Fixed Deposit

State Bank of India offers a multitude of deposit schemes for every individual’s needs and requirements. So, whether the customer wants to save monthly through the recurring deposit scheme or in a lump sum, whether the purpose is to create wealth or to save tax, the bank has a scheme for every requirement. Let us have a look at SBI FD rates for various deposit schemes.

SBI FD Interest Rate
Types of Fixed Deposit Schemes
 

  1. SBI Term Deposit
  2. SBI Tax Saving Scheme
  3. SBI Fixed Deposit Reinvestment Plan
  4. SBI MODS
  5. SBI Recurring Deposit
  6. SBI Annuity Deposit Scheme
  7. SBI Flexi Deposit Scheme

 


 


SBI FD Rates 2017

FD Tenure

Interest Rate (in %)

  Regular Citizens Senior Citizens
7 days to 45 days 5.25 5.75
46 days to 179 days 6.25 6.75
180 days to 210 days 6.25 6.75
211 days to less than 1 year 6.25 6.75
1 year 6.25 6.75
1 year to 455 days 6.25 6.75
456 days to less than 2 years 6.25 6.75
2 years to less than 3 years 6.00 6.50
3 years to less than 5 years 6.00 6.50
5 years to up to 10 years 6.00 6.50

Note: Interest rates with effect from 1st Nov 2017


Read more about benefits of fixed deposit in india

SBI Term Deposit

A simple fixed deposit account with the following Features and Benefits:
 

  • The period of fixed deposit in SBI ranges from as low as 7 days to a long term of 10 years and depend on the choice of the customer
  • The minimum amount of deposit is Rs.1000 and there is no limit on the maximum amount
  • The interest is payable monthly or quarterly depending on the customer’s requirement. However, in case of monthly interest payment, the interest is paid at a discounted rate
  • The SBI FD interest rates determined at the start of the deposit period will apply throughout the tenure of the deposit irrespective of any changes in the rates thereafter
  • For Senior Citizens, SBI's FD interest rates applicable will be 0.25% over and above the rate for normal individuals in case of deposit greater than rs 10,000.
  • There is also a facility of loan or overdraft on the deposit. The customer can withdraw up to 90% of the deposit amount as a loan or overdraft.
  • In case of premature withdrawal of the deposits made, there will be no penalty if the deposit amount is lower than Rs.5 lakhs and the deposit has remained with the bank for a minimum of 7 days.
  • However, for deposits of value Rs.5 lakhs and up to Rs.1 crore, the penalty will be 1% irrespective of the term of deposit in case of premature withdrawal
  • If the customer does not give any instructions to the bank for dealing with the maturity proceeds, the maturity value is automatically reinvested in the deposit at the same terms and conditions
  • The scheme provides the facility to convert the TDR into STDR and vice-versa at same SBI FD rates.
  • Nomination facility is available under the scheme and the customer may nominate a person to receive the proceeds in case of death of the customer
  • If the customer does not submit the relevant Form 15G or Form 15H, TDS will be deducted as per applicable rules. The interest paid or accrued or reinvested and exceeds Rs.10, 000 per customer per branch
  • The TDR can be linked to any Savings or Current account of the customer from where the customer can withdraw quarterly interest. Moreover, the customer can also pay TDS interest to the Government through the linked account.

SBI Tax Saving Scheme

A deposit scheme designed for tax exemptions with a fixed period of deposit of 5 years. The features of the deposit scheme are as follows:
 

  • The minimum amount of deposit is Rs.1000 and thereafter in multiples of Rs.1000
  • The maximum amount of deposit should not exceed Rs.1.5 lakhs in any year because it is the maximum limit on which tax exemption can be availed under Section 80C of the Income Tax Act.
  • The fixed deposit in SBI can be operated either as a Term Deposit (TD) account or a Special Term Deposit (STD) account
  • The minimum term of deposit is 5 years and the customer can also extend the term of deposit to a maximum of 10 years.
  • Pre-mature withdrawals are not allowed under the scheme before the expiry of 5 years. It means that the customer can withdraw the money only after the completion of 5 years and if the tenure of deposit is higher than 5 years.
  • Loan facility is also not available under this deposit scheme and the term deposit (TD) or the special term deposit (STD) will not be eligible to be pledged as a collateral security for availing a loan
  • The scheme has a lock-in period of 5 years
  • For Senior Citizens, the rate of interest applicable will be 0.25% over and above the rate for normal individuals
  • Compound Interest is applicable under the scheme which is calculated on a quarterly basis 
  • Nomination facility is available under the scheme and the customer may nominate a person to receive the proceeds in case of death of the customer

