SBI Fixed Deposit (FD) Interest Rates

SBI fixed deposit rates start from around 3.00% to 6.50% for general citizens and 4.00% to 7.50% for senior citizens. SBI's Fixed Deposit offers stable and guaranteed returns (It's important to note that these rates are subject to change and can vary based on the prevailing market conditions and SBI's policies). There are different fixed deposit options including SBI tax Saving FD where investors can place their extra savings and earn attractive interest over a chosen period.

To open an FD account, depositors just need to invest an amount and select a suitable tenure. No additional deposits or withdrawals are allowed during the chosen tenure for stability.

SBI FD Rates Below 2 Crores

The following table displays the interest rates applicable to various FD tenures for deposits below Rs. 2 crores.

SBI Term Deposit Rates Above 2 Crores

The following table displays the interest rates applicable to various FD tenures for deposits above Rs. 2 crore.

Want to calculate your SBI FD interest rates and maturity amount? It is good practice to get an estimate of your potential gains from an investment. You can easily calculate your returns using the SBI FD Calculator.

Features and Benefits of SBI Fixed Deposit

SBI Fixed Deposits offer great advantages to customers, helping them save and increase their extra money easily. Here the some of the major features and benefits of SBI Fixed Deposit.

• Flexible Tenures: SBI Fixed Deposits offer a diverse range of tenures, spanning from a short 7 days to a long-term commitment of 10 years, allowing investors to align their investments with specific financial goals.
• Accessible Entry: With a minimum deposit of Rs. 1000, SBI Fixed Deposits ensure that even modest investors can participate. Furthermore, there is no cap on the maximum deposit, providing flexibility for larger investments.
• Tax Deduction Source: SBI adheres to tax regulations by deducting TDS at the prevailing rate if Form 15G/15H is not submitted, ensuring compliance and transparency in tax deductions on interest income.
• Senior Citizen Advantage: Senior citizens are entitled to an extra 0.50% interest rate on SBI FDs for amounts exceeding Rs. 10,000, providing them with an enhanced yield on their investments.
• Nomination Facility: SBI acknowledges the importance of financial planning and family welfare by offering a convenient nomination facility. Depositors can nominate family members or spouses to collect the maturity amount in case of unforeseen circumstances seamlessly.
• Loan Against FD: SBI Fixed Depositors have the additional advantage of availing loans against their deposits, providing them with liquidity without compromising the growth of their investment.
• Auto-renewal Convenience: The Auto-renewal feature simplifies the FD renewal process, ensuring continuity in earnings for depositors who wish to extend their investment period.

SBI FD Account Eligibility

Before proceeding with an investment in SBI Bank Fixed Deposit, investors must assess their eligibility. The criteria for investing in SBI Bank Fixed Deposit are as follows:

• Single Account Holder: Resident individuals who hold sole ownership of the account.
• Joint Account Holder: Two Indian residents can own a joint account.
• Minors: Minors can invest with the consent of their parents or guardians, either jointly or individually.
• HUF Karta: The Karta of Hindu Undivided Families (HUFs) is eligible to open and manage Fixed Deposit accounts.
• Firms and Companies: Both firms and companies can make investments in SBI Fixed Deposits.
• Local Bodies and Government Departments: Local bodies and various government departments are also eligible to engage in Fixed Deposit investments with SBI.
• NRIs and PIOs: Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are also eligible to open an SBI FD account.

Documents Required To Open State Bank of India FD

It's important to note that the exact documentation requirements may vary based on the specific policies of SBI and local regulations. However, to open an FD with the State Bank of India, you'll need the following documents:

1. Duly filled SBI FD form completely.
2. Passport-size photographs.
3. Identity Proof by KYC norms, such as PAN, Aadhaar, Voter ID Card, Driving License, or Passport.
4. Address Proof following KYC norms, including PAN, Aadhaar, Voter ID Card, Passport, or Driving License.
5. Proof of Age, such as a Birth Certificate or Graduation/School Passing Certificate.
6. PAN Card or Form No. 60 or 61 under the Income Tax Act for declaration.
7. Bank account details, including account number, IFSC code, and branch.

Premature Closure of SBI Fixed Deposit

Premature closure of an SBI fixed deposit refers to the process of withdrawing funds from the fixed deposit account before the completion of the agreed-upon maturity period. Although fixed Deposits have low liquidity, there are provisions to close an SBI FD prematurely. Here are some important points to keep in mind before opting for premature closure of SBI FD.

• SBI Fixed Deposit Account holders may face a nominal fee for premature withdrawals.
• The penalty structure varies for long-term deposits:
• For deposits below Rs. 5 lakh, the premature withdrawal penalty is 0.50%.
• Deposits exceeding Rs. 5 lakh incur a higher penalty of 1% if withdrawn before maturity.

Disclaimer: The specific terms and conditions regarding premature closure, including any penalties or restrictions, are determined by SBI and may vary based on the type of fixed deposit and prevailing regulations.

Types of SBI Fixed Deposits

These diverse schemes cater to varying financial needs, offering unique features and benefits based on investors' preferences.

• Fixed Deposit: Deposit a lump sum with flexible interest payout options, guaranteed returns, liquidity, and premature withdrawal. Tenure ranges from 7 days to 10 years, with a minimum deposit of Rs. 1,000. Senior citizens earn an additional 0.25% interest for deposits above Rs. 10,000.
• Annuity Deposit Scheme: Deposit a lump sum and receive it in equated monthly installments (EMIs) with interest compounded quarterly. Periods of deposit include 36, 60, 84, and 120 months, ensuring a minimum monthly annuity of Rs. 1,000 for the chosen tenure, and a minimum deposit of Rs. 25,000.
• Money Multiplier Plan: Link your fixed deposit to your savings account for a higher interest rate. Enjoy loan and nomination facilities, with interest paid only at maturity. Senior citizens receive an extra 0.50% interest, and eligibility extends to resident Indians, organizations, HUFs, trusts, and partnership firms.
• Multi Option Deposit: Linked to your savings/current account, this FD scheme allows withdrawals in units of Rs. 1,000. The balance continues to earn interest at the initial rate, with tenure options from 1 to 5 years. The minimum deposit is Rs. 10,000.
• Motor Accident Claims Annuity (Term) Deposit Account (MACAD): Dedicated to crediting court/tribunal-awarded compensation for motor accident victims/claimants. Monthly annuity instalments, comprising part principal and interest, start at a minimum of Rs. 1,000. Tenure ranges from 36 months to 18 years as determined by the court/tribunal.
• Reinvestment Plan: Interest earned is paid out only on maturity, allowing for principal and compound interest accumulation. Tenure ranges from 6 months to 10 years, with bulk deposits of Rs. 1 crore and above considered.
• SBI Amrit Kalash Deposit: The Amrit Kalash FD Scheme by SBI offers a distinctive 400-day tenure with deposits under Rs. 2 crores. Open to residents and NRIs, this scheme encompasses various deposit types, including Domestic Retail and NRI Rupee Term Deposits.