SBI Bank Fixed Deposit (FD) Interest Rates 2023

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SBI FD Interest Rates for Senior Citizens & Non-Senior Citizens

Depending on factors such as your age and the tenor you choose, the SBI FD rates may vary. For instance, the FD interest rates start from 3.00% per annum and go all the way up to 7.00% per annum. And if you’re an individual above the age of 60, you get an additional 0.50% above the regular rates. This additional rate is over and above the base rate applicable for the tenor of your choice.

The below-mentioned table outlines the different SBI Fixed Deposit rates across tenors -

Tenor	Non- Senior Citizen	Senior Citizen
7 days to 45 days	3.00% p.a.	3.50% p.a.
46 days to 179 days	4.50% p.a.	5.00% p.a.
180 days to 210 days	5.25% p.a.	5.75% p.a.
211 days to less than 1 year	5.75% p.a.	6.25% p.a.
1 year to less than 2 years	6.80% p.a.	7.30% p.a.
2 years to less than 3 years	7.00% p.a.	7.50% p.a.
3 years to less than 5 years	6.50% p.a.	7.00% p.a.
5 years and up to 10 years	6.50% p.a.	7.50% p.a.

Note: The above-mentioned rates are effective as of February 15, 2023 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time at the bank’s discretion .

SBI Fixed Deposit Calculator

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Features and Benefits of SBI Fixed Deposit

Flexible Tenors

Enjoy flexible tenors ranging from as low as 7 days to as high as 10 years.

Low Minimum Deposit

Open a SBI FD online with a minimum deposit amount of just ₹1,000.

Easy and Hassle-Free FD Account Opening Process

Open an FD account with SBI through the Internet Banking portal or by visiting any of the nearest branches.

Interest Payout

Option to receive the interest on your fixed deposit either on a monthly, quarterly, semi-annual or annual basis

Quick and Easy Estimation of Returns

Use the SBI FD Calculator to determine the returns you could earn on your FD over a specific tenor

Loan Against FD

Avail a loan against your FD of up to 90% of the FD maturity amount

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

The fixed deposit interest rate offered by SBI varies based on the investment tenor you choose. The table below shows you these details of the interest and the maturity amount you could earn on an investment of ₹1 Lakh.

Tenor	Non-Senior Citizen			Senior Citizen
Tenor	Interest Rate	Interest Earned	Maturity Amount	Interest Rate	Interest Earned	Maturity Amount
1 year	6.80%	₹6,975	₹1,06,975	7.30%	₹7,502	₹1,07,502
2 years	7.00%	₹14,888	₹1,14,888	7.50%	₹16,022	₹1,16,022
3 years	6.50%	₹21,340	₹1,21,340	7.00%	₹23,143	₹1,23,143
4 years	6.50%	₹29,422	₹1,29,422	7.00%	₹31,992	₹1,31,992
5 years	6.50%	₹38,041	₹1,38,041	7.50%	₹44,994	₹1,44,994

Types of SBI Fixed Deposit Schemes

There are various types of SBI FD schemes that you can choose from, these include:

Regular FD Scheme

Deposit your funds in the account and earn returns over a period of time at a set rate of interest
Senior citizens earn an additional rate over the regular interest rates

SBI Tax Saving Scheme

Individuals and HUFs can save on taxes under Section 80C of the Income Tax Act, 1961
Eligible for tax benefits of up to ₹1.5 Lakhs, thereby helping you gain more returns

Reinvestment Plan

Receive interest on the FD maturity
Auto-renewal option available in case you wish to re-invest your funds for even higher returns

SBI Multi Option Deposit Scheme

FD account linked with your savings or current account
Funds can be withdrawn in multiples of ₹1,000
Interest earned will be paid upon maturity

Money Multiplier Plan

Link your FD account with your savings account and earn higher interest rate accordingly
Option to avail a loan against FD

Flexi Deposit Scheme

Make deposits at any point of time during a month rather than a single lump sum amount
It also features various deposit facilities as part of its offerings.

