SBI FD Interest Rates

SBI Fixed Deposit Rates for Senior Citizens

SBI FD rates for senior citizens are 50 bps higher than the SBI Fixed Deposit rates offered to other depositors (as already mentioned in the table). The additional interest of 0.50% p.a. is offered only to resident senior citizen depositors. NRE and NRO depositors are not eligible for this interest premium. The bank also offers SBI Wecare Deposit Scheme for Senior Citizens, wherein the eligible depositors get an additional premium of 50 bps over & above the existing 50 bps paid to senior citizens. However, this scheme is available only for FD tenure of ‘5 Years and above‘. The scheme is available on fresh deposit as well as renewal of maturing deposits.

SBI Wecare Fixed Deposit Interest Rates for Senior Citizens

Tenors	Interest Rates (p.a.)
5 years	7.50%
10 years	7.50%

Also Know: Which banks offer the best FD interest rates in 2023?

SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)

Tenure	Interest Rates (p.a.)
	Regular Customers	Senior Citizens
5 – 10 years	6.50%	7.50%

SBI FD Rates on Domestic Bulk Term Deposit of Rs. 2 Crore and above w.e.f. 15 February 2023

Tenors	Interest Rates (p.a.)
	General Public	Senior Citizens
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 up to 10 years	6.00%	6.50%

SBI FD Interest Rates on ‘Sarvottam’ (Non-Callable) Domestic Retail Term Deposits of Rs. 15.01 Lakhs to less than Rs 2 Crores w.e.f. 17 February 2023

Tenures	Interest Rates (p.a.)
	General Public	Senior Citizens
1 year	7.10%	7.60%
2 years	7.40%	7.90%

SBI FD Interest Rates on ‘Sarvottam’ (Non-Callable) Domestic Bulk Term Deposit of Rs. 2 Crores to less than Rs 5 Crores w.e.f. 17 February 2023

Tenures	Interest Rates (p.a.)
	General Public	Senior Citizens
1 year	7.05%	7.55%
2 years	6.90%	7.40%

SBI Fixed Deposit Interest Rates – NRIs

SBI NRE FD Interest Rates w.e.f. 15 February 2023

Tenure	Interest Rates(p.a.)
	Below Rs. 2 Crore	Rs. 2 Crore & Above
1 year to less than 2 years	6.80%	6.75%
400 Days (Amrit Kalash)	7.10%	–
2 years to less than 3 years	7.00%	6.50%
3 years to less than 5 years	6.50%	6.00%
5 years to 10 years	6.50%	6.00%

SBI FD Rates for Non-Residential Ordinary (NRO) FD Account w.e.f. 15 February 2023

Tenure	Interest Rates (p.a.)
	Deposits below Rs. 2 crore	Deposits of Rs. 2 crore & above
7 days to 45 days	3.00%	4.75%
46 days to 179 days	4.50%	5.50%
180 days to 210 days	5.25%	6.00%
211 days to less than 1 year	5.75%	6.25%
1 year to less than 2 years	6.80%	6.75%
400 Days (Amrit Kalash)	7.10%	–
2 years to less than 3 years	7.00%	6.50%
3 years to less than 5 years	6.50%	6.00%
5 years and up to 10 years	6.50%	6.00%

SBI FCNR(B) Deposit Interest Rates w.e.f. 10 September 2023

Period	Interest Rates (p.a.)
	USD	GBP	Euro	CAD	AUD	JPY
1 year	5.60	5.00	1.50	4.50	3.60	0.02
Above 1 year to less than 2 years	5.60	5.00	1.50	4.50	3.60	0.02
2 years to less than 3 years	4.30	2.35	1.50	4.10	3.50	0.05
3 years to less than 4 years	4.00	2.45	1.50	3.85	3.00	0.05
4 years to less than 5 years	4.00	2.45	1.50	3.90	3.00	0.05
5 years	4.05	2.45	1.50	3.95	3.00	0.05

SBI RFC FD Rates w.e.f. 10 September 2023

Period	Interest Rates (p.a.)
	USD	GBP	Euro
1 year to less than 2 years	5.60	5.00	1.50
2 years to less than 3 years	4.30	2.35	1.50
3 years	4.00	2.45	1.50

