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SBI offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. SBI Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
Fixed Deposit (FD) is one of the most popular investments in India because of its reliability, flexibility and high returns. The net returns are lower than other types of investment such as equity and mutual funds besides being taxable. Nevertheless, fixed deposits - or term deposits as they are also called - are popular because of their easy liquidity and reliability.
You can deposit a lump sum in State Bank of India FD for a fixed period and earn a steady income by way of interest. Terms typically range from 7 days to 10 years though they vary from one bank to the next. There is no limit on the amount you can invest in an FD.
In order to make an investment, simply visit the nearest branch of SBI and fill out the requisite form. You will need to submit your KYC documents if you not an existing account holder with the bank.
There are many different types of fixed deposits. Let us take a look at some that are offered by SBI.
About State Bank of India Fixed Deposit Rate
State Bank of India offers a tax saver fixed deposit which is created for the specific purpose of getting deduction under section 80C of the Income Tax Act. The minimum investment required under this deposit is 1000 and the maximum is 1.5 lakhs per year. SBI offers an interest rate of 6.85 on tax saver fixed deposits. Deposits must be made in multiples of Rs. 1000.
You can invest in SBI Tax Saver Fixed Deposits by visiting the official website of the bank or visiting a nearby bank branch and filling out the required form. You may also need to submit your KYC documents such as Aadhar card, PAN card, passport and so on.
SBI Term Deposits are the simplest form of fixed deposits offered by the State Bank of India. The minimum amount required to be deposited in these accounts is Rs. 1000. There is no maximum limit on the amount you may deposit. Interest rate varies depending on the rates declared by RBI from time to time. You can opt for quarterly, monthly, or calendar quarterly interest payouts. Tenure ranges from 7 days to 10 years. In case no instructions are received before date of maturity, the FDs will be automatically renewed by the bank.
Under the term deposit scheme, investors have the option to convert the deposits from interest payout option to cumulative and vice versa.
This is a variant of the term deposit scheme from State Bank of India. Under this scheme, the interest is credited to the deposit account instead of being the investors saving bank account. Other conditions such as minimum deposit of Rs. 1000 and term between 7 days to 10 years are the same.
MODS is another variation of the term deposit scheme offered by the State Bank of India. While other conditions remain the same, investors may withdraw funds from this scheme at any time during the term. Funds can be withdrawn only in multiples of Rs. 1000. The remaining amount will continue to earn interest at the rate originally stated under the scheme. In other words, no penalty is applicable for premature withdrawal and partial withdrawal of funds is possible under this State Bank of India Fixed Deposit scheme.
Under this scheme, investors can deposit a lump sum amount of 25,000 or more 36, 60, 84 or 120 months. The amount deposited will earn interest as applicable to other term deposits. At the end of the term, the investor will receive an annuity beginning exactly 1 month from the date of deposit. This annuity is comprised of part of the principal amount as well as interest on deposit. Premature withdrawal is not permitted under this scheme except in case of death of the investor.
Under this scheme the investor deposits a small amount each month. The amount deposited may vary from month to month. It is also not required to make a deposit each month. However the amounts deposited within a year must add up to an agreed annual amount under the scheme.
The minimum instalment under the scheme is Rs. 10 and the maximum is Rs. 500. A minimum annual amount of INR 5000 must be deposited under the scheme. The maximum annual amount allowed is Rs. 50000.
The rate of interest on term deposits varies from time to time depending on the rates declared by the Reserve Bank of India. It also varies with amount of deposit and term. Interest rates range between 3.5 to 9 per cent, and vary from one bank to another. Investors cannot withdraw the amount deposited before maturity except by paying a penalty expressed as a reduction of the interest rate. Most FDs earn the same rate of interest throughout the term except for some specialized schemes.
The following table shows the rates of interest offered by SBI for various terms and deposit amounts. These rates are applicable with effect from 28-11-2018. It must be borne in mind that these rates are subject to change at any time.
For less than Rs.1 Crore
For Rs. 1 crore to 10 crore
For deposits of 10 crore and above
State Bank of India offers higher rates of interest to all senior citizens of India. The tables above show the rates for senior citizens as well as for other Indian Citizens.
FDs are one of the most flexible investment instruments. You can withdraw the entire amount of deposit at any time during the term if you find yourself in need of funds.