Amrit Kalash FD Scheme

Special FD scheme that features a tenor of 400 days
Offers an interest rate of 7.10% p.a. for regular individuals and 7.60% p.a. for senior citizens
The interest is paid at monthly/quarterly/half-yearly intervals

TDS Implications on SBI Fixed Deposit

Here are the different TDS implications on SBI’s fixed deposits:

The interest earned from FDs, including tax-saver ones, is taxable as per your income tax bracket
TDS of 10% applicable for resident Indians on interest earned above ₹40,000 for regular citizens
For senior citizens, the threshold limit for TDS stands at ₹50,000
In case, you fail to submit your PAN details, the applicable TDS rate is 20%
Investors can be eligible for tax deductions up to ₹1.5 Lakhs under Section 80C of the Income tax Act, 1961, on depositing funds in an SBI tax saving FD

Fixed Deposit Rates for Other Banks
Axis Bank FD Rates	PNB FD Interest Rates	Union Bank FD Rates
HDFC FD Interest Rates	Indusind Bank FD Rates	Bank of Baroda Fixed Deposit Interest Rate
ICICI Bank FD Rates	Canara Bank FD Rates	Bandhan Bank FD Rates
Kotak Bank FD Rates	Bank of India FD Rates	Karnataka Bank FD Interest Rates
IDFC First Bank FD Rates	RBL FD Rates	UCO Bank FD Rates
Indian Bank FD Rates	Federal Bank FD Rates	Central Bank FD Interest Rate
IDBI FD Interest Rates	Punjab and Sind Bank FD Rates	DCB Bank FD Rates
Bank of Maharashtra FD Rates	KVB FD Interest Rates	Utkarsh Small Finance Bank FD Rates
IOB FD Interest Rates	Ujjivan Bank FD Rates	Saraswat Bank FD Rates
AU Bank FD Rates	YES Bank FD Rates	-

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.

Latest FD News

SBI and HDFC Bank to Discontinue Special FD Schemes, Effective From 31st March, 2023

HDFC Bank had earlier introduced a special scheme for senior citizens called the “Senior Citizen Care FD” in May, 2020. This scheme was extended numerous times and is valid until 31st March, 2023, after which it will be discontinued. Also, senior citizens could enjoy an interest rate of 7.75% p.a. on fixed deposits with a tenor between 5 years 1 day to10 years. This was 75 bps or 0.75% higher than the standard interest rate.

In the same line, SBI had also introduced a ‘400 days’ special scheme known as Amrit Kalash. The scheme offered an interest rate of 7.10% p.a for general citizens and 7.60% p.a for senior citizens. However, the scheme will cease to exist with effect from 31st March, 2023.

- April 10, 2023

SBI Launches Amrit Kalash Fixed deposit Scheme

The public sector bank, State Bank of India, launched the Amrit Kalash Fixed Deposit scheme, a limited-period FD scheme that offers 7.6% p.a. interest rate to senior citizens. The scheme is available for fresh deposits as well as renewal of maturing fixed deposits. This particular FD scheme is available till the 31st of March, 2023. The bank also offers 7.5% p.a to senior citizens on fixed deposits below Rs.2 crores for tenors of 2 to 3 years and 5 to 10 years.

- Mar 01 , 2023

State Bank Of India Raises Interest Rates On Fixed Deposits By 65 Bps

SBI has raised the interest rates on some fixed deposits (FDs) by up to 65 bps with effect from 13 December 2022. This increased rate of interest would apply to FDs of up to Rs.2 crores. The revised interest rate is applicable to new as well as renewal of old deposits. The bank also offers senior citizens an additional 50 basis points interest rate across all tenors. After the latest revision, senior citizens will get 3.5% to 7.25% on fixed deposits that mature in 7 days to 10 years. The bank last hiked its interest rates on fixed deposits across all tenors by up to 80 bps on 22 October 2022.

- Dec 13 , 2022

Top FD Pages

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Monthly Interest on FD

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 an 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 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 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.

The maximum fixed deposit interest rate SBI offers a resident non-senior individual is 7.00% per annum for a tenor between 2 years to less than 3 years. In the case of senior citizens, the highest FD interest rate offered is 7.50% per annum for a tenor ranging from 5 years to 10 years. Note: The SBI FD interest rates mentioned above are with effect from February 15, 2023 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.