Types of SBI Fixed Deposit Schemes

SBI Amrit Kalash Deposit

• Tenure: 400 days
• Deposit Amount: Less than Rs. 2 crores
• Eligible Deposits:
  • Domestic Retail Term Deposits & NRI Rupee Term Deposits
  • New & Renewal Deposits
  • Term Deposits & Special Term Deposits only
• Eligibility: Resident customers and NRI customers
• Special Categories of Customers: Senior Citizens are eligible for additional interest rate over the applicable term deposit rate for public.
• Premature Withdrawal Facility: Not available
• Renewal of Deposit: Allowed
• Loan Facility: The facility of Loan against Deposit is available with applicable margin.
• Payment of Interest:
  • Term Deposits – At monthly/quarterly/half yearly intervals
    Special Term Deposits – On maturity
  • The interest, net of TDS, shall be credited to the customer’s account.
• The FD scheme is available through branch, internet banking and SBI YONO mobile app.

SBI ‘Sarvottam’ (Non-Callable) Term Deposit

• Tenure: 1 year and 2 years only
• Deposit Amount:
  • Retail Deposits: Rs. 15.01 lakhs to less than Rs. 2 crores. (In the multiples of Rs. 1,000)
  • Bulk Deposits: Above Rs 2 crore to less than Rs. 5 crores
• Eligibility: Resident individual and non-individual customers, excluding minors and NRI customers
• Special Categories of Customers: Senior Citizens are eligible for additional interest rate over the applicable non-callable deposit rate for public.
• Premature Withdrawal Facility: Not available
• Renewal of Deposit: Not allowed. The maturity amount shall be credited to the depositor’s Savings Bank Account/ Current Account/ Cash Credit/ Overdraft Account)
• Loan Facility: The facility of Loan against Deposit is available with applicable margin.
• Others:
  • The scheme is not to be used as security/ margin money (LC/BG) and any other credit facility or purpose.
  • Conversion from the existing TDR to Non-Callable and vice – versa is not allowed.
  • The scheme is available through branch only.

SBI Annuity Deposit Scheme

• In SBI Annuity Deposit Scheme, the depositor deposits a one-time lump sum amount and receives a predetermined amount each month during the entire tenure.
• Interest: Compounded at quarterly rests and discounted to the monthly value
• Eligibility: Resident individuals (singly or jointly), including minors
• Tenor: 36/60/84 or 120 months
• Deposit Amount: Based on minimum monthly annuity of Rs 1,000 for the relevant period
• Premature Payment: Allowed for deposits up to Rs 15 lakh (penalty chargeable). In case of depositor’s death, premature payment is allowed without any limit
• Overdraft Loan: Up to 75% of the balance amount of annuity may be granted on special cases. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.
• Payment of Annuity: On the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.

SBI Multi Option Deposit Scheme (MODS)

• In this scheme, the FD account is linked to a savings or current account, allowing depositor to withdraw funds in the multiples of Rs 1,000 anytime.
• The balance amount in MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.
• Tenor: 1 to 5 years
• Deposit Amount: At least Rs 10,000 (in the multiple of Rs 1,000 each thereafter)
• Loan Facility: Available

SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)

• This FD scheme comes with tax benefits under Sec. 80C of Income Tax Act.
• Has a lock-in period of up to 5 years.
• Minimum Deposit Amount: Rs 1,000 (in the multiple of Rs 100 each thereafter)
• Maximum Deposit Amount: Up to Rs 1.5 lakh in a financial year
• Loan Facility: Not available during the lock-in period of five years
• Eligibility: Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the HUF, having PAN card. The joint account shall be issued jointly to two adults or to an adult and a minor.

Motor Accident Claims Annuity (Term) Deposit Account (MACAD)

• Monthly FD annuity scheme for depositing the compensation amount awarded by a Tribunal/Court to victims/claimants of motor accident
• Tenor: 36 to 216 months as per directions of Tribunal/Court. If the tenor is less than 36 months, normal Term Deposit will be opened
• Interest Rates: Prevailing rate of interest is as per tenure. The rate of interest applicable for a tenure of 120 months will be made applicable for deposits having maturity period exceeding 120 months or as decided by the bank from time to time.
• Deposit Amount: The minimum deposit amount is based on minimum monthly annuity payment of Rs 1,000 for the relevant period. There is no limit for the maximum deposit amount.
• Loan Facility: Not available against Annuity deposit
• Payment of Annuity: Will start on the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
• Annuity payment/ Premature closure payment/ Part lump sum payment will be made only through linked MACT claims SB account.
• Eligibility: Individuals including Minors (through guardian) in single name

Other conditions

• Opening of MACT Claims SB account is mandatory for this product.
• The MACAD account will be opened in the same CIF as that of MACT Claims SB account.
• Interest amount calculation is rounded off to the nearest rupee value. Due to this, and application of TDS, there can be variation in the last annuity instalment.