SBI Fixed Deposit Reinvestment Plan

A term deposit scheme where the quarterly interest is added to the principal amount on which the further interest is calculated. So, interest is reinvested in the deposit amount as and when it accrues yielding interest and a higher maturity value. The features of this scheme are as follows:
 

  • The period of deposit ranges from as low as 6 months to a long term of 10 years and depend on the choice of the customer
  • Interest is compounded quarterly and is paid only on maturity of the deposit after the chosen tenure
  • The STDR can be linked to any Savings or Current account of the customer from where the customer can pay TDS interest to the Government through the linked account whenever applicable.
  • The fixed deposit rates in SBI determined at the start of the deposit period will apply throughout the tenure of the deposit irrespective of any changes in the rates thereafter.
  • There is also a facility of loan or overdraft on the deposit. The customer can withdraw up to 90% of the deposit amount as a loan or overdraft.
     
  • In case of premature withdrawal of the deposits made, there will be no penalty if the deposit amount is lower than Rs.5 lakhs and the deposit has remained with the bank for a minimum of 7 days.
  • However, for deposits of value Rs.5 lakhs and up to Rs.1 crore, the penalty will be 1% irrespective of the term of deposit in case of premature withdrawal
  • If the customer does not give any instructions to the bank for dealing with the maturity proceeds, the maturity value is automatically reinvested in the deposit at the same terms and conditions
  • If the customer does not submit the relevant Form G or Form H, TDS will be deducted on the interest paid or accrued or reinvested and exceeds Rs.10, 000 per customer per branch.

SBI Multi Option Deposit Scheme (MODS)

A term deposit scheme which provides liquidity in the form of withdrawal facility form the deposit account by linking it with a Savings or Current Account. The features of the scheme are as follows:
 

  • It is a term deposit scheme but withdrawals are permitted from the deposit in multiples of Rs.1000. the customer can make withdrawals by issuing a cheque of the Savings or Current account
  • The deposits can be made for a minimum term of 1 year. The maximum term of deposit is 5 years. The choice of tenure depend on the customer and he can choose any term from a range of 1-5 years
  • The minimum amount of deposit required for creating MOD is Rs.10, 000 and thereafter in multiples of Rs.1000. however, there is no maximum amount of deposit mentioned and the customer can deposit any amount as long as it meets the minimum requirement
  • There is no facility of loan under the scheme
  • The scheme combines a Savings Account with the deposit account thereby making the deposits completely liquid in nature to be withdrawn whenever required
  • The withdrawals should be in multiples of Rs.1000
  • TDS will be deducted on the interest earned at the applicable rates
  • Nomination facility is available under the scheme and the customer may nominate a person to receive the proceeds in case of death of the customer

SBI Recurring Deposit

A deposit scheme which calls for monthly deposits for a fixed period of time. The features of the scheme are as follows:
 

  • The minimum amount of deposit is Rs.100 per month and thereafter in multiples of Rs.10 with no limit on the maximum amount
  • The deposits can be made for a minimum term of 1 year or 12 months. The maximum term of deposit is 10 years or 120 months. The choice of tenure depend on the customer and he can choose nay term from a range of 1-10 years
  • There is also a facility of loan or overdraft on the balance in the deposit account. The customer can withdraw up to 90% of the deposit amount as a loan or overdraft.
  • Users can use the RD Calculator to calculate the interest and the maturity amount of SBI recurring deposit before investing.
  • TDS will be deducted on the interest earned at the applicable rates
  • In case of premature withdrawal of the deposits made, there will be no penalty if the deposit amount is lower than Rs.5 lakhs and the deposit has remained with the bank for a minimum of 7 days.
  • However, for deposits of value Rs.5 lakhs and up to Rs.1 crore, the penalty will be 1% irrespective of the term of deposit in case of premature withdrawal
  • If the customer does not pay the monthly instalment on time 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
  • The bank issues passbooks to keep a track of the account balance
  • At the time of opening the account, the bank accepts instructions relating to the treatment of maturity proceeds
  • Nomination facility is available under the scheme and the customer is advised to nominate a person to receive the proceeds in case of death of the customer.

