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SBI Fixed Deposit Scheme

Fixed Deposits are a preferred form of investment since they’re risk-free and offer assured returns. With SBI you can enjoy alluring SBI FD interest rates and tenors that suit your needs. They can be opened online with ease and also allow you to choose your preferred deposit amount starting at a minimum of Rs. 1,000. Moreover, you can also avail a loan against your SBI FD. An SBI FD includes a number of features and benefits that will be advantageous to secure your future.

 

SBI FD Calculator

You can calculate the amount you will be earning at the end of your chosen tenor against the rate of interest provided under the SBI FD with the SBI FD Calculator . 

Months
%
Your Total Maturity Amount is

SBI FD Interest Rates

An SBI FD has flexible tenors ranging from 7 days to 10 years, along with several features and benefits. The SBI FD rate of interest for Non-Senior Citizens range from 2.90% p.a. to 5.65% p.a., whereas for Senior Citizens the SBI FD rate of interest ranges from 3.40% p.a. to 6.45% p.a.

 

Here’s a view of the latest SBI fixed deposit rates for both Non-Senior and Senior Citizens:

Tenor

SBI FD Interest Rates for Non-Senior Citizens

SBI FD Interest Rates for Senior Citizens

7 days to 45 days

2.90%

3.40%

46 days to 179 days

3.90%

4.40%

180 days to 210 days

4.55%

5.05%

211 days to less than 1 year

4.60%

5.10%

1 year to less than 2 years

5.45%

5.95%

2 years to less than 3 years

5.50%

6.00%

3 years to less than 5 years

5.60%

6.10%

5 years to 10 years

5.65%

6.45%

Disclaimer: The aforementioned SBI Bank interest rates are valid as of 13-August-2022, for deposits of up to ₹2 Crores, and may be subject to change as per bank announcements.

SBI FD Interest Rates and Interest Earned for Different Deposit Amounts

By investing in an SBI FD, you can earn monthly returns at attractive rates. Your investments can be tailored as per your short-term and long-term financial goals and you can choose to invest the amount and tenure accordingly.

 

Here’s a table showing how the monthly payout would look like for different amounts invested for 5 years (compounded annually) in an SBI FD:

Investment Amount

Monthly Interest for Non-Senior Citizens

Monthly Interest for Senior Citizens

Cumulative interest for 5 years (Non-Senior Citizens)

Cumulative Interest for 5 years (Senior Citizens)

Rs. 50 Thousand

Rs. 235

Rs. 269

Rs. 15,814

Rs. 18,344

Rs. 1 Lakh

Rs. 471

Rs. 538

Rs. 31,628

Rs. 36,687

Rs. 5 Lakh

Rs. 2,354

Rs. 2,688

Rs. 1,58,139

Rs. 1,83,437

Rs. 10 Lakh

Rs. 4,708

Rs. 5,375

Rs. 3,16,278

Rs. 3,66,874

Rs. 15 Lakh

Rs. 7,o63

Rs. 8,063

Rs. 4,74,416

Rs. 5,50,310

Rs. 20 Lakh

Rs. 9,417

Rs. 10,750

Rs. 6,32,555

Rs. 7,33,747

Disclaimer: The aforementioned SBI FD interest rates are valid as of 13-August-2022, for deposits of up to ₹2 Crores, and may be subject to change as per bank announcements.

Features & Benefits of SBI FD

While SBI FDs are known for their stable returns, they have several other features and benefits too. The table below highlights a few of them:

Features

Benefits

Flexible tenor ranging from 7 days to 10 years

You can start a fixed deposit at any SBI branch at your convenience

 

No upper limit on the SBI FD amount

Minimum deposit amount of Rs. 1,000

Deposit of more than Rs. 2 Crores classified as bulk deposit

Estimate of returns even before investment using the SBI FD Calculator

Interest payout tailored to your needs- Quarterly, periodically or at the time of maturity.

Loan facility against SBI FD

SBI FD Interest Rates and Interest Earned for Different Deposit Amounts: Non-Senior and Senior Citizens

By investing in an SBI FD, you can earn monthly returns at attractive interest rates. You can plan your investments as per your short-term and long-term financial goals and choose to invest the amount for a tenor of your preference. The SBI FD rate of interest for senior citizens is higher than for non-senior citizens. Hence, the payouts are higher as well.

How to Book an FD in SBI

An SBI FD can be conveniently booked either online or by visiting the Bank branch and submitting the required documents physically.

 

To book an SBI FD online, follow these steps:

 

  • Go the SBI Bank website

  • Click on the ‘Deposit Schemes’ option and go to ‘Term Deposits’

  • Select ‘e-fixed deposits’

  • Choose the SBI FD type and the tenor of your preference

  • Choose the account from which the amount has to be debited

  • Enter the amount and principal value of the FD and check the box if you’re a senior citizen

  • Select the maturity instructions like auto-renewal etc., and submit the application once you’ve read the terms and conditions

Eligibility Criteria and Documents Required to Book an SBI FD

To book an SBI FD account you will have to fulfill the Eligibility Criteria and submit the documents mentioned below:

Eligibility Criteria

Documents Required

  • Indian Resident

  • Non-Indian Resident

  • Hindu Undivided Family

  • 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 such as Aadhaar card, passport, etc.

