SBI Bank FD

** Disclaimer: State Bank of India has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

State Bank of India, one of the premier public sector banks in the country, offers several low-risk fixed deposit plans with assured returns. Also, the SBI fixed deposit interest rates tend to be very attractive, making them one of the best investment options in India right now. 

Depending on factors such as the tenor of the fixed deposit plan and your age, the SBI FD rates may vary. For instance, the SBI FD interest rates start from 3.00% per annum and go all the way up to 6.50% per annum. And if you’re an individual above the age of 60, you get an additional SBI senior citizen interest rate of 0.50% per annum over and above the base rate applicable for the tenor of your choice. 

 As a prospective investor, it is crucial for you to get to know the prevailing SBI FD interest rates. This will allow you to make a more informed investment decision. So, here’s a table clearly outlining the different SBI FD rates for various tenors including SBI senior citizen FD rates. 

Note: The above SBI interest rates are with effect from February 15, 2023 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. They are subject to change from time to time depending on the bank’s policies.

Features and Benefits of SBI Fixed Deposit

In addition to the attractive SBI FD rates, you also get to enjoy a host of other benefits and features by opening a fixed deposit with the bank. Let’s take a quick look at some of the more important ones. 

• Flexible Tenors

With an SBI fixed deposit, you get to enjoy flexible tenors ranging from as low as 7 days to as high as 10 years. Depending on the tenor of your choice, the SBI FD rate of interest applicable to you will vary. 

• Low Minimum Deposit 

You can open an SBI online FD by making a small investment of just ₹1,000. 

• Easy and Hassle-Free FD Account Opening Process 

You can quickly open an SBI bank FD account with SBI through the Internet Banking portal or by visiting any of the nearest bank branches. 

• Interest Payout

At the time of FD account opening, you can choose to receive the interest on your fixed deposit either on a monthly, quarterly, semi-annual or annual basis. 

• Quick and Easy Estimation of Returns

You can get to know just how much of a return you’re likely to earn even before you make the investment using the SBI FD calculator. 

• Loan Against FD 

In the case of an urgent fund requirement, you can avail a loan against your FD. Using this feature, you can get up to 90% of the FD maturity amount as a loan.

SBI FD Interest Rates for Senior Citizens and Others for up to 5 Years

The fixed deposit interest rate SBI offers varies based on the investment tenor you choose. Furthermore, as shown in the table earlier, senior citizens enjoy higher FD rates. If you are planning to invest in a fixed deposit plan offered by the State Bank of India, you will perhaps want to know more about how the SBI interest rates, the interest amount and the maturity value change with the tenor. The table below shows you these details for an investment of ₹1 Lakh.

Eligibility Criteria and Documents Required To Open an FD in SBI 

To be able to open an FD account with SBI, you should first satisfy the eligibility criteria set by the bank. Also, as part of the application process, you will be required to submit a list of documents as well. Here’s an overview of the eligibility criteria and documents required for a State Bank of India fixed deposit. 

Eligibility Criteria

The following list of individuals and entities are eligible to open an SBI fixed deposit account. 

• Resident Indian individuals

• Non-Resident Indian individuals

• Hindu Undivided Families (HUFs)

• Sole proprietorship firms

• Limited companies

• Partnership firms

• Trust accounts

Documents required

• PAN card or a declaration in Form Number 60/61, according to the Income Tax Act

• Photo ID proof - Aadhaar card, passport, driving licence, voter’s ID, etc.

• Address proof - Ration card, utility bills, passport, driving licence, Aadhaar, etc.

• Age proof - Birth certificate, Matriculation certificate, etc.

• Passport- size photographs

• Bank account details, in case you have an existing account with SBI

How to Open an FD in SBI 

There are two different ways through which you can open a State Bank of India FD - via the internet banking portal or via a bank branch. The process that you would have to follow for both of these ways have been outlined below. 

1. Via Internet Banking 

All that you need to do to create an SBI online FD via internet banking is to follow the steps outlined below. 

• Step 1: Visit the internet banking portal of SBI. 

• Step 2: Log into your account by entering your user credentials. 

• Step 3: Click on the ‘Deposit Schemes’ tab and then on ‘Term Deposits’. 

• Step 4: Click on ‘e-fixed deposit’. 

