SBI Fixed Deposit Rate
SBI Fixed Deposit Rate - FD Rate in India
A Fixed Deposit (FD) is one of the most popular financial instruments among the general saving public in India as it provides a higher rate of interest than a regular savings account. It is considered to be a safe, low-risk form of saving. Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years.
Having a Fixed Deposit account translates into greater savings, as your money steadily earns interest in the bank at a higher rate than a regular savings account but with the same level of safety. But there is a catch. You cannot withdraw money from an FD account except upon the payment of a penalty.
SBI Bank offers a range of Fixed Deposit schemes that gives you a good rate of interest, as well as flexibility.
SBI Bank Deposit Rates
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank / NBFC. SBI Bank Interest Rates typically ranges from 4%-7.50% per annum.
As mentioned before, that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount along with the interest earned to the bank account specified when the FD is opened.
SBI Bank FD rates
Following is an overview of SBI Bank Term Deposit Rates and SBI Bank Short-Term Fixed Deposit Interest Rates.
SBI Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these interest rates could change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with SBI directly.)
SBI Bank Interest Rates On Fixed Deposits Below Rs. 1 Crore:
|Tenure||Revised Rate for Public|
|7 days to 45 days||5.5%|
|46 days to 179 days||6.50%|
|180 days to 210 days||6.75%|
|211 days to less than 1 year||7.00%|
|1 year to 455 days||7.15%|
|456 days to less than 2 years||7.25%|
|2 years to less than 3 years||7.25%|
|3 years to less than 5 years||7.00%|
|5 years and up to 10 years||7.00%|
SBI Bank Interest Rates On Fixed Deposits - Rs. 1 Crore and Above:
|Tenure||Revised Rate for Public|
|7 days to 45 days||5.50%|
|46 days to 179 days||6.00%|
|180 days to 210 days||6.25%|
|211 days to less than 1 year||6.25%|
|1 year to 455 days||6.50%|
|456 days to less than 2 years||6.50%|
|2 years to less than 3 years||6.50%|
|3 years to less than 5 years||6.00%|
|5 years and up to 10 years||6.00%|
SBI Bank FD Interest Rates for Senior Citizens
SBI Bank offers special Senior Citizen FD Rates which is generally 0.50% above the rates for regular FD accounts.
SBI Bank Senior Citizen FD Rates:
|Tenure||Revised for Senior Citizens < Rs. One crore||Revised for Senior Citizens Rs. One crore and above|
|7 days to 45 days||5.75%||5.75%|
|46 days to 179 days||6.75%||6.25%|
|180 days to 210 days||7.00%||6.50%|
|211 days to less than 1 year||7.25%||6.50%|
|1 year to 455 days||7.40%||6.75%|
|456 days to less than 2 years||7.50%||6.75%|
|2 years to less than 3 years||7.50%||6.75%|
|3 years to less than 5 years||7.25%||6.25%|
|5 years and up to 10 years||7.25%||6.25%|
How to Calculate SBI Bank Fixed Deposit Interest
You can use online resources to calculate the interest accrued on your SBI Bank FD Deposit. There are several online sites that allow you to instantly calculate the interest earned without the hassle of manual calculation and number crunching.
You can also calculate the interest earned and the maturity value on the principal amount using the below formula. Following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate IDBI FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
SBI Bank FD Premature Withdrawal Penalty
Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds, as in case of a medical crisis. In such cases the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. The bank typically charges a nominal amount as penalty. It is advisable to check with the bank for the penal charges.
Also note that no premature penalty will be levied on staff and SBI pensioners Ddeposits.
SBI Bank FD – FAQS
What is the tenure range for SBI Bank Fixed Deposit?
The tenure ranges from 7 days to as long as 10 years.
Is there any minimum amount that I have to give for opening a Fixed Deposit with SBI Bank?
The minimum deposit amount required to book an FD with SBI is Rs. 1,000.
Can I deposit additional amount in my FD account?
No. It is possible to deposit the amount only once. If you want to invest any additional amounts, you will need to open a new FD account.
What is the eligibility for opening an FD account in India?
All resident individuals, including minors are eligible to open a fixed deposit account.
What are the documentation required to open an FD account in SBI Bank?
The documentation generally required is Identity proof, Address proof, Signature proof and Age proof. The bank, under its own discretion, might ask for additional documents.
What are the disadvantages of opening a Fixed Deposit Account?
There are certain disadvantages to an FD account:
- The interest earned is taxable in line with the income bracket you fall under, unlike certain other kinds of investments instruments
- Returns are lower, when compared to other, more risky, investment instruments like mutual funds, which are subject to market risks.