State Bank of India provides its customers with an option to invest their savings in as many as 5 types of fixed deposit schemes. These schemes carry competitive SBI FD rates extending significant returns to the investors. Read further to know the prevailing fixed deposit rates by SBI along with features & benefits of investing in an SBI fixed deposit.
| Table of Contents |
Domestic deposits below Rs. 2 crore
| SBI FD Interest Rates (p.a.) | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 45 days | 4.50% | 5.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 5.80% | 6.30% |
| 211 days to less than 1 year | 5.80% | 6.30% |
| 1 year to less than 2 years | 6.10% | 6.60% |
| 2 years to less than 3 years | 6.10% | 6.60% |
| 3 years to less than 5 years | 6.10% | 6.60% |
| 5 years and up to 10 years | 6.10% | 6.60% |
Note: The aforementioned SBI FD rates in effect from 10th January 2020 and are subject to change anytime without prior notice. SBI staff members and SBI pensioners get an additional of 1% interest rate. SBI staff members and SBI pensioners get extra benefit of 1% in the fixed deposit interest rates. SBI pensioners get 0.50% (senior citizen benefit) + 1.00% (staff benefit), i.e. 1.50% extra FD interest rate.
SBI FD Interest Rates for Domestic Bulk Deposits (Rs. 2 crore and above)
| SBI FD Interest Rates (in % p.a.) | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 45 days | 4.00% | 4.50% |
| 46 days to 179 days | 4.75% | 5.25% |
| 180 days to 210 days | 5.25% | 5.75% |
| 211 days to less than 1 year | 5.25% | 5.75% |
| 1 year to less than 2 years | 5.25% | 5.75% |
| 2 years to less than 3 years | 5.25% | 5.75% |
| 3 years to less than 5 years | 5.25% | 5.75% |
| 5 years and up to 10 years | 5.25% | 5.75% |
Note: The Interest rate are applicable on deposits of Rs. 2 crore and above with effect from 10th November 2019.
SBI Tax Saving FD Rates
| Tenure | Regular Citizens | Senior Citizens |
| 5 – 10 years | 6.10% | 6.60% |
Note: These rates are updated from time to time.
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:
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.
| NRE Term Deposit Interest Rates by SBI | ||
| Tenure | Below Rs. 2 Crore | Rs. 2 Crore & above |
| 1 year to less than 2 years | 6.25% | 5.25% |
| 2 years to less than 3 years | 6.25% | 5.25% |
| 3 years to less than 5 years | 6.25% | 5.25% |
| 5 years and up to 10 years | 6.25% | 5.25% |
Note: The above mentioned SBI NRE FD rates are subject to change without prior notice.
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.
| NRO Term Deposit Interest Rates by SBI | ||
| Tenure | Deposits below Rs. 2 crore | Deposits of Rs. 2 crore & above |
| 7 days to 45 days | 4.50% | 4.00% |
| 46 days to 179 days | 5.50% | 4.75% |
| 180 days to 210 days | 5.80% | 5.25% |
| 211 days to less than 1 year | 5.80% | 5.25% |
| 1 year to less than 2 years | 6.25% | 5.25% |
| 2 year to less than 3 years | 6.25% | 5.25% |
| 3 years and up to 5 years | 6.25% | 5.25% |
| 5 years and up to 10 years | 6.25% | 5.25% |
Note: The above mentioned SBI FD rates are subject to change without prior notice.
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 Term Deposit Interest Rates | |||||
| Tenure/Currency | USD | GBP | CAD | AUD | JPY |
| Above 1 year to less than 2 years | 2.47 | 1.24 | 0.01 | 2.09 | 0.89 |
| 2 years to less than 3 years | 2.37 | 1.27 | 0.01 | 1.84 | 0.85 |
| 3 years to less than 4 years | 2.30 | 1.26 | 0.01 | 1.82 | 0.87 |
| 4 years to less than 5 years | 2.31 | 1.26 | 0.10 | 1.81 | 1.00 |
| 5 years | 2.30 | 1.26 | 0.15 | 1.80 | 1.04 |
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 | |||
| Tenure | USD | GBP | EURO |
| 1 year to less than 2 years | 2.47% | 1.24% | 0.01% |
| 2 years to less than 3 years | 2.37% | 1.27% | 0.01% |
| 3 years | 2.30% | 1.26% | 0.01% |
Note: The above-mentioned RFC rates are applicable w.e.f. 10th November, 2019 and are subject to change any time without a notice. For 1 year deposits, simple interest is applicable. For the remaining tenure, compounding of interest is done on a half-yearly basis.
Read more about : Types of SBI NRI FD Accounts
Before investing in SBI fixed deposit schemes, it is quite imperative to know the important features it offers:
Investing in SBI FD scheme shall benefit investors in the following ways:
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.
There are 5 different types of fixed deposit schemes offered by the State Bank of India, viz.:
Read more about : Types of SBI Fixed Deposit Schemes
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.
Apart from giving good FD rates, SBI also provides the facility to take a SBI 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.
TDS or Tax Deducted at Source is a way of collecting tax by the Govt. of India. Following points highlight this component further:
Before opening a fixed deposit account with the State Bank of India (SBI), it is imperative to make sure one fulfills the eligibility criteria. Also, it is good to have the list of documents required for opening an SBI FD. These are explained here:
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
Note: This is not an exhaustive list. SBI may alter the same as per the requirement.
Q. Can one open SBI FD Account online?
A. Yes, SBI fixed deposit can be opened online through internet banking username and password.
Q. What is the tenure for an SBI fixed deposit account?
A. The minimum tenure for SBI fixed deposit is 7 days and maximum tenure is 10 years.
Q. What is the highest FD rate at SBI?
A. Currently, it is 6.10% which is, however, subject to change.
Q. What is the minimum amount you can keep in the SBI fixed deposit account?
A. The minimum amount required to open an SBI fixed deposit account is Rs. 1,000.
Q. Are there any special rates for senior citizens?
A. Yes, SBI offers 0.50 higher FD interest rates for senior citizens across all maturities.
Q. Is premature withdrawal facility available with SBI FD?
A. 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.
Q. Is a loan facility available against the FD account at SBI?
A. Yes, the loan facility is available up to 90% of the principal amount of fixed deposit.
Q. What is the lock-in period for Tax Saving Scheme?
A. The lock-in period of term deposit under the Tax Saving Scheme is 5 years.
Q. Who all are eligible to open an SBI fixed deposit account?
A. It can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associations, societies, trusts, etc.
Q. Does SBI provide an auto-renewal facility for fixed deposits?
A. Yes, a fixed deposit is automatically renewed for the same time period and rate of interest if there are no instructions from the customer.
| SBI lowers its FD Rates |
| 14th January 2020 For the first time in the year of 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 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 percent. One can get the highest interest rates for one year to 455 days term deposits at a rate of 6.90%. |