State Bank of India Fixed Deposit Interest Rates Guide

If you're looking to save money and earn a decent return, State Bank of India's Fixed Deposit is an excellent option. The interest rates offered by SBI on fixed deposits are quite attractive.

SBI offers a range of fixed deposit schemes with varying interest rates, from 2.50% to 6.25% per annum. The interest rates are subject to change, so it's essential to check the current rates before investing.

The interest rates for SBI's fixed deposits are determined by the bank's liquidity requirements and market conditions. This means that the rates may vary depending on the time of the year and the overall economic situation.

For example, the interest rate for a 1-year fixed deposit is 4.75% per annum, while a 5-year fixed deposit fetches an interest rate of 6.25% per annum.

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SBI offers fixed deposits with varying interest rates depending on the tenure.

Short-term deposits have tenures ranging from 7 days to less than 12 months and offer an interest rate of between 2.90% to 4.60% p.a.

Medium-term deposits have tenures that range from 12 months to less than 5 years, with the same interest rate range as short-term deposits.

Long-term deposits have a tenure of 5 years to 10 years and offer an interest rate of 5.65% p.a.

Senior citizens can enjoy an additional interest rate of up to 0.80% p.a. on their fixed deposits.

Here's a summary of the interest rates offered by SBI for different types of fixed deposits:

These interest rates are subject to change, so it's always a good idea to check with SBI for the most up-to-date information.

Interest on Term Deposits is calculated at quarterly intervals and paid at the rate decided by the Bank depending upon the period of deposits.

For deposits of less than a quarter, interest is calculated on a daily product basis and a year comprises of 365 days.

In case of monthly payment, the interest shall be calculated for the quarter and paid at a discounted rate.

If a Term Deposit matures for payment on a non-business working day, interest shall be paid at the originally contracted rate on the original principal deposit amount for the non-business working days.

You can use the SBI FD interest rate calculator to calculate the amount you will get on maturity with the added interest.

To use the calculator, you just need to enter the figures for the amount you wish to invest, the interest rate applicable, and the tenure.

The result will be displayed instantly on the page.

Here's an example of how it works: If you invest Rs.1 lakh in your SBI FD account for a tenure of 5 years with an applicable interest rate of 6.10% p.a., you will earn Rs.35,351 as interest and your maturity amount will be Rs.1,35,351.

Interest on FCNR (B) deposits is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days, based on 360 days to a year.

You also have the option to receive interest on maturity with compounding effect.

The depositor also has the option to receive interest on balance held in FCNR (B) accounts half-yearly or on an annual basis as desired in the designated currency in which the deposit was made.

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If you withdraw your money from a State Bank of India fixed deposit before the end of the term, you'll face a penalty.

The penalty for premature withdrawals of domestic retail term deposits is 0.50% for deposits up to Rs.5.00 lacs, 1% for deposits above Rs.5.00 lacs but below Rs.2 Crore, and 1% for bulk term deposits of Rs.2.00 Crore and above.

There's also a condition that the interest shall be 0.50% or 1% below the rate applicable at the time of deposit for the period the deposit has remained with the bank, or 0.50% or 1% below the contracted rate, whichever is lower.

No interest will be paid on deposits which remain for a period of less than 7 days.

Tax implications are also important to consider. Fixed deposits with SBI's Tax Saving Scheme are exempt from taxes for deposits up to ₹1,50,000 per annum under section 80C of the Income-tax Act, 1961.

Interest income from SBI's FD applies to taxes by the tax slab.

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State Bank of India (SBI) offers various fixed deposit schemes to cater to different customer needs. One of the popular schemes is the SBI Tax Savings Scheme, which allows tax deductions of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961.

The SBI Tax Savings Scheme has a tenure of 5 years with no premature withdrawal facility. The interest rate for this scheme is 6.50% p.a. for the general public and 7.50% p.a. for senior citizens.

SBI also offers the SBI Amrit Kalash Deposit, which has a tenure of 400 days and is available for NRIs and Indian residents. This scheme comes with tax benefits under Section 80C of the Income Tax Act and has a minimum deposit amount of Rs. 1,000.

Another scheme is the SBI Multi Option Deposit Scheme (MODS), which allows the depositor to withdraw money in multiples of Rs. 1,000 at any moment. The tenure of this scheme ranges from 1 to 5 years, and the minimum deposit amount is Rs. 10,000.

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The SBI Annuity Deposit Scheme allows the depositor to pay a single lump sum and get a fixed monthly payment for the duration of the agreement. The tenure of this scheme ranges from 36 to 120 months, and the deposit amount depends on the minimum monthly annuity of Rs. 1,000 for the pertaining period.

Here are some key features of SBI fixed deposit schemes:

Note that the interest rates mentioned above are subject to change as per the discretion of the bank. It's essential to check the latest rates and terms before investing in any of these schemes.

State Bank of India (SBI) FD offers attractive interest rates on fixed deposits for tenures ranging from 7 days to 10 years. For the general public, the SBI FD interest rates range from 3.00% p.a. to 7.10% p.a. and for senior citizens, it is in the range of 3.50% p.a. to 7.60% p.a.

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The interest rates are liable to change as per the discretion of the bank. You can check the current rates on the SBI website.

Here are the SBI FD interest rates for NRIs:

The SBI Amrit Kalash Deposit offers an interest rate of 7.10% for NRIs and Indian residents for a tenure of 400 days.

If you're looking to deposit money in a non-resident Indian account, SBI's NRO fixed deposit is a great option. The interest rates for SBI NRO fixed deposit vary based on the tenure and the amount deposited.

