State Bank of India (SBI) offers SBI fixed deposit – a popular and secure investment option in India. To open an SBI FD account, customers choose an amount and duration that suits their goals.
Different Types of SBI FDs
Different SBI fixed deposits cater to the specific needs of individuals. There are variations in metrics like interest rates, tax savings, flexibility, income flow required, and fund transfer process. SBI FDs are of the following types:
- Nominal FD
- Tax Saving FD
- Senior Citizen FD
- Cumulative FD
- Non-cumulative FD
- Flexi FD
SBI FD Interest Rates
SBI has increased interest rates on FDs for both the general public and senior citizens. The new rates range from 3.00% to 7.10% and 3.50% to 7.60%, respectively.
SBI FD interest rates for term deposits of less than Rs. 2 crores (effective from 15 February 2023):
Tenors | Interest Rates (p.a.) | |
General Public | Senior Citizens | |
7 days to 45 days | 3.00% | 3.50% |
46 days – 179 days | 4.50% | 5.00% |
180 days – 210 days | 5.25% | 5.75% |
211 days – less than 1 year | 5.75% | 6.25% |
1 year – less than 2 years | 6.80% | 7.30% |
2 years – less than 3 years | 7.00% | 7.50% |
3 years – less than 5 years | 6.50% | 7.00% |
5 years and up to 10 years | 6.50% | 7.50% |
400 days (Amrit Kalash) | 7.10% | 7.60% |
SBI FD interest rates for term deposits of Rs 2 crores or above (effective from 15 February 2023):
Tenors | Interest Rates (p.a.) | |
General Public | Senior Citizens | |
7 days to 45 days | 4.75% | 5.25% |
46 days – 179 days | 5.50% | 6.00% |
180 days – 210 days | 6.00% | 6.50% |
211 days – less than 1 year | 6.25% | 6.75% |
1 year – less than 2 years | 6.75% | 6.25% |
2 years – less than 3 years | 6.50% | 7.25% |
3 years – less than 5 years | 6.00% | 7.00% |
5 years and up to 10 years | 6.00% | 6.50% |
400 days (Amrit Kalash) | 4.75% | 6.50% |
SBI FD interest rates for NRIs (Non-resident Indians):
Tenure | Interest Rates(p.a.) | |
Below Rs. 2 crores | Rs. 2 crores & 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% |
Note: The SBI FD interest rates are subject to change. Please refer to the official SBI website for the latest information
Benefits of Availing SBI FD Schemes
SBI fixed deposit schemes offer a number of attractive benefits like tax savings, security, and high SBI FD interest rates. Take a look at some of the key benefits of SBI FDs:
- Loan Facility: You can take a loan against your SBI FD, which is helpful if you need access to your money before the maturity date. The loan amount can be up to 90-95% of the SBI FD.
- Nomination Facility: You can nominate someone to receive the proceeds of your SBI FD in case of your death, ensuring that your money goes to the desired person.
- Wide Range of FD Options: SBI offers different types of FD schemes, including regular, tax-saving, and special FDs for senior citizens.
- High SBI FD Interest Rates: SBI offers guaranteed returns on attractive interest rates on its FD schemes.
- Liquidity: SBI FDs are highly liquid, meaning you can easily sell them if you need immediate access to your funds.
- Easy to open and secure: You can open an SBI FD online or at any SBI branch. There is no complex paperwork or procedures involved. They are backed by government insurance through the Deposit Insurance and Credit Guarantee Corporation (DICGC), offering protection of up to ₹5 lakhs.
Is Premature Withdrawal Allowed in SBI FD Schemes?
SBI fixed deposit schemes allow customers to withdraw their funds before the maturity date, which means they can take out the deposited amount and the interest earned early. However, there are usually penalties or charges for doing so, depending on the SBI FD’s terms and duration. However, you cannot withdraw money in the case of tax-saver FDs.
Credit Card Against SBI FD
The SBI Unnati Card is an entry-level card issued against an SBI fixed deposit. The card is secured, meaning that your fixed deposit will be used as collateral if you fail to make payments. To avail of the card, a minimum fixed deposit of Rs. 25,000 is required. The credit limit will be up to 100% of the fixed deposit amount.
Loan Against SBI FD
SBI offers “loans against fixed deposits”, allowing individuals to get a loan using their SBI fixed deposit as security. The amount of the loan will depend on the value of your fixed deposit and the terms set by the bank. To be eligible for a loan against a fixed deposit from SBI, you must be a resident of India, have a valid PAN card, have an SBI fixed deposit with a minimum maturity period of 1 year, and have a good credit score.
FAQs
To open an SBI FD, you need a minimum deposit of Rs. 1,000. The minimum deposit amount may vary based on the type of FD and tenure you choose.
No, you cannot change the tenure of your existing SBI FD. If you want to change the tenure, you will have to withdraw the FD prematurely and open a new one with the desired tenure. However, penalties or charges may apply for premature withdrawal.
Calculating the interest and maturity amount is easy. You can use the SBI fixed deposit calculator available on the SBI official website and mobile app, and on various financial websites.
Yes, you can open multiple SBI FDs simultaneously. There is no limit to the number of FDs you can open with SBI. Each FD you open with SBI will be treated as a separate account with its deposit amount, tenure, and interest rate.
Under the SBI tax saving FD scheme, you must keep your FD for a minimum of 5 years.
Yes. You can apply for SBI Bank FD via internet banking.