** 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.
Tenor |
SBI FD Interest Rates for Non-Senior Citizens |
SBI FD Interest Rates for Senior Citizen |
7 days to 45 days |
3.00% per annum |
3.50% per annum |
46 days to 179 days |
4.50% per annum |
5.00% per annum |
180 days to 210 days |
5.25% per annum |
5.75% per annum |
211 days to less than 1 year |
5.75% per annum |
6.25% per annum |
1 year to less than 2 years |
6.80% per annum |
7.30% per annum |
2 years to less than 3 years |
7.00% per annum |
7.50% per annum |
3 years to less than 5 years |
6.50% per annum |
7.00% per annum |
5 years and up to 10 years |
6.50% per annum |
7.50% per annum |
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.
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.
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.
You can open an SBI online FD by making a small investment of just ₹1,000.
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.
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.
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.
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.
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.
Tenor |
Non-Senior Citizen |
Senior Citizen |
||||
Interest Rate |
Interest Earned |
Maturity Amount |
Interest Rate |
Interest Earned |
Maturity Amount |
|
1 year |
6.80% |
Rs.6,975 |
Rs.1,06,975 |
7.30% |
Rs.7,502 |
Rs.1,07,502 |
2 years |
7.00% |
Rs.14,888 |
Rs.1,14,888 |
7.50% |
Rs.16,022 |
Rs.1,16,022 |
3 years |
6.50% |
Rs.21,341 |
Rs.1,21,341 |
7.00% |
Rs.23,144 |
Rs.1,23,144 |
4 years |
6.50% |
Rs.29,422 |
Rs.1,29,422 |
7.00% |
Rs.31,993 |
Rs.1,31,993 |
5 years |
6.50% |
Rs.38,042 |
Rs.1,38,042 |
7.50% |
Rs.44,995 |
Rs.1,44,995 |
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.
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Maturity amount = P (1 + r/n)^nt |
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.
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Yes, SBI FD provides a premature withdrawal facility. However, it charges a penalty of 0.50-1% on premature FD withdrawal. You can either visit the nearby branch or log into your online net banking portal to initiate a premature withdrawal.
No. You cannot extend the tenor of a State Bank of India fixed deposit. However, you can opt for automatic renewal which will renew the deposit upon maturity for the same tenor. You can renew your deposit by visiting the nearest SBI bank branch or by logging into your netbanking portal.
Yes, you can pledge your SBI bank FD to get a loan of up to 90% of the maturity amount.
You can use the SBI FD calculator to determine the total interest and maturity amount of your fixed deposit with the bank.
The SBI fixed deposit opening form is the standard form that you need to submit while opening a SBI FD account. It can either be filled online or submitted physically to your home branch. Moreover, there are forms 15G and 15H, which are required to be submitted once to avoid any TDS deduction from your interest amount.
An SBI tax-saving FD with a minimum tenor of 5 years can provide you a tax benefit of ₹1.5 Lakhs under Section 80C of the Income Tax Act. That said, the minimum deposit amount in this case would have to be at least ₹1,000.
Yes, by default, TDS will be deducted on your SBI fixed deposit if the interest exceeds ₹40,000 (or ₹50,000 if you are a senior citizen). However, by submitting forms 15G or 15H, you can avoid this deduction.
TDS refunds, in case an additional or incorrect amount has been deducted, can be claimed while filing the IT returns with the government. The refund process can be understood in detail by visiting the Income Tax website.
Yes, you can add a nominee to your State Bank of India fixed deposit account. It can be done through your netbanking account, the SBI YONO app or by visiting the branch and submitting a physical form.
Yes, you can avail a loan for up to 90% of the amount held in your SBI fixed deposit account.
Yes, indeed. If you already have an SBI FD, it is very simple to get a credit card against it. All that you need to do is provide an identity proof and submit a credit card application form at the nearest bank branch.
The shortest tenor that you can opt for when opening a fixed deposit account with SBI is 7 days. However, keep in mind that the FD interest rates SBI offers on such short tenors tend to be very low.
The maximum fixed deposit interest rate SBI offers a resident non-senior individual can get is 6.25% per annum for a tenor between 2 years to less than 3 years. In the case of senior citizens, the highest FD interest rate SBI offers is 6.90% per annum for a tenor ranging from 5 years to 10 years.
Note: The SBI FD interest rates mentioned above are with effect from October 22, 2022 and may be changed from time to time depending on the bank’s policies.
Yes. State Bank of India offers the auto renewal feature on all its fixed deposit plans. You can opt for this facility at the time of creating an FD itself.