State Bank of India (SBI) is an Indian multinational commercial bank that provides banking and financial services. SBI provides a wide range of term deposit schemes both for regular individuals as well as senior citizens. In this post, we will provide you all the information about SBI fixed deposit rates 2021.
Do you want to know what is the FD rate in SBI? What is the FD rate of SBI? How to check SBI fixed deposit rates for last 10 years? Where to check SBI fixed deposit rates historical data? If your answer is yes. Then we are going to disclose a complete guide for you on this topic.
Table of Contents
SBI FD Account
An SBI term deposit account is a guaranteed return investment. The interest rates tend your money to work for you. There are various types of term deposit schemes provided by the State Bank of India.
State Bank of India provides both short-term FD and long-term FD schemes. All the schemes are specially designed keeping in mind about different needs of the customers.
Features & Benefits
1. Earn an attractive interest rate along with flexibility in choosing the deposit amount.
2. You can start invest using OnlineSBI or by visiting the bank branch.
3. You can open this account with a minimum of Rs.1,000.
4. Term deposit tenure varies between 7days to 10 years.
5. State Bank of India provides additional interest rates to senior citizens.
6. Nomination facility is available.
7. There are multiple FD schemes.
8. You can transfer your SBI FD account from one branch to another.
9. Option to get interest on monthly intervals.
10. State Bank of India FD account interest rate varies as per the deposit tenure.
Types of SBI Fixed Deposits
1. SBI Term Deposit
This term deposit enables you can park your lump sum amount. With this, you can avail of features like guaranteed returns, choice of interest payout, liquidity through an overdraft, and premature withdrawal. SBI FD rates 2021 vary between 2.90% to 5.40% for public.
2. SBI Tax Saving Scheme, 2006
SBI tax saving scheme is specially designed to give tax benefits to its customers. It offers tax benefits u/s 80C of the IT Act. The minimum deposit period of this scheme is 5 years. The maximum period of deposit is 10 years. The minimum deposit amount is Rs.1000 and in multiples of Rs.100 thereafter. You can deposit a maximum amount of Rs.1,50,000/- in a financial year
3. Special Term Deposit
Unless like others special term deposit scheme does not pay interest frequently but, the interest is being paid at the time of maturity of the FD. Its tenure ranges between 6 months to 10 years, with a minimum investment requirement of Rs.1,000.
4. Multi Option Deposit Scheme
Multi Option Deposit Scheme (MODS) are term deposits that are linked to either savings or the current account of an individual. You can withdraw from this account in multiples of Rs.1000 as per your fund requirement. Its tenure ranges between 1 to 5 years with a minimum investment of Rs.10,000.
Eligibility Criteria
1. You must be Indian citizen.
2. Members of Hindu Undivided Families (HUFs)
3. Any firm or company
4. Local bodies.
5. Any government department
Documents Required
1. Identity proof
2. Address proof
3. Date of birth proof
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How to fixed deposit in SBI bank?
You can open an FD account in the State Bank of India using OnlineSBI or by visiting the bank branch. Also Read: How to open SBI FD Account Online?
SBI Fixed Deposit Account Interest Rate
The SBI fixed deposit rates in India are mentioned in the table below:
| SBI Fixed Deposit Rates Latest (w.e.f. 08.01.2021) | |
| Period | SBI Fixed Deposit Account Interest Rate for Public |
| Below Rs.2 Crores | |
| 7 days to 45 days | 2.90% |
| 46 days to 179 days | 3.90% |
| 180 days to 210 days | 4.40% |
| 211 days to less than 1 year | 4.40% |
| 1 year to less than 2 year | 5.00% |
| 2 years to less than 3 years | 5.10% |
| 3 years to less than 5 years | 5.30% |
| 5 years and up to 10 years | 5.40% |
| Rs.2 Crores and Above | |
| 7 days to 45 days | 2.90% |
| 46 days to 179 days | 2.90% |
| 180 days to 210 days | 3.00% |
| 211 days to less than 1 year | 3.00% |
| 1 year to less than 2 year | 3.00% |
| 2 years to less than 3 years | 3.00% |
| 3 years to less than 5 years | 3.00% |
| 5 years and up to 10 years | 3.00% |
Note that the SBI fixed deposit rates for 5 years is 5.40% per annum (below Rs.2 Crores).
SBI Fixed Deposit Rates 2021 for Senior Citizens
| Fixed Deposit Rates SBI for Senior Citizens (w.e.f. 08.01.2021 | |
| Period | SBI Fixed Deposit Rates for Senior Citizens |
| Below Rs.2 Crores | |
| 7 days to 45 days | 3.40% |
| 46 days to 179 days | 4.40% |
| 180 days to 210 days | 4.90% |
| 211 days to less than 1 year | 4.90% |
| 1 year to less than 2 year | 5.50% |
| 2 years to less than 3 years | 5.60% |
| 3 years to less than 5 years | 5.80% |
| 5 years and up to 10 years | 6.20% |
| Rs.2 Crores and Above | |
| 7 days to 45 days | 3.40% |
| 46 days to 179 days | 3.40% |
| 180 days to 210 days | 3.50% |
| 211 days to less than 1 year | 3.50% |
| 1 year to less than 2 year | 3.50% |
| 2 years to less than 3 years | 3.50% |
| 3 years to less than 5 years | 3.50% |
| 5 years and up to 10 years | 3.50% |
Note: These are the interest rate as of June 7, 2021. The interest rates mentioned in both the tables above are subject to change at the discretion of the bank. Click here to check the SBI fixed deposit rates today.
You can also check SBI fixed deposit rates last 10 years. Just click here.
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SBI Fixed Deposit Rates Calculator
Click here to check SBI fixed deposit rates 2021 calculator on Groww.
Frequently Asked Questions
1. What is the current interest rate on FD in SBI?
The current interest rate on FD in SBI bank varies between 2.9% to 5.4% according to the tenure.
2. What is the interest rate for senior citizens in SBI?
The current interest rate on FD for senior citizens in State Bank of India varies from 3.4% to 6.2% according to the tenure.
3. Can I get monthly interest on fixed deposit in SBI?
Yes, you can get monthly interest on FD in State Bank of India. You need to select an interest payment option monthly while opening an FD account.
4. Can more than two adults open an FD account in SBI jointly?
No, not more than two adults cannot apply jointly for an FD account.
5. Is there any penalty on premature withdrawals?
Yes, on premature withdrawals you have to pay a penalty. On deposits amount up to Rs.5 lakh, a penalty of 0.50% will be applied. And a penalty of 1% will be applied for a deposit amount between Rs.5 lakh and Rs.1 crore.
Final Thoughts
I hope now you know SBI fixed deposit rates 2021 that range from 2.90% to 5.40% p. a. The tenures for these deposits range from 7 days to 10 years. Senior citizens are offered an additional interest rate. State Bank of India Term deposits are one of the safest investment avenues available in the market.
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