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हिंदी में पढ़े
Updated: 14-10-2020 07:57:33 AM

Investment Amount

investment amount iconMinimum – ₹ 1,000

Maximum – No Limit

Tenure

tenure iconMinimum – 7 days

Maximum – 10 years

Interest Rate*

interest rate iconMinimum – 2.90%

Maximum – 5.40%

SBI fixed deposits are some of the safest investment avenues available in the market. The bank provides its customers with an option to invest their savings in as many as 6 types of fixed deposit schemes. These schemes carry competitive SBI FD interest rates thus extending significant returns to the investors.

Read further to know the updated SBI FD rates along with features & benefits of FD schemes like SBI loan against FD and SBI premature withdrawal.

SBI Fixed Deposit Rates 2020
Term wise SBI FD Interest Rates
SBI Fixed Deposit Rates for NRIs
Features & Benefits of SBI Fixed Deposit
Who Should Invest in SBI Fixed Deposits?
SBI FD Calculator
Types of SBI Fixed Deposit Schemes
SBI Fixed Deposit Premature withdrawal
SBI Loan against FD
SBI FD - TDS Implication
Important Information Required to Open a Fixed Deposit Account with SBI
Frequently Asked Questions (FAQs)
SBI Fixed Deposit News

SBI Fixed Deposit Rates 2020

Domestic deposits below Rs. 2 crore

SBI FD Interest Rates (p.a.)
TenureRegular CustomersSenior Citizens
7 days to 45 days2.90%3.40%
46 days to 179 days3.90%4.40%
180 days to 210 days4.40%4.90%
211 days to less than 1 year4.40%4.90%
1 year to less than 2 years4.90%5.40%
2 years to less than 3 years5.10%5.60%
3 years to less than 5 years5.30%5.80%
5 years and up to 10 years5.40%6.20%*

*SBI WeCare – 80 bps extra offered to senior citizens from 7th May 2020 to 31st December 2020 on select tenure.

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Note: The aforementioned SBI FD rates in effect from 10th September 2020 and are subject to change anytime without prior notice. SBI staff members and SBI pensioners get an additional 1% interest rate. SBI pensioners get 0.50% (senior citizen benefit) + 1.00% (staff benefit), i.e. 1.50% extra FD interest rate.


SBI Tax Saving FD Rates

TenureRegular CustomersSenior Citizens
5 – 10 years5.40%6.20%
Check Highest FD Rates by Other Banks in 2020

Term wise SBI FD Interest Rates

  • SBI FD interest rates range from 2.90% to 5.40% for regular residents. For senior citizens, this range starts from 3.40% and sets at 6.20%
  • For deposits maturing in 180 days to less than 1 year, depositors can gain returns @ 4.40% while senior citizens get these returns at 0.50% higher rate of 4.90%
  • For tenure ranging from 1 year to less than 3 years, investors can expect returns up to 5.10% (up to 5.60% for senior citizens)
  • FD maturing in 3 years to below 5 years will earn 5.30% (5.80% for senior citizens) whereas deposits maturing in 5 years to 10 years will fetch interest @ 5.40% (6.20% for senior citizens)
  • Senior citizens get extra 0.30% on deposits maturing in 5 years – 10 years under the SBI WCare Deposit Scheme
  • SBI WeCare for senior citizens (of 60 years of age and above) is extended till 31st of December, 2020

Note: Fixed deposit rates are updated from time to time.

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SBI Fixed Deposit Rates for NRIs

For Non-Resident Indians (NRIs), SBI has put forth 4 different types of accounts where they can book an FD. These are:

Below are the current rates for the SBI NRI fixed deposit accounts:

  1. SBI FD Rates for Non-Residential External (NRE) FD Account

SBI provides NRE FD account for NRIs so that they can invest their savings and earn interest on the same without having to bear market-related risks. The money can be deposited in any foreign currency which is converted into Indian currency (INR) at the time of deposit. Thus, withdrawals are made in Indian Rupee.

