SBI, short for State Bank of India, offers its customers multiple fixed deposit account options to park their surplus savings and enjoy attractive interest on it 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, the customer is not allowed to deposit any more money or withdraw either. SBI FD rates are quite competitive and are higher than the rates on their savings deposits.

SBI FD Interest Rates

(Last Updated 11th Jan 2021)

Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
7 days – 45 days 2.90% 3.40%
46 days – 179 days 3.90% 4.40%
180 days – 210 days 4.40% 4.90%
211 days – 364 days 4.40% 4.90%
1 year – 1 year 364 days 4.90% 5.40%
2 years – 2 years 364 days 5.10% 5.60%
3 years – 4 years 364 days 5.30% 5.80%
5 years – 10 years 5.40% 6.20%

SBI FD Interest Rates – Special Features

  • The 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 0.25% 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.
  • You can select the interest payment, viz. Monthly/ Quarterly/Calendar quarter basis as per your requirement
  • 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.

SBI Term wise Fixed Deposit Interest Rates

One of the safest ways of investing your money and earn a profit is parking your surplus amount in FDs. Depending on the tenures, these FDs are further categorized as short-term, medium-term, and long-term deposits.

Short-term Deposits: For an SBI FD with tenure ranging from 7 days to 365 days, the interest rate offered is from 4.50% p.a. to 5.80% 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 5.00% p.a. to 6.30% 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 5.80% p.a.-6.25% p.a.

Long-term Deposits: These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 6.10%. Senior citizens can avail of 6.60% p.a.a for such FDs.

Types of SBI Fixed Deposit Scheme

SBI 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 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 you 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

How to Calculate SBI Fixed Deposit Rates?

The interest you earn on your deposited amount depends on a lot of actors such as the invested amount, tenure, rate of interest, compounding frequency and taxation. One of the best ways to calculate the interest earned on your FD is using the SBI FD calculator available over the internet. It is the most hassle-free way of calculating interest. You just need to your SBI FD account details such as the investment amount, interest rate and the tenure.

State Bank of India Fixed Deposit Interest Rates – FAQs

Ques. What is the Tenure Range for SBI FD Account?

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Ans. The tenure for SBI FD ranges from 7 days to 10 years.

Ques. Is there any minimum amount required to open an FD account?

Ans. The minimum amount needed to open an FD in SBI is Rs. 1000.

Ques. How to open an FD account in SBI?

Ans. If you are an existing customer of SBI and have an active internet banking, you can just log in to your account and open one FD account. New customers can either visit the nearest SBI branch or apply on SBI’s website and get an FD account opened.

Ques. Who is eligible to invest in SBI Fixed Deposits?

Ans. 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

Ques. What is the criteria and penalty for premature withdrawals?

Ans. 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.

Ques. Can I close an SBI FD account online?

Ans. You can close an FD account online only if it is an E-term deposit or special term deposit.

Ques. What are some of the highest SBI FD interest rates 2021?

Ans. The highest interest rate offered by SBI on FD is 5.40%. Senior citizens, on the other hand, can get between an interest between 3.40% to 6.20%.

Ques. Can an extra amount be deposited into my FD account?

Ans. No, you cannot deposit more than the preset amount into your FD account.