SBI Special Term Deposit

• Special Term Deposit scheme is a cumulative deposit scheme wherein the interest is compounded and paid out only at the time of maturity.
• Deposit (together with interest) of Rs 20,000 and above shall not be paid in cash.
• Tenor: 6 months to 10 years
• Deposit Amount: At least Rs 1,000 (in the multiples of Rs 100 each thereafter)
• Loan against Deposit: SBI offers loan against FD with applicable margin as under:

Residual tenor of deposit as on date of availing loan	Margin
Up to 36 Months	5%
>36 months & up to 60 months	10%
>60 months	15%

Floating Rate Bulk Term Deposit (FRBTD)

• Interest rate is linked to an external benchmark (i.e. Repo Rate) and shall change with the change in Repo Rate and/or spread during the currency of deposit.
• Additional interest rates as applicable to other deposits are not extended to Senior Citizens.
• Tenor: 91 days to 3 years (Min. period for NRE Rupee Term Deposit shall be 12 months)
• Deposit Amount: At least Rs 2 crore and thereafter in multiples of Rs 1 lakh
• Premature Payment Penalty: The penalty for all tenors will be 1%. No interest shall be paid in case of premature withdrawal of deposit before 91 days.
• Loan/OD Facility: Available for up to 90% of FRBTD amount. Interest rate would be 1.5% p.a. above the applicable floating interest rate.
• Eligibility: All individuals (including NRIs) and non-individual customers. Minors are not eligible to open FRBTD either singly or jointly with guardian.

SBI Loan against Fixed Deposit

• SBI offers loan against FD for up to 85% of the value of your fixed deposit
• Interest Rate: 1% above the relative time deposit rate
• Loan Amount (for online overdraft against FD) : Rs 5,000 to Rs 5 Crore
• Type of Loan Facility: Term Loan and Overdraft Facility
• Zero processing fees and prepayment penalties

SBI Credit Card against FD – SBI Unnati Credit Card

Particulars	Charges
Joining Fee	Rs 1,500
Annual Fee	Nil for first 4 years
Renewal Fee	Rs. 499 (5th year onwards)
Finance Charges	3.75% per month (33% p.a.)
Minimum FD Amount	Rs 25,000
Interest Free Period	20 to 50 days
Best Suited For	new-to-credit consumers consumers having low credit score
Income Criteria	Nil

Read More About: SBI Unnati Credit Card

SBI FD Calculator

SBI FD 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.

How to Apply for SBI FD ?

SBI’s existing customers can open SBI FD online through YONO SBI mobile app and internet banking. Alternatively, they can visit the nearest SBI bank branch and submit the filled SBI FD form with a minimum deposit amount of Rs 1,000. Individuals can avail the SBI FD form online and also at SBI branch offices.

SBI Fixed Deposit – TDS Implication

• The interest income received from fixed deposits including tax-saving fixed deposits is taxable as per the tax slab of the depositor.
• Depositors can claim tax deduction of up to Rs 1.5 lakh under Section 80C by investing in a SBI tax saver FD.
• As per Section 80TTB, resident senior citizens can claim tax deduction of up to Rs 50,000 on the interest earned on deposits, including SBI fixed deposits.
• Interest earned by resident Indians beyond Rs. 40,000 (Rs, 50,000 for senior citizens) is subject to TDS at 10% and 20% on non-submission of PAN Card (applicable from AY 2023-24).

FAQs

Q. Can one open SBI Fixed Deposit Account online?

Yes, SBI fixed deposit can be opened online through SBI YONO mobile app and SBI internet banking.

Q. What is the tenure for an SBI Fixed Deposit Account?

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

Q. What is the current highest FD rate at SBI?

Currently, it is 7.10% for deposits with a term of 400 days.

Q. 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.

Q. Are there any special rates for senior citizens?

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

Q. Is a 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.

Q. 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.

Q. 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.

Q. 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.

Q. 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.