  • Address proof such as Ration card, utility bills, passport, etc.

  • Age proof such as Birth certificate, Matriculation certificate, etc.

  • Passport-size photographs

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

 

Different Types of SBI Tax Saving Schemes

SBI FDs have an added benefit when it comes to tax saving. By opting for the right scheme you can make the SBI FD rate of interest earned tax-deductible under Section 80C of the Income Tax Act. The limit for claiming this benefit is up to Rs. 1.5 Lakhs per annum. Two of the most popular SBI tax saving schemes are:

 

SBI Tax-Saving Fixed Deposit

This SBI FD scheme is customized to help you save money on tax as well as yield benefits in the form of returns on the fixed deposit.

 

The SBI FD rate of interest gets compounded and is paid at the time of maturity. The SBI FD scheme also offers you other benefits such as:

 

  • Nomination facility

  • Loan up to 90% of the deposit amount

  • An increased SBI FD interest rate of 0.50% for senior citizens

Money Multiplier Plan

Under this scheme the depositors can link their savings account with the SBI FD account. Its features include:

 

  • Loan up to 90% of the deposit amount

  • Tax benefit on deposit under Section 80c of Income Tax Act, 1961

  • An additional 0.50% on the SBI FD rate of interest for senior citizens

TDS on SBI FD

TDS will be deducted as applicable on your SBI FD, based on the amount invested and your individual income tax slab. However, you can submit Form 15G/15H for income tax exemptions and choose to pay the tax directly to the government when you file your returns.

Fixed Deposit Details for Other Banks

You can arrive at an effective decision regarding which Bank to create an FD in by comparing the Fixed Deposit Interest Rates of different banks.

 

Here are the FD interest rates of some of the top Banks in India:

Bank

Interest Rate Range for Non-Senior Citizens (p.a)

Interest Rate Range for Senior Citizens (p.a)

SBI

2.90% to 5.65%

3.40% to 6.45%

Kotak Mahindra Bank

2.50% to 5.90%

3.00% to 6.40%

Canara Bank

2.90% to 6.00%

2.90% to 6.50%

IDBI Bank

2.70% to 5.75%

3.20% to 6.50%

IDFC Bank

3.50% to 6.90%

4.00% to 7.40%

Axis Bank

2.50% to 6.05%

2.50% to 6.80%

Punjab National Bank

3.00% to 6.10%

3.50% to 6.60%

HDFC Bank

2.75% to 6.10%

3.25% to 6.60%

Bank of Baroda

3.00% to 5.50%

3.50% to 6.50%

The aforementioned interest rates are valid as of August 2022, for deposits of up to Rs. 2 crore, and may be subject to change as per bank announcements.

FAQs

  • ✔️Does SBI FD provide a premature withdrawal facility?

    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 opt for online net banking to initiate a premature withdrawal.

  • ✔️Can the tenor of an SBI FD be extended?

    To extend the duration of an SBI FD you can raise an online request for renewal or visit the nearest branch office. You can opt to extend or renew the total matured amount or just the principal and get the matured interest directly in your account.

  • ✔️Can I get a loan against my SBI FD?

    Yes, you can pledge your SBI FD to get a loan of up to 90% of the maturity amount. 

  • ✔️What is the process of FD amount payment in case of death of the account holder?

    SBI FD has a nomination facility. On the account of death of the primary holder, the nominees get the payout based on the percentage declared by the original account holder.

  • ✔️How can I calculate the total interest and maturity amount of my SBI FD?

    You can use the SBI FD Calculator to calculate the total interest and maturity amount of your SBI FD. 

  • ✔️What are the common types of forms for an SBI FD Account?

    The SBI FD 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.

  • ✔️What are the SBI schemes for tax exemption?

    An SBI FD, if opened for a minimum tenor of 5 years, can give you a tax benefit of Rs. 1.5 Lakhs under Section 80C of the Income Tax Act. The minimum SBI FD amount in this case, needs to be Rs.1,000.

  • ✔️Is TDS deducted on SBI FD?

    Yes, by default TDS will be deducted on your SBI FD. However, by submitting forms 15 G / H you can avoid this deduction.

  • ✔️How to claim a TDS refund on a SBI FD online?

    TDS refunds (in case of additional or incorrect amount 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.

  • ✔️What is the time period of the TDS refund?

    The refund processing and payout can take approximately 3 to 6 months before it is credited to your bank account.

  • ✔️Is there any nomination facility under SBI FD account?

    Yes, you can add a nominee to your SBI FD. This can be done through your netbanking account, or the SBI YONO app, or by visiting the branch and submitting a physical form.

  • ✔️Is there a loan facility under SBI FD Account?

    Yes, you can avail a loan for up to 90% of the amount held in your SBI FD account.

  • ✔️Is there any credit card facility under SBI FD scheme?

    Yes, indeed. If you already have an SBI FD then it is very simple to get a credit card against it, by simply providing an identity proof. You can achieve this by visiting the nearest branch.