For amounts below Rs.3 Crore, the interest rate for 7 days to 45 days is 3.50%. This is a relatively low rate, but it's still a good option for short-term deposits.

If you're depositing a large amount, you'll get a higher interest rate. For amounts above Rs.3 Crore, the interest rate for 7 days to 45 days is 5.25%.

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For deposits ranging from 46 days to 179 days, the interest rate for amounts below Rs.3 Crore is 5.50%. This is a significant jump from the 3.50% rate for shorter deposits.

Here's a breakdown of the interest rates for SBI NRO fixed deposit:

RFC accounts offered by the State Bank of India (SBI) have specific interest rates that vary depending on the tenure.

For deposits in USD, RFC accounts offer an interest rate of 5.20 for 1 year to less than 2 years, 4.50 for 2 years to less than 3 years, and 4.25 for 3 years.

The interest rates for GBP deposits are 4.85 for 1 year to less than 2 years, 4.75 for 2 years to less than 3 years, and 3.75 for 3 years.

EURO deposits have interest rates of 3.75 for 1 year to less than 2 years, 1.50 for 2 years to less than 3 years, and 1.50 for 3 years.

Note that these interest rates are effective as of 15 October 2024.

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SBI FD interest rates for NRIs vary depending on the tenure of the deposit. The interest rates range from 3.00% for 7 days to 45 days to 7.00% for 2 years to less than 3 years.

For deposits between 46 days to 179 days, NRIs can earn 4.50%. This rate is higher than the rate for shorter tenures, making it a good option for those who can keep their money locked in for a few months.

The interest rates for deposits between 180 days to 210 days and 211 days to less than 1 year are 5.25% and 5.75% respectively. These rates are even higher, making them attractive for NRIs who can keep their money locked in for longer periods.

Here is a summary of the interest rates for different tenures:

The interest rates are liable to change as per the discretion of the bank, so it's essential to check the current rates before making a deposit.

State Bank of India (SBI) offers a range of fixed deposit (FD) schemes with varying interest rates. The SBI Amrit Kalash FD scheme, for example, is a specially-designed fixed deposit scheme with a tenor of 400 days, offering a rate of interest of 7.1% for regular customers and 7.6% for elderly individuals.

The interest rates for SBI FDs vary based on the tenure, with the highest rate of 7.6% offered for senior citizens for deposits with a tenure of 400 days. For general citizens, the highest rate of 7.1% is offered for the same tenure.

Here's a breakdown of the interest rates for SBI FDs for different tenures:

Note that the interest rates are subject to change and are effective from 15 June 2024. SBI can change the interest rates without prior notice.

The interest rate on your State Bank of India (SBI) fixed deposit depends on the deposit amount. Higher deposit amounts, especially bulk deposits exceeding Rs.2 crore, will fetch you higher interest rates.

Deposit Tenure is another key factor. The shorter the tenure, the lower the interest rate, and the longer the tenure, the higher the interest rate.

Senior citizens can expect a 0.50% additional interest rate on fixed deposits.

To give you a better idea, here are the key factors affecting FD interest rates in a concise table:

If you withdraw your money from a State Bank of India fixed deposit prematurely, you'll face a penalty.

The penalty on premature withdrawals of Domestic Retail Term Deposits is 0.50% for deposits up to Rs.5.00 lacs.

For larger deposits, the penalty is 1% for amounts above Rs.5.00 lacs but below Rs.2 Crore, and also for Bulk Term Deposits of Rs.2.00 Crore and above.

The interest paid on premature withdrawals is 0.50% or 1% below the rate applicable at the time of deposit for the period the deposit has remained with the bank, or 0.50% or 1% below the contracted rate, whichever is lower.

You won't get any interest on deposits that remain for a period of less than 7 days.

Here's a summary of the penalties:

If you're considering a long-term investment with the State Bank of India, their fixed deposit options are worth exploring. SBI offers fixed deposits with tenures ranging from 5 years to 10 years, offering an interest rate of 6.10% per annum. Senior citizens can enjoy a higher interest rate of 6.90% per annum for these deposits.

For short-term investments, SBI's fixed deposit options provide flexibility with tenures ranging between 7 to 365 days. These deposits are known as short-term deposits since they have a tenure lower than 1 year.

SBI's fixed deposit rates for short-term deposits range from 3.00% per annum to 5.50% per annum, while interest rates for senior citizens range from 3.50% per annum to 6% per annum.

Here's a quick summary of the interest rates for short-term and long-term deposits:

The SBI Fixed Deposit offers a range of schemes and plans to suit different needs and preferences. The SBI Amrit Kalash Deposit has a tenure of 400 days and is available to NRIs and Indian residents.

This scheme is ideal for those who want a fixed income for a specific period, as it provides a monthly/quarterly/yearly interest payout. The SBI Annuity Deposit Scheme, on the other hand, offers a fixed monthly payment for a set duration, making it suitable for those who require a regular income.

The SBI Annuity Deposit Scheme has a tenure of 36/60/84/120 months, and the deposit amount is determined by the minimum monthly annuity of Rs. 1,000 for the pertaining period. Premature payments are allowed for deposits up to Rs. 15 lakhs, but prepayment charges are levied.

The loan facility is not available during the lock-in period of 5 years in the SBI Amrit Kalash Deposit. However, the SBI Multi Option Deposit Scheme (MODS) allows for loan facilities, making it a good option for those who may need to withdraw money during the tenure.

Here's a comparison of the SBI Annuity Deposit Scheme and the SBI Amrit Kalash Deposit:

The SBI Multi Option Deposit Scheme (MODS) offers a flexible option for depositors, allowing them to withdraw money in multiples of Rs. 1,000 at any moment.