State Bank Of India Fixed Deposit Interest Rates (as on 17 Oct 2018)

SBI FD Interest Rate (Below Rs. 1 crore) w.e.f. 30.07.2018

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.406.90
1 year to less than 2 year6.707.20
2 years to less than 3 years6.757.25
3 years to less than 5 years6.807.30
5 years and up to 10 years6.857.35

SBI FD Interest Rate (Rs.1 Crore to Rs. 10 Crores) w.e.f. 30.07.2018

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a. (%)
(Senior Citizen)
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.406.90
1 year to less than 2 years6.707.20
2 years to less than 3 years6.757.25
3 years to less than 5 years6.807.30
5 years and up to 10 years6.857.35

SBI FD Interest Rate (Above Rs. 10 Crores) w.e.f. 30.07.2018

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.406.90
1 year to less than 2 years6.707.20
2 years to less than 3 years6.757.25
3 years to less than 5 years6.807.30
5 years and up to 10 years6.857.35

State Bank of India (SBI) Fixed Deposit

State Bank of India (SBI) has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits.

It is very easy to open an SBI FD either online through its website or by visiting its nearby branch.

Features & Benefits: State Bank of India (SBI) Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest SBI branch.
  • Minimum Amount of FD: Rs 1000 and then in multiples of Rs 100 thereafter.
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

State Bank of India (SBI) FD Calculator

 

Eligibility for SBI Fixed Deposit

Any individual, Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust, NRI and registered society can invest in fixed deposits (FD).

Documents Required for SBI Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of State Bank of India (SBI) Fixed Deposit

  1. SBI Regular Fixed Deposit: It is a regular and most demanding FD scheme. Its tenure ranges from as low as 7 days to maximum of 10 years. Minimum amount of fixed deposit is Rs.1,000 and there is no limit on the maximum amount.

  2. SBI Tax Saving Scheme: It offers tax benefit under Section 80C of the Income Tax Act, 1961. Tenure is of a minimum of 5 years and the funds cannot be withdrawn prematurely. No loan or overdraft is available. Maximum deposit amount is Rs.1,50,000 in a financial year.

  3. SBI Reinvestment Plan: In this scheme, the interest is not paid at regular intervals but is paid only at the time of maturity of the FD. You can invest in this scheme to gain maximum benefit of interest (with compound interest). Tenure ranges from 6 months and the maximum tenure is 10 years under this scheme.

  4. SBI Recurring Deposit Scheme: In this, you can make deposit of a sum every month for a fixed period of time. Minimum amount of deposit is Rs. 100 and then in multiples of Rs 10 thereafter. The main benefit of this scheme is that there is no penalty on any premature withdrawal as long as deposit amount has remained with SBI at least for 7 days and is less than Rs. 5 lakhs.

  5. SBI MODS: SBI Multi Option Deposit Scheme (MODS) is an FD linked with the bank savings or current account. You can withdraw money any time and the balance in your account will continue earning interest. Minimum amount of FD is Rs.10,000.

  6. SBI Annuity Deposit Scheme: It is an FD scheme which accepts a deposit of a lump sum amount from the customers. Bank pays customer a fixed amount per month like EMI to meetout their monthly expenses. Minimum FD amount in this scheme is Rs.25,000.

  7. SBI Flexi Deposit Scheme: In this FD provides flexibility. In this scheme, the customer can make deposits at regular internals instead of a lump sum amount. Minimum tenure is 5 years and maximum is 7 years. Minimum investment amount is Rs.5,000 and maximum is Rs.50,000 in one F.Y.

Premature Withdrawal of a SBI Fixed Deposit

In case of premature withdrawal of SBI FD:

  • NIL Penalty: If the deposit amount is lower than Rs.5 lakhs and the deposit has remained with SBI for a minimum of 7 days.
  • 1% Penalty: If FD value is between Rs.5 lakhs and Rs.1 crore, for all the maturities
  • No interest will be given on the fixed deposits, if the tenor for FD has not crossed 7 days
  • NIL Penalty: For SBI staff members and SBI pensioners irrespective of any amount and maturities.

Loan or Overdraft against SBI Fixed Deposit

Customers can avail loan upto 90% of the SBI fixed deposit

  • Maximum amount of loan against FD: Rs.5 crore
  • Minimum amount of loan against FD: Rs.25,000
  • There are no penalties, no processing fee and no prepayment charges on such loans.
  • Loans against SBI FDs can be availed either through internet banking or by visiting SBI home branch

SBI also offers benefit of overdraft against SBI fixed deposit

  • Maximum amount of an overdraft against FD: Rs.5 crore
  • Minimum amount of an overdraft against FD: Rs.25,000

How to close SBI FD online before maturity?

Following are the step-by-step process to close SBI FD online:

  • Visit SBI website
  • Click on the tab of ETDR/ STDR (FD)
  • Click on option 'close account prematurely'
  • List of your FDs will appear here
  • Select the FD that you want to close and press 'proceed' button
  • Verify the FD details once again
  • Mention the reason for closing the FD and then press 'confirm' button
  • One 'high security password' will be sent on your registered mobile number
  • Enter this password in the space provided and press 'confirm' button
  • A message will appear on the screen stating that your FD has been closed
  • The FD amount will be directly credited to your account.