State Bank of India - like most other banks - applies a penalty for premature withdrawal of deposit. This penalty is expressed as a reduction in the rate of interest. In case of premature withdrawal, interest will be paid at a reduced rate for the period for which the amount remained with the bank.
1. What is the eligibility for opening an FD account with State Bank of India?
All individuals residing in India including minors and HUF are eligible to open a fixed deposit account with State Bank of India. Organizations such as sole proprietorship firms, partnerships and corporates can also open FD accounts with SBI.
2. What are the documents required for individuals to open an FD account in State Bank of India?
If you are an existing customer of SBI, you will only require your KYC documents to be submitted for opening an FD for the first time. If, however, you are not an existing customer, you will require an introduction by an existing account holder who has held an account with the bank for a period of 6 months or more.
3. For how long can I keep my deposit?
Fixed deposits run for a fixed term. The term ranges from 7 days to 10 years.
SBI increases the Interest rate on Fixed Deposits 11 May 2022
The country’s leading lender State Bank of India has increased the interest rates on domestic bulk term deposits of Rs 2 cr and above. For Regular Customers, the SBI domestic bulk term deposit interest rate is 3.00 percent for Rs. 2 crores that are ...
The country’s leading lender State Bank of India has increased the interest rates on domestic bulk term deposits of Rs 2 cr and above. For Regular Customers, the SBI domestic bulk term deposit interest rate is 3.00 percent for Rs. 2 crores that are maturing in 7 to 45 days. Previously, the bank provided a 3% interest rate on deposits maturing in 46 to 179 days, but currently, it will be 3.5 percent, a 50 basis point increase. SBI charges an interest rate of 3.5 percent on deposits maturing from 180 days to 210 days. SBI has hiked the interest rate on deposits maturing in 1 year to less than 2 years from 3.6 % to 4%. Here, 40 basis point is increased. To know about the hiked fixed deposit rates check the SBI website.
SBI raises interest rates on some fixed deposit tenures18 Feb 2022
The State Bank of India has made changes in increasing the rates on FDs for the tenure period over 2 years. The updated interest rate on fixed deposits will be applicable from 15th February. Earlier the FDs interest rates for the tenure period of 2-3...
The State Bank of India has made changes in increasing the rates on FDs for the tenure period over 2 years. The updated interest rate on fixed deposits will be applicable from 15th February. Earlier the FDs interest rates for the tenure period of 2-3 years has increased to 5.20%from 5.10%.In the meantime, the rates on fixed deposits of 2-5 years tenure period have been raised by 15 basis points to5.45% and it was earlier5.30%. For 5-10 years the FDs tenure period interest rates have been modified to 5.50%. The updated interest rates applicable on fixed deposits are less than Rs.2 crore.
SBI Launches Platinum Term Deposits 24 Aug 2021
To commemorate the 75th Independence Day, SBI has launched a new fixed deposit scheme termed “Platinum Term Deposits.” Customers investing in this scheme get an additional interest of 15bps on all fixed and recurring deposits for 75 days, 75 weeks, a...
To commemorate the 75th Independence Day, SBI has launched a new fixed deposit scheme termed “Platinum Term Deposits.” Customers investing in this scheme get an additional interest of 15bps on all fixed and recurring deposits for 75 days, 75 weeks, and 75 months. This scheme is valid from 15th August 2021 to 14th September 2021.
SBI Extends Deadline for Special Fixed Deposit Scheme for Senior Citizens17 Dec 2020
The deadline for “SBI Wecare” FD scheme for senior citizens has been extended until 31st March 2021. This is a fixed deposit scheme that fetches higher returns for senior citizens on their FDs. Currently, SBI offers interest rates of 5.4% on regular ...
The deadline for “SBI Wecare” FD scheme for senior citizens has been extended until 31st March 2021. This is a fixed deposit scheme that fetches higher returns for senior citizens on their FDs. Currently, SBI offers interest rates of 5.4% on regular FDs for five years to the general public. Senior citizens who invest in an FD with the bank will be able to enjoy returns of 6.20% on their investments. However, note that if the senior citizen prematurely closes their FD, they will be able to get interest rates of only 5.9%, which is still higher than the interest offered for the general public.
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