SBI FD Interest Rates
Because they are risk-free and provide guaranteed returns, fixed deposits are a favoured kind of investment. You can take advantage of enticing SBI FD interest rates and tenors that meet your demands with SBI. You can choose your chosen deposit amount starting at a minimum of Rs. 1,000 and they are simple to open online. You can also get a loan secured by your SBI FD, in addition. A multitude of features and advantages of an SBI FD can help you to secure your future.Look hereis the guide to know for the sbi fd interest rates.
Read: SBI Demat Accounts
Benefits of SBI Fixed Deposit for Higher Returns
- Competitive interest rate: SBI fixed deposit investors can earn up to 5.40% interest on their savings. Senior citizens pay a higher interest rate of 6.20%. Although it should be noted that Bajaj Finance offers rates up to 7.60% for non-senior citizens and 7.85% for senior citizens, this rate is comparable to that of the majority of other industry players.
- Auto renewal facility – If you want to extend the term of your deposit, SBI offers you the opportunity to have your FD automatically renewed. For the same duration as the initial deposit, your deposit is renewed. Some FD schemes have access to this capability.
- Minimum deposit- The majority of FD plans simply require a minimum contribution of $1,000. The majority of people in the nation can invest easily as a result. The initial investment for the SBI Multi Option FD is 10,000, whereas the minimum investment for the SBI Annuity Scheme is 25,000.
- Loan facility available – When you open an FD with SBI, you have access to loans up to 90% of the value of the FD’s outstanding balance. This makes it simple for you to get capital when you need it. These loans have interest rates ranging from 5.5% to 7.1%.
SBI FD Interest Rates in 2023
|Tenor||SBI FD Interest Rates for Non-Senior Citizens||SBI FD Interest Rates for Senior Citizens|
|7 days to 45 days||2.90%||3.40%|
|46 days to 179 days||3.90%||4.40%|
|180 days to 210 days||4.55%||5.05%|
|211 days to less than 1 year||4.60%||5.10%|
|1 year to less than 2 years||5.45%||5.95%|
|2 years to less than 3 years||5.50%||6.00%|
|3 years to less than 5 years||5.60%||6.10%|
|5 years to 10 years||5.65%||6.45%|
NRI SBI FD Interest Rates
|Below Rs. 2 Crore||Rs. 2 Crore & above|
|1 year to less than 2 years||5.50%||6.50%|
|2 years to less than 3 years||6.00%||6.50%|
|3 years to less than 5 years||6.15%||6.25%|
|5 years to 10 years||6.20%||6.00%|
SBI FD Interest Rates for Different Amounts
|Investment Amount||Monthly Interest for Non-Senior Citizens||Monthly Interest for Senior Citizens||Cumulative interest for 5 years (Non-Senior Citizens)||Cumulative Interest for 5 years (Senior Citizens)|
|Rs. 50 Thousand||Rs. 235||Rs. 269||Rs. 15,814||Rs. 18,344|
|Rs. 1 Lakh||Rs. 471||Rs. 538||Rs. 31,628||Rs. 36,687|
|Rs. 5 Lakh||Rs. 2,354||Rs. 2,688||Rs. 1,58,139||Rs. 1,83,437|
|Rs. 10 Lakh||Rs. 4,708||Rs. 5,375||Rs. 3,16,278||Rs. 3,66,874|
|Rs. 15 Lakh||Rs. 7,o63||Rs. 8,063||Rs. 4,74,416||Rs. 5,50,310|
|Rs. 20 Lakh||Rs. 9,417||Rs. 10,750||Rs. 6,32,555||Rs. 7,33,747|
Types of SBI FD Schemes
- SBI Term Deposits -Term deposits are standard deposits that you can have with SBI for a duration of 7 days to 10 years. You can prematurely remove the money, however a fee will apply.
- SBI Tax Saving Scheme: You can open an SBI tax-saving fixed deposit to avoid paying taxes. You can invest in the programme and receive a yearly deduction of up to Rs. 1.5 lakh by doing so (Section 80C of the Income Tax Act, 1961).
- SBI Fixed Deposit Reinvestment Plan-Under the SBI reinvestment plan, your principal deposit amount will be increased by the quarterly interest and an additional interest will be calculated on top of that. A considerably higher interest and maturity amount will result from the interest being reinvested in a larger sum.
- SBI Annuity Investment Scheme-The SBI Annuity Plan requires a sizable deposit and pays out the money in the form of Equated Monthly Installments (EMIs).
- SBI WeCareSBI -SBI In order to safeguard the interests of older residents,We Care was established. The programme is in effect from May 12, 2020, through September 30, 2022.
Documents required for SBI Fixed deposit
- Opening FD Account Form
- Four photos in passport size
- Identity verification under KYC guidelines. (Passport, driving licence, voter ID card, Aadhaar card, PAN card)
- Address verification in accordance with KYC requirements. (Passport, driving licence, voter ID card, Aadhaar card, PAN card)
- Age Valid (Birth Certificate, Matriculation Certificate)
- Pan Card or a statement on Form No. 60 or 61 of the Income Tax Act containing the account number, IFSC code, and branch information of a bank
- any further paperwork needed for a partnership, sole proprietorship, business, HUF, association, or institution.
Eligibility For Getting More SBI FD Interest Rates
- Resident Individuals
- Partnership Firms
- Public and Private Limited companies
- NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)
SBI FD Interest Rates- FAQs
- What would be SBI’s FD interest rate starting in 2022?
Answer-Additionally, the bank has launched a “Utsav Deposit” with a fixed tenor of “1000 days” and a ROI of 6.10% starting on 15-Aug-2022 for 75 days (up to 28-Oct-2022).
- What is the rate of return on a $100,000 FD in SBI?
Answer-Suppose you choose to put Rs. 1 lakh into your SBI FD account over a five-year period. The current interest rate is 6.10% per annum. Your maturity amount will be Rs. 1,35,351 and you will earn Rs. 35,351 in interest at an annual compounding frequency.
- What SBI FD is the best?
Answer-SBI only offers a maximum FD interest rate of 6.75% for ordinary accounts and 7.25% for senior citizens on fixed deposits with a minimum duration of 5 years.
- Can I receive interest on my SBI FDs every month?
Answer-A depositor will receive interest on a term deposit along with the principle at maturity or every quarter starting from the date of issue. However, for Term Deposits with terms of twelve months or more, interest may be paid at intervals of monthly, biannually, or annually upon request from the depositor.
- Will my money double in five years?
Answer-Long-term mutual funds can provide rates of return between 12% and 15% annually. To double your money with these mutual funds, it might take five to six years.