State Bank of India is an Indian multinational, public sector bank headquartered in Mumbai. It provides a wide range of banking services to its customers like saving accounts, fixed deposits, loans, and credit cards. In this post, I will tell you about SBI Fixed Deposit scheme and SBI Term Deposit Interest Rates.
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SBI Fixed Deposit (FD)
State Bank of India offers its customers a variety of investment products. SBI Fixed Deposit (FD) or SBI Term Deposit is one of the key products. It is one of the safest investment avenues for depositors who are looking to earn higher returns than a savings account.
You can open a FD account for a period that ranges between 7 days and 10 years. There are multiple FD account options provided by State Bank of India.
SBI Bank Fixed Deposit Interest Rates ranges from 2.90% to 5.40% p.a. on fixed deposits of various tenure. The interest rate payable to Senior citizens will be 0.50% above the applicable rate.
Types of SBI Fixed Deposit Scheme
The following schemes are available to you under SBI Term Deposit schemes.
1. SBI Term Deposit
2. Multi Option Deposit Scheme (MODS)
3. SBI Tax Saving Scheme, 2006
4. Reinvestment Plan
Features of the SBI Term Deposit Scheme
Key features of the scheme are:
1. SBI Bank FD interest rates ranges from 2.90% to 5.40% p.a.
2. SBI Bank FD rate for senior citizens ranges from 3.40% to 6.20% p.a.
3. The payment of interest at Monthly/Quarterly/Calendar quarter basis.
4. The payment of monthly interest will be at a discounted rate.
5. Tenure ranges from 7 days to 10 years.
6. Minimum deposit amount is Rs.1000.
7. There is no limit on the maximum deposit amount.
8. Loans and overdrafts up to 90% of the principal deposit.
9. Nomination facility available.
10. Premature withdrawal is available.
11. TDS will be deducted at the source if Form 15G/15H is not submitted.
12. Flexibility to convert regular interest payout to cumulative interest payout and vice versa.
13. Automatic renewals facility is available.
14. Multiple FD account options provided by State Bank of India.
Loan against Fixed Deposit SBI
You can avail Loan up to 90% of the value of your SBI Time Deposit. The minimum amount of loan is Rs.25000 and the maximum amount of loan is Rs.5 Crores for online overdraft against FD.
The Interest Rate is 1% above the relative time deposit rate. There is a concession of 0.25% in interest rate if loan availed through YONO/INB.
Premature Withdrawal
The premature withdrawals are available in some of the SBI FD schemes. Premature withdrawals from FD can result in interest rate deductions. For retail FDs up to Rs.5 lakhs, the penalty will be 0.50%. For retail FDs above Rs.5 lakhs but below Rs.1 crore, the penalty will be 1%.
The interest will be 0.50% or 1% below the rate applicable at the time of deposits for the period deposit remained with the bank. There will be no interest on deposits which remain for less than 7 days.
How to open SBI FD Account?
You can open SBI FD account through OnlineSBI or by visiting the State Bank of India branch. Click here to read SBI Online FD – How to open SBI FD Account Online?
SBI FD Interest Rates
Parking your lump sum amount in FDs is one of the safest ways to earn a profit. SBI FD interest rates are higher than the interest rates on the State Bank of India savings account.
SBI FD Rates: Below Rs.2 Crores
See the table below to know the updated SBI Interest Rate in Fixed Deposit w.e.f. 08.01.2021 (SBI Intt rate).
| Tenure | SBI Fixed Deposit Interest Rate For Public (% p.a.) | SBI Fixed Deposit Rates for Senior Citizens (% p.a.) |
| 7 days to 45 days | 2.9 | 3.4 |
| 46 days to 179 days | 3.9 | 4.4 |
| 180 days to 210 days | 4.4 | 4.9 |
| 211 days to less than 1 year | 4.4 | 4.9 |
| 1 year to less than 2 year | 5.0 | 5.5 |
| 2 years to less than 3 years | 5.1 | 5.6 |
| 3 years to less than 5 years | 5.3 | 5.8 |
| 5 years and up to 10 years | 5.4 | 6.2 |
Note: The above mentioned SBI FD Interest Rates are effective from 8th January 2021. These rates are updated from time to time. Click here for latest rates.
SBI FD Rates: Rs.2 Crores and above
See the table below to know the updated SBI Interest Rate in Fixed Deposit w.e.f. 08.01.2021 (SBI Intt rate).
| Tenure | SBI Fixed Deposit Interest Rate For Public (% p.a.) | SBI Fixed Deposit Rates for Senior Citizens (% p.a.) |
| 7 days to 45 days | 2.9 | 3.4 |
| 46 days to 179 days | 2.9 | 3.4 |
| 180 days to 210 days | 3 | 3.5 |
| 211 days to less than 1 year | 3 | 3.5 |
| 1 year to less than 2 year | 3 | 3.5 |
| 2 years to less than 3 years | 3 | 3.5 |
| 3 years to less than 5 years | 3 | 3.5 |
| 5 years and up to 10 years | 3 | 3.5 |
Note: The above mentioned SBI FD Interest Rates are effective from 8th January 2021. These rates are updated from time to time. Click here for latest rates.
Also Read: SBI Annuity Deposit Scheme: Interest Rate, Features, and Eligibility
SBI FD Calculator
You can calculate the maturity value of your FD is using the SBI FD calculator. For SBI FD Calculator, click here. This is the easiest and hassle-free way of calculating the maturity of your FD. However, the actual maturity value of your FD will be printed in your FD Receipt.
Frequently Asked Questions
Final Thoughts
Parking your lump sum amount in SBI Fixed Deposit Scheme is one of the safest ways to earn a profit. State Bank of India offers competitive interest rates on term deposits. There are multiple FD account options provided by State Bank of India.
Note: This post was originally published on October 7, 2020 and has been completely updated for accuracy and comprehensiveness.
Also Read: IndusInd Bank FD: Invest in your Best Interest
Also Read: How to invest in Mutual Funds?