SBI Bank FD Interest Rates 2022 - Check Latest Interest Rate Upto 5.40%

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SBI BankFixed Deposit
2.90% - 5.40%
Interest rates
3 Months - 10 Years
Time Period
1000 - No Limit
Min. - Max amount
QUARTERLY
Compounding
About SBI BankSBI, short for State Bank of India, is the largest Indian bank with a customer base of about 42 crores. It is headquartered in Mumbai and offers its customers a variety of products and services including savings accounts, fixed deposits, loans, and credit cards. Customers can park their surplus savings in multiple fixed deposit account options and enjoy attractive interest on them over a certain period. The depositor just needs to deposit the amount at the time of opening the account and choose a tenure that seems feasible to them. During the ongoing tenure, customers are not allowed to deposit any more money or withdraw either.
The FDs provided by SBI have been rated as FAAA/Stable by CRISIL. This implies that the FD offered by SBI is stable, and generates guaranteed and timely returns.
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Started On1952
Head QuartersMumbai
CRISIL RatingFAAA
CEODinesh Kumar khara
Listed on exchange asState Bank of India
ICRA RatingMAAA
Latest SBI Bank Interest RatesTenureRegular customersSenior citizens
Features & Benefits of SBI BankThe SBI FD tenures range from 7 days to 10 years
The minimum deposit amount needed to open an FD in SBI is Rs. 1000, however, there is no limit on the maximum deposit
Senior citizens can avail of a 0.50% extra interest rate for an amount exceeding Rs. 10,000
SBI provides a nomination facility so that the depositor can nominate his/her family members or spouse to collect the maturity amount.
Auto-renewal facility is available on the deposit
Loan against FD facility is also available
TDS is deducted at the prevalent rate at source if Form 15G/15H is not submitted.
Types of SBI Bank SchemesSBI Tax Saving Scheme
As the name suggests, this scheme is specially designed for resident individuals and HUFs to save on the tax and can make substantial returns on their fixed deposit.
The depositor can enjoy tax benefits on their deposit under Section 80C of the Income Tax Act, 1961
Nomination facility is available
Loans up to 90% can be taken against the FD
Senior citizens can avail of 0.50% extra interest over regular rates
Resident Indians and Karta for a HUF can open this account if they have a valid PAN number
Reinvestment Plan
Under this scheme, the SBI FD interest is paid only upon maturity
Nomination and loan facility is available
Auto-renewal facility is available on the deposit
Senior Citizens get 0.50% extra rates over regular rates
Resident Indians aged 18 years and above are allowed
SBI Multi Option Deposit Scheme
This account is linked to the savings or current account from which one can withdraw multiples of Rs. 1000 account
Interest is paid only upon maturity
Nomination and loan facility of up to 90% on the deposit is available
You can withdraw funds from this account as per your need
The withdrawals should be in multiples of Rs. 1000
Resident and Non-Resident Indians, HUFs and organizations are eligible
Money Multiplier Plan
This plan enables the depositor to link a fixed deposit account to their savings account, hence giving a higher rate of interest.
Loan and nomination facility available
Interest is paid only at the time of maturity
Senior citizens can avail of 0.50% extra interest rates over regular rates
Resident Indians, organizations, HUFS, trust and partnership firms are eligible
Regular Fixed Deposit
Under this scheme, the depositor can make an investment into the deposit to earn higher returns
Interest is paid only upon maturity
Nomination facility is available
The extra interest of 0.50% is available for senior citizens
Auto-renewal facility is available
Flexi Deposit Scheme
This scheme is more like recurring deposits in which the depositor can make deposits anytime during a month instead of a single fixed deposit
One can make deposits anytime during a month and multiple deposits facilities also available
Loan and nomination facility available
Extra 0.50% interest rate available to senior citizens
Term-wise interest ratesShort-term Deposits
For an SBI FD with tenure ranging from 7 days to 365 days, the interest rate offered is from 2.90% p.a. to 4.90% p.a. These deposits are known as short term deposits as they have a tenure less than 1 year. For senior citizens, short term SBI FD rates range from 3.40% p.a. to 5.40% p.a.
Medium-term Deposits
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 4.90% p.a.-5.30% p.a.
Long-term Deposits
These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 5.40%. Senior citizens can avail of 6.20% p.a.a for such FDs.
Comparison of FD RatesNameTenureInterest rate
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5
FAQsWhat is the Tenure Range for SBI FD Account?
The tenure for SBI FD ranges from 7 days to 10 years.
Who is eligible to invest in SBI Fixed Deposits?
Individuals and groups that are eligible to invest in SBI FDs:
Resident citizens
NRIs with NRE or NRO account
NRIs with NRE or NRO account
Partnership firms
Hindu undivided family (HUF) members
Societies, agencies, and clubs
What is the criteria and penalty for premature withdrawals?
You can withdraw the FD amount before maturity. The premature withdrawal penalty depends on the invested amount you have invested. For deposits, less than Rs. 5 lakh, the penalty is a 0.50% deduction on the interest rate.
In case the deposit is greater than Rs. 5 lakh, the deduction will be charged at 1%. This is applicable for deposits of all tenures.
Can I close an SBI FD account online?
You can close an FD account online only if it is an E-term deposit or special term deposit.
What are some of the highest SBI FD interest rates in 2021?
The highest interest rate offered by SBI on FD is 5.40%. Senior citizens, on the other hand, can get an interest between 3.40% to 6.20%.
Can an extra amount be deposited into my FD account?
No, you cannot deposit more than the preset amount into your FD account.

Calculate SBI Bank FD Interest

Investment Amount

₹25,000.00

Time Period

9 Months

1 Year

2 Years

3 Years

Maturity Amount

SBI Bank

₹

@5% p.a

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online upto 0%

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CEO	Dinesh Kumar khara
Listed on exchange as	State Bank of India
ICRA Rating	MAAA