SBI NRE FD Interest Rates
TenureBelow Rs. 2 CroreRs. 2 Crore & above
1 year to less than 2 years4.90%2.90%
2 years to less than 3 years5.10%3.00%
3 years to less than 5 years5.30%3.00%
5 years and up to 10 years5.40%3.00%

Note: The above mentioned SBI NRE FD rates are effective from 10th Septemeber 2020. 

Best NRE FD Rates in 2020
  1. SBI Interest Rates for Non-Residential Ordinary (NRO) FD Account

NRO FD accounts are for NRIs (Non-Resident Indians). NRIs can deposit their savings in this type of account in Indian Currency (INR). The principal, as well as interest earned, is taxable in India. The account can be opened jointly with an Indian resident.

SBI NRO FD Rates 
TenureDeposits below Rs. 2 croreDeposits of Rs. 2 crore & above
7 days to 45 days2.90%2.90%
46 days to 179 days3.90%2.90%
180 days to 210 days4.40%2.90%
211 days to less than 1 year4.40%2.90%
1 year to less than 2 years4.90%2.90%
2 year to less than 3 years5.10%3.00%
3 years and up to 5 years5.30%3.00%
5 years and up to 10 years5.40%3.00%

Note: The above mentioned SBI NRO Fixed Deposit rates are effective from 10th September 2020. 

  1. SBI Interest Rates for Foreign Currency Non-Resident (FCNR) FD Rates

FCNR account is a type of fixed deposit which is designed to benefit NRIs. Deposits can be made in any of the stated foreign currencies, i.e. USD, GBP, CAD, AUD or JPY. Tax, as well as principal, is not taxable in India but in the respective foreign country. This account can be opened by individuals or with two or more NRI account holders.

SBI FCNR Fixed Deposit Interest Rates
Tenure/CurrencyUSDGBPEUROCADAUDJPY
1 year0.750.590.010.780.170.02
Above 1 year to less than 2 years0.750.590.010.780.170.02
2 years to less than 3 years0.740.610.010.560.170.05
3 years to less than 4 years0.760.640.010.630.310.05
4 years to less than 5 years0.790.690.010.720.320.05
5 years0.860.730.150.790.420.05

Note: The aforementioned SBI FCNR interest rates are effective from 10th September 2020.

  1. SBI FD Rates for Resident Foreign Currency Account (RFC)

RFC FD or Resident Foreign Currency Fixed Deposit is an account which is available for Indian residents who have returned from a foreign country having savings in any of the stated foreign currency of USD, GBP or EURO. Interest and deposit amount are paid in foreign currency, i.e. in the currency, it was deposited in the first place.

SBI RFC Interest Rates (% p.a.)
TenureUSDGBPEURO
1 year to less than 2 years0.750.590.01
2 years to less than 3 years0.740.610.01
3 years0.760.640.01

Note: For 1-year deposits, simple interest is applicable. For the remaining tenure, interest will be compounded at a half-yearly basis. Rates effective from 10th Septemeber 2020.

Read more about : Types of SBI NRI FD Accounts

Features & Benefits of SBI Fixed Deposit

Before investing in SBI fixed deposit schemes, it is quite imperative to know the important features it offers:

  • Tenure starts from 7 days and goes till 10 years
  • Special FD scheme to benefit the taxpayers as per Section 80C (Income Tax Act, 1961)
  • Minimum deposit amount starts from Rs. 1000 with no upper limit
  • Facility to deposit in bulk available (i.e. deposit above Rs. 2 crore)
  • Extra 0.5% interest rates for senior citizens (individuals aged 60 years or more)
  • For deposits of 5 years and above, SBI is offering 0.3% additional interest along with the existing 0.5%  to senior citizens, i.e. 0.8% to senior citizens for a tenure of 5 years and above (in the SBI Wecare deposit scheme)

Investing in SBI FD scheme can benefit investors in the following ways:

  • Guaranteed returns at a fixed interest rate at the time of booking
  • Insurance cover of Rs. 5 lakh to all investors
  • Choice of interest payout (monthly/quarterly)
  • Loan/Overdraft facility to cope with financial setbacks
  • Automatic renewals available
  • Option to withdraw prematurely available

Suggested Read: Benefits of Fixed Deposit

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Who Should Invest in SBI Fixed Deposits?

