposit, the balance in the MODS account will continue to accrue interest at the Term Deposit rates in effect.
Tenure	1 to 5 years
Interest Offered	For General Public: 3.00% to 6.50% For Senior Citizens: 3.50% to 7.50%
Deposit Amount	A minimum of ₹10k
Loan Facility	Available

5. SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)

About	This scheme comes under the tax benefits under Sec. 80C of Income Tax Act.
Lock-in period	5 years
Interest Offered	For General Public: 6.50% For Senior Citizens: 7.00%
Minimum Deposit Amount	₹1,000 (in the multiple of ₹100 each thereafter)
Maximum Deposit Amount	Up to ₹1.5 lakh in a financial year
Loan Facility	Not available during the lock-in period of five years
Eligibility	Resident Indians as an individual or in the capacity of the Karta of the HUF, having PAN card. The joint account shall be issued jointly to two adults or to an adult and a minor.

6. SBI Special Term Deposit

About	It is a deposit scheme wherein the interest is compounded and paid out during maturity only.Deposit (together with interest) of ₹20,000 and above shall not be paid in cash.
Tenor	6-10 years
Deposit Amount	At least ₹1k (in the multiples of ₹100 each thereafter)
Loan against Deposit	SBI offers loan against FD with applicable margin as under: Residual tenor of deposit as on date of availing loan Margin : 1. Up to 36 Months = 5% 2. >36- 60 months = 10% 3. >60 months = 15%

7. Floating Rate Bulk Term Deposit (FRBTD)

About	Interest rate is linked to an external benchmark (i.e. Repo Rate) and shall change with the change in Repo Rate and/or spread during the currency of deposit. Additional interest rates similar to other deposits are not extended to Senior Citizens.
Tenure	91 days to 3 years (Min. period for NRE Rupee Term Deposit shall be 12 months)
Deposit Amount	At least ₹2 crore and thereafter in multiples of ₹1 lakh
Premature Payment Penalty	The penalty for all tenors will be 1%. No interest shall be paid in case of premature withdrawal of deposit before 91 days.
Loan/OD Facility	Available for up to 90% of FRBTD amount. Interest rate would be 1.5% p.a. above the applicable floating interest rate.
Eligibility	All individuals (including NRIs) and non-individual customers. Minors are not eligible to open FRBTD either singly or jointly with guardian.

How to Invest in SBI FD?

You may begin investing in State Bank of India FDs through both online and physical channels, including internet banking and mobile apps. Let us first look at how to start an SBI FD online.

1. Internet Banking

A customer can easily open a SBI Bank FD account with internet banking by following these steps:

1. An exsiting SBI Bank customer just needs to log in to their SBI NetBanking account

2. Next you need to click on the ‘Term Deposits’ option beneath the ‘Deposit Scheme’ tab,

3. You also need to select the type of Fixed Deposit to be chosen and thereafter click on the ‘Proceed’ button to continue

4. All the necessary details of the deposit needs to be provided along with the nomination details.

5. The ‘Terms and Conditions’ should ne read and accepted.

6. Lastly, you need to click on the ‘Submit’ option. The SBI fixed deposit opening process is completed.

2. Mobile App

An Fixed deposit in SBI can also be opened via the SBI Mobile app:

1. Install and sign in to the SBI Yono app.

2. To proceed, select your preferred Fixed Deposits or Term Deposits option.

3. Provide all necessary information, such as nominee information and maturity instructions.

4. Review and accept the ‘Terms and Conditions’

5. Click ‘Submit’ to finish the SBI fixed deposit application process.

3. Offline FD Opening in SBI

To start an SBI Bank fixed deposit account offline, you need to go to the local SBI Bank branch, collect the SBI Bank FD application form, and submit the completely filled form together with the deposit amount. SBI bank issues an FD receipt once it has been successfully processed.

Eligibility to Open an SBI FD Account

Consumers should first determine whether they are eligible for investing in SBI Bank FDs. The following are the prerequisites for investing in SBI Bank Fixed Deposit:

1. The customer shoule be an Indian resident

2. Partnership firms

3. Public/Private Ltd Comapny

4. Societies/Trusts/HUF

5. NRI/PIO Persons of Indian Origin

Documents Required to Open State Bank of India FD

The following documents are necessary to establish an FD account with the State Bank of India:

1. SBI FD account opening form duly filled

2. Four photographs in passport size

3. Identity Proof as per KYC norms. (PAN, Aadhaar, Voter Identification Card, Passport, or Driver’s Licence)

4. Address verification in compliance with KYC regulations. (Voter Identification Card, PAN, Aadhaar, Passport, or Driver’s Licence)

5. Age Verification Proof (Birth Certificate, Graduation Certificate, or School Passing Certificate)

6. Form No. 60/61 of the Income Tax Act (for disclosure) or a Pan Card

7. Bank account information, including account number, IFSC code, and branch

Tax on SBI Fixed Deposit

The minimum deposit quantity for the “SBI Tax Savings Scheme, 2006” is Rs.1,000, with subsequent deposits required in multiples of Rs.100. The utmost allowable deposit is Rs. 1.5 lakh. This category of account carries a five-year lock-in period, with a maximum tenure of ten years. The income tax benefits associated with this account are stipulated in Section 80C of the Income Tax Act of 1961. Senior citizens are eligible to receive a 0.5 percent supplement on the prevailing interest rate. Additionally, SBI employees and retirees are eligible for a 1% premium supplement on the prevailing rate. Additionally, the bank will deduct tax at the source on the interest earned on FD accounts maintained at any branch location. TDS will be assessed at 10%. At present, it stands at 7.5%.

Loan Against SBI FD

SBI FD lets you take out a loan against your SBI fixed deposit account. SBI offers loan against FD for up to 85% of the value of your fixed deposit

Interest Rate	1% above the relative time deposit rate
Loan Amount (for online overdraft against FD)	Rs 5,000 to Rs 5 Crore
Type of Loan Facility	Term Loan and Overdraft Facility
Processing fees	Zero processing fees and prepayment penalties

Premature Closure of SBI Fixed Deposit (Fees and Penalty)

Premature withdrawals from SBI Fixed Deposit Accounts will incur a small fee.The penalty for premature withdrawal before maturity for long term deposits less than ₹5 lakh is 0.50%, while the penalty for fixed deposits above ₹5 lakh is 1%.

FAQs

1. Is it possible to open an SBI Fixed Deposit Account online?

Answer:

Yes, you can open an SBI fixed deposit online using the SBI YONO mobile app or SBI internet banking.

2. What is the fixed deposit account duration at SBI?

Answer:

Seven days is the minimum term required to open an SBI fixed deposit, while ten years is the maximum term.

3. What is SBI’s current highest FD rate?

Answer:

It is currently 7.10% for deposits with a duration of 400 days.

4. What is the smallest amount that can be held in an SBI Fixed Deposit Account?

Answer:

₹1,000 minimum deposit is required to start an SBI fixed deposit account.

5. Is there a premature withdrawal facility available with the FD opened at SBI?

Answer:

Yes, it is available but it incurs a penalty of 0.50% on deposits up to ₹5 lakh and 1% on deposits above ₹5 lakh.

6. What is the lock-in period for Tax Saving Scheme?

Answer:

The lock-in period is 5 years.

7. Does SBI offer automatic renewal for fixed deposits?

Answer:

If the customer does not provide instructions, the fixed deposit will be renewed for the same time period and interest rate.