• Step 5: Select the type of FD you wish to create and the tenor. 

• Step 6: Select the account from which you wish to debit the funds for the FD from. 

• Step 7: Enter the amount of investment. If you’re eligible for the special SBI FD rates for senior citizens, make sure to click the relevant check box under this field before proceeding. 

• Step 8: If you wish to receive interest payouts periodically, select the frequency. 

• Step 9: Select auto-renewal if you wish to automatically renew your fixed deposit. 

• Step 10: Submit the application. 

2. Via a Bank Branch 

On the other hand, if you’re someone who doesn't have internet banking or prefers to apply for the SBI FD offline, here’s what you would have to do. 

• Step 1: Visit an SBI bank branch near you. 

• Step 2: Request for an FD account opening form. 

• Step 3: Carefully fill the form and affix your signature in the relevant areas. 

• Step 4: Submit the form along with all the relevant supporting documents to the bank official. 

• Step 5: Make the payment. 

Now, whether you’re planning on opening an SBI FD online or offline, remember to check out the prevailing SBI interest rates first since they’re subject to change from time to time. Also, it might be a good idea to use an SBI FD calculator to estimate the amount of returns that you’re likely to get from your investment before proceeding. 

How to Use the SBI Fixed Deposit Calculator?

Using the SBI FD calculator to get an estimate of the amount of returns that you’re likely to get on your investment is easy. All that you need to do is follow the steps given below. 

• Step 1: Enter the Investment Amount 

The first field that you would need to fill in the SBI FD calculator is the investment amount. It is the amount that you wish to deposit. 

• Step 2: Enter the FD Tenor 

Next, specify the tenor of the FD in the SBI FD calculator. The tenor is the period of time for which you would like to invest. State Bank of India’s fixed deposit tenor starts from a minimum of 7 days and goes all the way up to 10 years. 

• Step 3: Enter the Applicable SBI FD rate of interest 

The SBI FD rate of interest varies depending on factors like the tenor and the amount of investment among other things. So, make sure to enter the interest rate that’s applicable to you in the relevant field of the SBI FD calculator. 

• Step 4: Select the Investor Category

The SBI FD calculator has a field where you get to choose whether you’re a senior citizen or not. If you’re a senior citizen, SBI fixed deposit interest rates will vary since you will be eligible for an additional rate of 0.50% per annum over and above the base rate. 

• Step 5: Submit the Details 

Once you’ve entered all the details in the SBI FD calculator, simply click on the ‘Calculate’ button. The maturity amount that you will earn on your FD amount will be displayed instantly. 

How is the SBI FD Maturity Amount Calculated?

You can calculate the maturity amount of a fixed deposit through the use of a simple mathematical formula. Here’s a quick look at the formula that’s used to determine the FD maturity amount. 

Here, P is the amount of investment, r is the SBI FD rate of interest, n is the number of times the interest is compounded during a year and t is the tenor of the investment (in years).

Now, let’s take a look at an example to better understand how the maturity amount is calculated using this formula. Assume that you invest ₹5 Lakhs in a fixed deposit with SBI for a period of 5 years. Since you’re a non-senior citizen, the prevailing SBI FD rate of interest would be 6.50% per annum and the interest is compounded on a quarterly basis. 

By entering these details in the formula specified above, you would get the maturity amount for your fixed deposit. 

Maturity Amount: 

= ₹5,00,000 x (1 + 0.0650/4)^4x5

= ₹5,00,000 x (1 + 0.01625)^20

= ₹5,00,000 x (1.01625)^20

= ₹5,00,000 x (1.38041977486)

= ₹6,90,209

So, if you invest ₹5 Lakhs in a fixed deposit with SBI for a period of 5 years, you would get ₹6,90,209 back on maturity. 

Now, although you can determine the maturity amount manually by using this formula, it is highly recommended that you use an SBI fixed deposit interest rate calculator. This way, you can not only ensure that the results are accurate, but also save a lot of time and effort.

With this, you must now have gotten a good grasp of what the prevailing SBI FD interest rates are and the benefits of investing in an SBI FD. That said, if you’re planning on starting a fixed deposit account with the bank, make sure to first use an SBI FD interest rate calculator. Doing so can help you plan your investments in a much better manner by estimating the returns on your investment.

Disclaimer : The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort. The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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