SBI Fixed Deposits give utmost safety coupled with stable returns. If you’re also looking for these two things, i.e. complete safety of your savings, as well as decent but guaranteed interest income, SBI FD is right for you.

Choose the cumulative mode of interest payment option if you’re looking to build a certain amount for a future requirement or simply to maximise returns. If you’re looking for regular interest income, the non-cumulative option would work the best for you. Here you will receive interest on a monthly basis.

If you’re of 60 years of age or above, we suggest you invest in SBI We Care which is a special senior citizen FD scheme. You will get a 0.80% extra rate of interest above the standard fixed deposit interest rates. However, you will need to stay invested for a minimum of 5 years to reap the benefits of this scheme.

SBI WE Care is valid till 31st December 2020 only.

Know more about Fixed Deposits

SBI FD Calculator

SBI Fixed Deposit Calculator can be used to check the interest and maturity amount that the depositor shall get on maturity. Since SBI FD interest rates keep on changing, it is highly advisable to check the maturity amount as per the prevailing interest rates before investing in a fixed deposit.

The tool requires minimal information including the deposit amount and tenure for which this amount is to be deposited. Along with these two inputs, customers need to provide the rate of interest too on which maturity amount will be calculated.

Calculate FD Interest

Types of SBI Fixed Deposit Schemes

There are 5 different types of fixed deposit schemes offered by the State Bank of India, viz.:

  • Term Deposit
  • Tax Saving Scheme
  • FD Reinvestment Plan
  • SBI MODS
  • Annuity Deposit Scheme
  • SBI Wecare Deposit Scheme

Read more about : Types of SBI Fixed Deposit Schemes

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SBI Fixed Deposit Premature withdrawal

State Bank of India provides the facility of making a premature withdrawal in some of its FD schemes. Premature withdrawal is when depositor takes out the deposit amount before the FD matures.

  • SBI Tax Saving Fixed Deposit Scheme does not come with premature withdrawal facility
  • The bank may charge a penalty of 0.5% to 1% on withdrawing the FD prematurely
  • For NRO accounts, if the deposit is withdrawn before 7 days of booking, no interest shall be payable
  • Interest @1% less than the applicable SBI FD rates shall be paid if deposits are withdrawn after 1 year of booking an NRO FD

SBI Loan against FD

Apart from stable returns, SBI also provides the facility to take a loan against FD. This comes handy in times of financial urgency. Bank offers the option of taking a loan of up to 90% of the total balance in the FD. If the depositor is not able to repay the loan, the bank uses FD to recover the amount.

Suggestred Read: What is loan against FD?

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SBI FD - TDS Implication

TDS or Tax Deducted at Source is a way of collecting tax by the Govt. of India. Following points highlight this component further:

  • Interest earned beyond Rs. 40,000 (Rs, 50,000 for senior citizens) is subject to TDS (applicable from AY 2020-21)
  • TDS is deducted at 10% (20% on non-submission of PAN Card)
  • TDS is deducted only for deposits made by residents
How is TDS on FD Interest Calculated?

Important Information Required to Open a Fixed Deposit Account with SBI

Before opening a fixed deposit account with the State Bank of India (SBI), it is important that you fulfil the eligibility criteria. Also, you should have a list of documents required for opening an SBI FD. These are as stated below:

Eligibility Criteria

Resident individuals, Hindu-Undivided Families (HUFs), partnership firms, public & private limited companies, societies, trusts, etc. are eligible to book an FD with State Bank of India.

Documents Required to Apply

  • Photo ID proof (Aadhaar card, passport, etc.)
  • Address proof (Passport, utility bills, voter ID card, etc.)
  • Age proof (Birth certificate, matriculation certificate, etc.)
  • Passport size photographs
  • Bank A/c details

Note: This is not an exhaustive list. SBI may alter the same as per the requirement.

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Frequently Asked Questions (FAQs)

Q. Can one open SBI FD Account online?

Yes, SBI fixed deposit can be opened online through internet banking username and password.

What is the tenure for an SBI fixed deposit account?

The minimum tenure for SBI fixed deposit is 7 days and maximum tenure is 10 years.

What is the highest FD rate at SBI?