SBI Annuity Deposit Scheme

A deposit scheme where a lump sum is deposited from where annuity payments are made. The features of the scheme are as follows:
 

  • The customer is supposed to pay a lump sum amount form which he receives Equated Monthly Instalments (EMIs) which consist of part principal and part interest calculated on the reducing balance of the deposit for the period the deposit is held and the interest is discounted for making monthly payments
  • Payment starts form the anniversary date of the month following the month of deposit
  • The minimum amount of deposit is calculated on the basis of a minimum annuity of Rs.1000 and the deposit should not lower than Rs.25, 000. There is however, no limit on the maximum amount of deposit
  • The tenure of annuity payouts chosen by the customer may be 36, 60, 84 or 120 months
  • Premature withdrawal is not permitted and can only be done in case of death of the customer.
  • A loan or overdraft facility of 75% of the balance amount can be availed by the customer and after availing the said loan or overdraft, the annuity payments are credited to the loan account only
  • Nomination facility is available under the scheme and the customer is advised to nominate a person to receive the proceeds in case of death of the customer.

SBI Flexi Deposit Scheme

A recurring deposit scheme wherein the deposit instalment can vary. The features of the scheme are as follows:
 

  • The amount is deposited every month like in a recurring deposit scheme and the instalment can be varied
  • The minimum amount of deposit is Rs.5000 per year with a minimum of Rs.500 any one time.
  • Deposits can be made any time during a month for any number of time
  • A penalty of Rs.50 is levied for default in maintaining the minimum deposit
  • The maximum amount of deposit in a financial year is Rs.50, 000
  • Interest is compounded quarterly on the balance outstanding at the month end
  • The deposit can be made for a minimum tenure of 5 years and maximum tenure of 7 years
  • Premature withdrawal is allowed and the applicable SBI deposit rates will be 0.50% lower than the rate applicable for the period the deposit has remained in the bank
  • Nomination facility and loan facility is available under the scheme
  • Interest paid will be subject to TDS
Disclaimer: *The rates are subject to change without prior information.

SBI FD Calculator

Banks, NBFCs as well as fintech companies provide the option to calculate your fixed deposit maturity amount using the SBI FD calculator. You can choose the scheme that best suits your needs and make an informed decision.
 

Calculate Maturity amount using the Fixed Deposit Calculator

How and where to apply for SBI Fixed Deposits?

  • Submit KYC documents for approval – PAN Card, Aadhaar card and your photograph.
  • Existing SBI customers don’t have to submit above-mentioned KYC documents.
  • You can either open FD account online or find the nearest SBI branch here and visit to book FDs offline.

NEWS: SBI Fixed Deposit

SBI Reduces Fixed Deposit Interest Rates- 1st November 2017

01-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 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

03-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 6.75% interest rate. Senior citizens will get interests at 7.0% which was 7.25% before...Read More

SBI Cuts Fixed Deposit Rates

05-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 percent to 6.75 percent. For deposits that have 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 percent. Interest rate on term deposits having a maturity period between 456 days to less than 2 years has also been reduced from 6.75 percent to 6.5 percent. Senior citizens will continue to get about 50 basis points higher rates.

SBI Reduces Term Deposit Rates by up to 50 Points

01-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 percent from 6.75 percent for two to less than three years deposits. For deposits with 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 the rate of 6.90 percent..

SBI Fixed Deposit
(4.4/5 ) 5 Reviews
Fixed DepositFixed Deposit
4/5

Good for Beginners

I invested for the first time in fixed deposits through online banking. I had very less knowledge regarding FDs. I researched a lot and thanks to Paisabazaar, I was able to select SBI for making my investment after detailed study. It was easy to book..Read more...

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Posted on: Aug 22 , 2017
Fixed DepositFixed Deposit
5/5

Good senior citizen schemes

I invested in a 5 year FD scheme at a rate of 8.25% last year. It was very easy to avail senior citizen FD rate as the officials approved and verified my documents instantly. Now I get interests on a monthly basis. So there is an additional income so..Read more...

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Posted on: Aug 21 , 2017
Fixed DepositFixed Deposit
4/5

Safer Fixed Deposits

Initially I used to get 9.75% interest on my 3 year FD scheme. But the interest rate offered to me during reinvestment was 7.4%. When I checked the interest rates for other banks, they also offered the same rate. So I continued with the safer SBI FD ..Read more...

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Posted on: Aug 18 , 2017
Fixed DepositFixed Deposit
5/5

Great online service

I booked my FD scheme for 2 years online. I was fascinated with the way Paisabazaar made it convenient for me to apply and book FD so easily. I opened the account from my home without visiting the bank. It was a great experience.

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Posted on: Aug 17 , 2017
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