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SBI FD Calculator

SBI Fixed Deposit Interest Calculator

Last Updated 08th Oct 2021

SBI FDs have tenures ranging from 5 years to 10 years with maximum rate of interest of 5.40%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.20%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 45 days 2.90% to 3.40% ₹ 1,00,056 - ₹ 1,00,419
46 days to 179 days 3.90% to 4.40% ₹ 1,00,492 - ₹ 1,02,169
180 days to 210 days 4.40% to 4.90% ₹ 1,02,181 - ₹ 1,02,842
211 days to 364 days 4.40% to 4.90% ₹ 1,02,562 - ₹ 1,04,977
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SBI Fixed Deposit Calculator

SBI fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in SBI. Bank may allow higher interest rate on larger deposits. SBI offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. SBI offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by SBI is 5.40% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.90% for a 5 years FD and a rate of 5.40% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.90%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      SBI calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

SBI Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, SBI would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a SBI cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in SBI depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on SBI FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of SBI FD.

Suppose if you make an investment of ₹ 1,00,000 in SBI FD for a 5-year tenure at an interest rate of 5.40% for depositors below 60 years and 6.20% for senior citizens. The maturity amount for this deposit amount is ₹ 1,30,760 and the total interest earned is ₹ 30,760 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 36,019 which is higher. The maturity schedule of SBI FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.40% for Citizens below 60 years and at 6.20% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2021 ₹ 1,350 ₹ 1,01,350 ₹ 1,550 ₹ 1,01,550
2022 ₹ 5,585 ₹ 1,06,935 ₹ 6,444 ₹ 1,07,994
2023 ₹ 5,892 ₹ 1,12,827 ₹ 6,853 ₹ 1,14,847
2024 ₹ 6,217 ₹ 1,19,044 ₹ 7,288 ₹ 1,22,135
2025 ₹ 6,560 ₹ 1,25,604 ₹ 7,750 ₹ 1,29,885
2026 ₹ 5,156 ₹ 1,30,760 ₹ 6,134 ₹ 1,36,019

SBI FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on SBI FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on SBI fixed deposit?

You can earn a maximum interest of 5.40% on SBI fixed deposit.

How is SBI FD interest calculated?

The formula to calculate interest on SBI FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in SBI?

The growth of SBI FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in SBI FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in SBI.

What are the minimum and maximum amounts that I can invest in an SBI FD?

The minimum investment limit in SBI Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


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SBI News - Oct 2021
  • 2021-09-29 : SBI Extends Special Fixed Deposit Scheme for Senior Citizens
    SBI has extended the deadline for a special fixed deposit scheme for senior citizens till March 2022. Earlier, the SBI scheme, WE CARE, was valid until September 2021.
  • 2021-06-30 : SBI has extended senior citizens special FD scheme till September 2021
    Amid the Covid pandemic last year, SBI, HDFC, ICICI and Bank of Baroda had introduced special FD schemes for senior citizens for the tenure of 5 years and more. These special fixed deposit (FD) schemes for senior citizens have been extended till 30 September 2021.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 2021-03-26 : SBI special fixed deposit scheme for senior citizens extended till June 30
    State Bank of India extended the special fixed deposit scheme for senior citizens, SBI WeCare for the third time till June 30. The scheme was launched with an aim to provide higher interest rates to senior citizens amid the coronavirus pandemic.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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