Currently, it is 5.40% (deposits with a term of 5 years – 10 years) which is, however, subject to change.

What is the minimum amount you can keep in the SBI fixed deposit account?

The minimum amount required to open an SBI fixed deposit account is Rs. 1,000.

Are there any special rates for senior citizens?

Yes, SBI offers 0.50 higher FD interest rates for senior citizens across all maturities.

Is premature withdrawal facility available with SBI FD?

Yes, but the premature withdrawal of SBI FD incurs a penalty of 0.50% on deposits up to Rs. 5 lakh and 1% on deposits above Rs. 5 lakh.

Is a loan facility available against the FD account at SBI?

Yes, the loan facility is available up to 90% of the principal amount of fixed deposit.

What is the lock-in period for Tax Saving Scheme?

The lock-in period of term deposit under the Tax Saving Scheme is 5 years.

Who all are eligible to open an SBI fixed deposit account?

It can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associations, societies, trusts, etc.

Does SBI provide an auto-renewal facility for fixed deposits?

Yes, a fixed deposit is automatically renewed for the same time period and rate of interest if there are no instructions from the customer.

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SBI Fixed Deposit News

SBI WeCare Deposit Scheme extended 
11th September 2020

State Bank of India, on the pretext of providing its customers with financial relief in the COVID-19 times, have extended its SBI WeCare Deposit Scheme till 31st December 2020. This scheme was earlier valid till 30th of September, 2020.

Under this scheme, senior citizens (who are 60 years old or above) are offered with an additional premium of 30 basis points. This is over and above the existing 50 bps already offered to senior citizens over the standard SBI fixed deposit rates. This is only for retail term domestic deposits maturing in “5 years and above” tenure.

Along with this change, SBI has also reduced its fixed deposit interest rates, effective from 10th of September 2020 by 20 bps. This change is reflected on FD tenure of “1 year to less than 2 years”. Now customers will get 4.90% interest and senior citizens can earn interest @ 5.40%.

SBI FD Interest Rates reduced by 40bps
27th May 2020

State Bank of India, on 27th May 2020, took a sharp cut in its fixed deposit rates by a steep slope comprising 40bps across tenure. This decrease in term deposit interest rates is reflected in domestic, NRE and NRO deposits, likewise. This deduction is followed by repo-rate reduction by RBI on 22nd May 2020.

Depositors will now earn interest at a minimum of 2.90%, whereas the maximum interest rate is set at 5.40%.

This is the lowest in recent times and was much anticipated after the RBI’s announcement.

However, due to the recent special senior citizen scheme, SBI We Care, senior citizens will still enjoy a much higher interest of 6.20% of deposits maturing in 5 years to 10 years.

SBI launches special ‘Wecare’ Deposit Scheme for senior citizens
8th May 2020

SBI, on Thursday, i.e. 7th May 2020, has launched a new deposit scheme by the name of ‘SBI Wecare Deposit Scheme’. This scheme has been designed to cater to the needs of senior citizens and thus it’s available for senior citizens only. This scheme can be booked from 12th May 2020 onwards.

It comes with a specific tenure of ‘5 years and above’, thus making the depositors eligible to avail deductions of up to Rs. 1.5 lakh u/s 80C of the Income Tax Act.

The USP of this newly launched deposit scheme for senior citizens is the extra 0.3% granted to senior citizens over and above the existing 0.5% preferential rates. Thus, the eligible applicants will be subject to 0.8% additional interest rates above the standard SBI FD rates for regular individuals.

The scheme is valid till the 30th of September, 2020.

SBI FD rates reduced again
30th March 2020

The State Bank of India, following the repo rate correction by the RBI, has corrected its fixed deposit interest rates, thrice in the month of March.

The change has been brought into effect from 28th March 2020 onwards.

The rates have been slashed down by up to 50 basis points. (New range – 3.5% to 5.7%’ extra 0.5% for senior citizens across tenure).

Bulk deposits, i.e. deposits worth Rs. 2 crore or more also bore a reduction by up to massive 90 basis points. (New range – 4% to 4.6%; extra 0.5% for senior citizens across tenure).

A similar change is reflected in the interest rates for the senior citizens as well.

