State Bank Of India Fixed Deposit Interest Rates (as on 2024)
SBI FD Interest Rates (Below Rs. 2 crores) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a. (%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 year to less than 2 year | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.50 | 7.00 |
| 5 years and up to 10 years | 6.50 | 7.50 |
SBI FD Interest Rates (Rs.2 Crores & above) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a. (%) (Senior Citizen) |
|---|---|---|
| 7 days to 45 days | 4.75 | 5.25 |
| 46 days to 179 days | 5.50 | 6.00 |
| 180 days to 210 days | 6.00 | 6.50 |
| 211 days to less than 1 year | 6.25 | 6.75 |
| 1 year to less than 2 years | 6.75 | 7.25 |
| 2 years to less than 3 years | 6.50 | 7.00 |
| 3 years to less than 5 years | 6.00 | 6.50 |
| 5 years and upto 10 years | 6.00 | 6.50 |
SBI Tax Savings Scheme 2006(SBITSS) (maximum Rs 1.50 lakhs p.a.) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 5 years and up to 10 years | 6.50 | 7.50 |
SBI NRO FD Interest Rates (Below Rs. 2 crores) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a.(%) |
|---|---|
| 7 days to 45 days | 3.00 |
| 46 days to 179 days | 4.50 |
| 180 days to 210 days | 5.25 |
| 211 days to less than 1 year | 5.75 |
| 1 year to less than 2 year | 6.80 |
| 2 years to less than 3 years | 7.00 |
| 3 years to less than 5 years | 6.50 |
| 5 years and up to 10 years | 6.50 |
SBI NRO FD Interest Rates (Rs.2 Crores & above) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a.(%) |
|---|---|
| 7 days to 45 days | 4.75 |
| 46 days to 179 days | 5.50 |
| 180 days to 210 days | 6.00 |
| 211 days to less than 1 year | 6.25 |
| 1 year to less than 2 years | 6.75 |
| 2 years to less than 3 years | 6.50 |
| 3 years to less than 5 years | 6.00 |
| 5 years and upto 10 years | 6.00 |
SBI NRE FD Interest Rates (Below Rs. 2 crores) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a. (%) (General) |
|---|---|
| 1 year to less than 2 year | 6.80 |
| 2 years to less than 3 years | 7.00 |
| 3 years to less than 5 years | 6.50 |
| 5 years and up to 10 years | 6.50 |
SBI NRE FD Interest Rates (Rs.2 Crores & above) w.e.f. 15.02.2023
| Tenors | Interest Rate p.a.(%) (General) |
|---|---|
| 1 year to less than 2 years | 6.75 |
| 2 years to less than 3 years | 6.50 |
| 3 years to less than 5 years | 6.00 |
| 5 years and upto 10 years | 6.00 |
Premature payment of Bulk term deposits
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
Fixed Deposit Calculator
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Eligibility for SBI Fixed Deposit
Any of the following persons can invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Documents Required for SBI Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
| Category | Documents Required |
|---|---|
| Individual, HUF, Proprietor |
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| Partnership Firm |
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| Trust |
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| Associations, Clubs |
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| Company |
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Types of State Bank of India (SBI) Fixed Deposit
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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:
- 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
- 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 Type | Details |
|---|---|
| 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:
| Category | Name of Form | Exemption limit (Male) | Exemption limit (Female) |
| Individuals(upto age of 60) | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| HUFs, Associations, Trusts | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| Individual (age 60 years and above but less than 80 years) | Form 15H | Rs.3,00,000 | Rs.3,00,000 |
| Individual (age 80 years and above) | Form 15H | Rs.5,00,000 | Rs.5,00,000 |
| Others | Exemption certificate issued by Income Tax Officer | As per Exemption Certificate | As 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
- What is the tenure range for SBI Fixed Deposit?
It is from 7 days to 10 years.
- 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.
- 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.
- Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account.
- Can I change the tenure of my existing FD?
No, you are not allowed to change the tenure of FD.
- 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).
- What are different modes of holding in FD?
There are different modes such as Joint, Either or Survivor, Former or Survivor, etc.
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
SBI FD News Apr 2024
- February 15, 2023: SBI revises FD interest rates w.e.f. 15.02.2023
- MAY 01, 2021: SBI reduces home loan interest rate to 6.70%
- April 13, 2021: SBI special FD scheme to offer higher interest rate for senior citizens extended till June 30, 2021
- January 10, 2020: SBI revises FD interest rates. FD rate for the period from 1 year to 10 years is 6.25%
- January 29, 2020: SBI takes over as lead financier of Navi Mumbai Airport project
- January 11, 2020: SBI launches new facility in its SBI Quick app to check bank holidays based on states
- December 29, 2019: State Bank of India (SBI) announces that magstripe debit card will be deactivated by 31 December 2019