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 .
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 |
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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 |
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 |
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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 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.