Note: The rates have been updated for domestic and NRI deposits, alike.

SBI FD rates slashed once again
12th March 2020

The State Bank of India has once again corrected its FD interest rates by up to 50 basis points across different terms, effective from the 10th of March, 2020.

The cut in fixed deposit rates is reflected on all types of FD schemes, be it domestic or NRI deposits.

The bank continues to serve its senior citizens an additional rate of 0.50% over the standard FD rates.

SBI sharply cuts FD rates w.e.f. 10th February 2020
7th February 2020

The State Bank of India has sharply reduced its fixed deposit interest rates by up to 50 basis points (applicable to deposits below Rs. 2 crore). The effect will reflect from 10th February 2020.

The rates are revised for deposits carrying tenure ranging from 46 days to 10 years. For tenure of 46 – 179 days, new rates are set at 5% while for 1 year to up to 10 years (a steep decline of 50 basis points), this has been changed from 6.10% to 6%. FD rates for senior citizens are affected too.

The said change has come after the Union Budget 2020 was announced a week back, i.e. 1st February 2020.

SBI lowers its FD Rates
14th January 2020
For the first time in the year 2020, the State Bank of India has slashed down its fixed deposit rates by 15 basis points. This change is reflected in tenure ranging from 1 year to 10 years. Customers can now book FD for the said tenure at 6.10%. Likewise, SBI FD rates are updated for senior citizens also, providing them returns @ 6.60% (as against the previous rate of 6.75%). SBI provides fixed deposit for a period of 7 days to 10 years with preferential FD interest rates of 0.50%.
State Bank of India cuts FD rates, effective from 10th November
11th November 2019
SBI FD rates have been slashed by 15 basis points following a subsequent dip in the repo rate by Reserve Bank of India or RBI. The bank has cited sufficient liquidity in the system as the prime reason for correcting rates. The said revision is reflected in fixed deposit maturing in 1 year to less than 2 years. Earlier investors were getting returns at 6.40% which has changed to 6.25%. The change is likewise for senior citizens as well (from 6.90% to 6.75%).
State Bank of India cuts down on fixed deposit interest rates
09th October 2019
Its second revision in a month, leading lender State Bank of India (SBI) has slashed down its FD rates effective from October 10th, 2019. This cut of 10 basis points in select tenure (1 year to less than 2 years) has been made following the 25 bps drop in repo rate by RBI. Earlier the rates were revised by SBI on September 10, 2019.
SBI revises Fixed Deposit interest rates
10th September 2019
State Bank of India has once again revised its fixed deposit interest rates for deposits below Rs. 2 crore with effect from 10th September 2019. SBI has reduced the term deposit rates by up to 20-25 bps across various tenures and bulk deposit rates by up to 10-20 bps. However, the bank continues to provide 0.50% additional interest rates to senior citizens.
SBI revises Fixed Deposit rates for the second time in the month
26th August 2019
SBI has revised its fixed deposit rates for the second time in a month across all maturities for deposits below 2 crore and on bulk deposits above Rs. 2 crore with effect from 26th August 2019. The bank has lowered FD rates by 10 to 50 basis points and 30-70 basis points on bulk deposits.
State Bank of India reduces its FD rates
29th July 2019
State Bank of India has reduced the fixed deposit interest rates across all maturities on retail term deposits below Rs. 2 crores and on bulk term deposits above Rs. 2 crores which will be effective from 1 st August 2019. However, there is a reduction of up to 20 basis points in the retail segment and 35 basis points in the bulk segment. Earlier, the interest rate varied from 5.75% to 6.6% for regular citizens and 6.25% to 7.1% for senior citizens which has now reduced to 5% to 6.5% for regular citizens and 5.5% to 7% for senior citizens.
SBI hikes interest rates on Fixed Deposit
28th May 2018
In what came as good news for investors, State Bank of India announced an increase in its retail fixed deposit interest rates. The rate revision has resulted in a hike of up to 25 basis points for some FD schemes. SBI fixed deposits for 1-2 years that earlier earned interest at a rate of 6.4% will now fetch 6.65% interest. Senior citizens will get an interest rate of 7.15% as compared to the previous 6.9%. FD with the maturity of 2-3 years will now earn interest at the rate of 6.65% as opposed to the earlier rate of 6.6 percent. Senior citizens will get 7.15% as compared to 7.10 % earlier.