  • NOTE: If you want to close your FD instantly, initiate above process between 08:00 AM to 08:00 PM

SBI Fixed Deposit Maturity

There are following 2 options available to the depositor for treatment of FD maturity value, in case the payment if not made:

  1. Automatic Renewal
    • Depositor can opt for automatic renewal at the time of opening FD Account
    • In that case the FD automatically gets renewed on its maturity
    • Auto renewal will be for the same duration on an interest rate which is prevailing on the day of FD maturity
  2. Overdue Term Deposit
    • If the depositor has not opted for automatic renewal option, amount remains in Canara Bank after the maturity
    • It is called overdue term deposit
    • Saving Bank rate will be given from the day of maturity till the date of payment/ re-investment to the customers

NRI Fixed Deposit accounts offered by SBI

SBI offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by SBI:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

State Bank of India (SBI) Fixed Deposit FAQ

  1. What is the tenure range for SBI Fixed Deposit?

    It is from 7 days to 10 years.

  2. What is the highest FD rate for SBI?

    You can earn a maximum interest of 6.50% on SBI fixed deposit for FD amount less than Rs. 1 crore.

  3. What is the benefit to senior citizen in SBI FD?

    Senior citizens get a 0.50% higher rate on their deposits compared to normal FD rates for all tenures.

  4. Can I deposit additional amount in my FD account?

    No, you cannot deposit any additional amount in your existing FD account.

  5. Can I change the tenure of my existing FD?

    No, you are not allowed to change the tenure of FD.

  6. In SBI Recurring Deposit Scheme (RD), what is the penalty I have to pay in case I miss out paying any monthly instalment?

    In SBI Recurring Deposit Scheme (RD), if you miss out paying the monthly instalment, there is a penalty of Rs.1.50 per Rs.100 per month (if the account is for a period of less than 5 years) and Rs.2 per Rs.100 per month (if the account is for a term of 5 years and above).

  7. What are different modes of holding in FD?

    There are different modes such as Joint, Either or Survivor, Former or Survivor, etc.

  8. How can I close my FD before maturity?

    You can close your FD prematurely by submitting FD closure form or you can close it online also by following below mentioned process:

    • Log on to the website
    • Choose the FD account
    • Press button 'Close account prematurely'
    • Choose the FD that you want to close from the list of FDs
    • Press button 'Proceed'
    • Mention the reason for closing FD
    • One 'high security password' will be sent on your registered mobile number
    • Enter this password in the space provided and press 'confirm' button
    • A message will appear on the screen stating that your FD has been closed
    • Press button 'Confirm'
    • The FD amount will be directly credited to your account.

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Bank Recurring Interest Rates (as on 17 Oct 2018)

Bank NameRecurring Interest RatesCalculate
Allahabad Bank6.50% to 7.00%
Andhra Bank6.50% to 7.00%
Axis Bank6.75% to 7.00%
Bandhan Bank Limited7.00% to 8.00%
Bank Of Baroda6.50% to 7.00%
Bank Of India6.90% to 7.00%
Bank Of Maharashtra6.00% to 6.50%
Canara Bank6.90% to 6.90%
Catholic Syrian Bank Limited6.50% to 6.75%
Central Bank Of India6.90% to 7.00%
City Union Bank Limited6.70% to 7.10%
Corporation Bank6.90% to 7.00%
Dcb Bank Limited7.20% to 7.10%

Co-Operative Banks Interest Rates

Ahmedabad Mercantile Cooperative BankKalupur Commercial Cooperative BankThe Mehsana Urban Cooperative Bank
Rajkot Nagrik Sahakari Bank LimitedSardar Bhiladwala Pardi Pepls Co BkThe Surath Peoples Cooperative Bank Limited
Amanath Cooperative Bank Ltd. BangaloreThe A.p. Mahesh Cooperative Urban Bank LimitedAbhyudaya Cooperative Bank Limited
Apna Sahakari Bank LimitedBassein Catholic Cooperative Bank LimitedBharat Cooperative Bank (mumbai) Ltd., Mumbai
Bharati Sahakari BankBombay Mercantile Co Op Bank LtdCitizen Credit Cooperative Bank Limited
The Cosmos Co Operative Bank LimitedDombivli Nagari Sahakari Bank LimitedThe Goa Urban Co Op Bank Ltd
G P Parsik BankThe Greater Bombay Cooperative Bank LimitedJalgaon Janata Sahakari Bank Limited
The Jalgaon Peopels Cooperative Bank LimitedJanakalyan Sahakari Bank LimitedJanalaxmi Coop Bank
Kallappanna Awade Ichalkaranji Janata Sahakari Bank LimitedKalyan Janata Sahakari BankKapol Cooperative Bank Limited
The Karad Urban Cooperative Bank LimitedMahanagar Cooperative BankThe Mapusa Urban Coop Bank Of Goa Ltd
Nagar Urban Co Operative BankNasik Merchants Cooperative Bank Ltd.New India Cooperative Bank Limited
Nkgsb Cooperative Bank LimitedPravara Sahakari Bank LtdPunjab And Maharshtra Cooperative Bank
Rajarambapu Sahakari Bank LtdRupee Cooperative Bank Ltd.Sangli Urban Co Op Bank Ltd Sangli
Saraswat Cooperative Bank LimitedThe Shamrao Vithal Cooperative BankSolapur Janata Sahakari Bank Limited
The Thane Bharat Sahakari Bank LimitedTjsb Sahakari Bank LtdThe Zoroastrian Cooperative Bank Limited
Nagpur Nagarik Sahakari Bank LimitedShikshak Sahakari Bank LimitedThe Akola Janata Commercial Cooperative Bank Ltd., Akola.
Akola Urban Coop Bank Khamgaon Urban Co Op Bank LtdJanata Sahakari Bank Limited
Idukki District Cooperative Bank  

Upcoming Bank Holidays

2018 October 18 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Ayudhapooja/Dussehra (Mahanavami/Vijaya Dashmi).
2018 October 19 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Dussehra (Vijaya Dashmi)/Kati Bihu.
2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.

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