SBI increases interest rates on bulk deposits and term deposits
28th Feb 2018
In what came as good news for customers, State Bank of India has revised the interest rates on its term and bulk deposits. On domestic term deposits of below Rs 1 crore for 1 year, the interest rate has been hiked to 6.40% from the previous 6.25%. Deposits for 2 to 10 years will earn 6.50% interest as against 6% earlier. Deposits made for 7 days to 45 days will earn interest at the rate of 5.75% as against 5.25% earlier, while deposits taken for more than 1 year to less than 2 years will earn 6.40% interest as against 6.25% earlier.
SBI increases interest rates on Fixed Deposits
31st Jan 2018
In a recent event, State Bank of India announced the interest rate hike on fixed deposits amounting to Rs 1 Crore or more. The rates on short-term deposits (46-179 days and 180-210 days) have been increased by 140 basis points; the new rate is 6.25%. Deposits between one year and two years tenure will now earn interest at the rate of 6.25% as against 5.25% earlier. Fixed deposits with tenure between 2 years and 10 years will now earn interest at 6%.
SBI hikes interest rates on bulk Fixed Deposits
30th Nov 2017
State Bank of India has increased interest rates on bulk fixed deposits by 100 BPS that is equal to one percentage point. Deposits of Rs 1 Crore to 10 Crore invested for 45 days will now earn interest at the rate of 4.75% as opposed to the previous 3.75% interest rate. The interest rates on deposits for the same amount for tenure up to one year have been hiked from 4% to 5%. Senior citizens are eligible to earn 0.50% more interest than regular investors. Premature penalty for bulk term deposits for all tenors will be 1%.
SBI reduces Fixed Deposit interest rates
01st Nov 2017
Fixed Deposit interest rates are showing a downward trend. SBI, India’s largest bank, has reduced its interest rates by 25 basis points for deposits with various maturities. The interest rates on SBI Fixed Deposit with 1-year maturity have been reduced to 6.25 percent from 6.50 percent. Senior citizens will now earn interest at the rate of 6.75 percent as opposed to the 7 percent rate earlier. The rates on fixed deposits with the maturity period ranging from 2 years up to 10 years has also been reduced from 6.50 percent to 6 percent. Other banks are also expected to follow suit.
SBI Revises Interest Rates of Their Fixed Deposit Schemes
03rd Oct 2017
Soon after cutting the service charge on savings accounts, SBI has revised interest rates on fixed deposit schemes. The move has come after the decrease in repo rate by the Reserve Bank of India. These changes have come into effect from 1st October 2017. The bank has slashed the interest rate on 1 year fixed deposit by 25 basis points and depositors will now be issued FDs at 6.5% interest rate instead of a 6.75% interest rate. Senior citizens will get interests at 7.0% which was 7.25% before.
SBI cuts Fixed Deposit interest rates
05th July 2017
State Bank of India has revised the interest rates on its retail term deposits below Rs. 1 Crore with effect from 1st July 2017. The interest rate of 1 year fixed deposits has been reduced from 6.9% to 6.75%. For deposits that have a maturity period between 1-year and 455 days will now earn interest at the rate of 6.5 percent as opposed to the previously offered 6.9%. The Interest-rate on term deposits having a maturity period between 456 days to less than 2 years has also been reduced from 6.75% to 6.5%. Senior citizens will continue to get about 50 basis points higher rates.
SBI reduces term deposit rates by up to 50 basis points
01st May 2017
Country’s largest lender SBI has slashed the interest rates on its term deposits by up to 0.50%. The revised rates are applicable on deposits below Rs. 1 crore and taken for medium to long term. SBI has reduced the rate to 6.25% from 6.75% for two to less than three years deposits. For deposits with the maturity period ranging from 3 years to 10 years, the rates have been lowered by 25 basis points to 6.50 per cent. One can get the highest interest rates for one year to 455 days term deposits at a rate of 6.90%.
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