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SBI FD Calculator

SBI Fixed Deposit Calculator 2022

Last Updated 29th Apr 2022

SBI FDs have tenures ranging from 5 years to 10 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.30%.

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

SBI fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded 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. Banks may allow a higher interest rate on larger deposits. SBI offers a deposit amount in the range of Rs. 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 5.50% 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 5.50% 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • 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 a tax saving scheme to save tax on fixed deposit.

Benefits FD Calculator SBI

Before you make a decision to open a FD account it is important to use a SBI FD Interest Rate Calculator to know how much money you will earn on the money invested. Following are the benefits which you will get if you use SBI fd interest calculator.

  • Helps you select the best investment plan
  • You will get results error free
  • Do calculations easily for different tenure and rate
  • Easily compare the calculations
  • Available free of cost, even for multiple use

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

SBI Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is SBI FD Rate Calculated?

SBI calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

SBI FD Maturity Calculation for 5 Year

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.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in SBI FD for a 5-year tenure at an interest rate of 5.50% for depositors below 60 years and 6.30% for senior citizens.The maturity schedule of SBI FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.50% for Citizens below 60 years and at 6.30% 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
2022 ₹ 3,709 ₹ 1,03,709 ₹ 4,255 ₹ 1,04,255
2023 ₹ 5,823 ₹ 1,09,532 ₹ 6,725 ₹ 1,10,980
2024 ₹ 6,150 ₹ 1,15,682 ₹ 7,159 ₹ 1,18,139
2025 ₹ 6,495 ₹ 1,22,177 ₹ 7,620 ₹ 1,25,759
2026 ₹ 6,860 ₹ 1,29,037 ₹ 8,112 ₹ 1,33,871
2027 ₹ 2,371 ₹ 1,31,408 ₹ 2,819 ₹ 1,36,690

SBI FD Calculator Formula

Along with an 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 5.50% on SBI fixed deposits.

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.You can also use SBI fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.

Can I withdraw my premature FD from SBI?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 0.50% to 1% of FD amount for premature withdrawal.

How can I calculate SBI premature FD amount?

To calculate premature FD amount you can use SBI bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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SBI News - May 2022
  • 2022-03-01 : State Bank of India Stops Handling Trade with Russian Entities
    The public sector lender, SBI, will not process any transactions involving Russian entities subject to international sanctions imposed on Russia after its invasion of Ukraine.
  • 2022-02-18 : SBI Special Fixed Deposit Scheme for Senior Citizens Extended
    SBI has extended the special deposit scheme for senior citizens. The special fixed deposit scheme, WECARE Senior Citizens launched in May 2020, was initially applicable till September 2020. The bank has now extended it to September-end this year.
  • 2022-02-17 : SBI Hikes FD Rates for Specific Tenures
    State Bank of India (SBI) has also hiked rates on FDs for tenures above 2 years. For tenures, 2 years to less than 3 years, the FD rate has been revised from 5.10% to 5.20%. The revised FD rates for 3 years to less than 5 years and 5 years and up to 10 years is 5.45% and 5.50%, respectively.
  • 2022-01-17 : SBI Increases FD Rates for Short Tenures
    The public lender has increased the fixed deposit rates for one year to less than two years from 5.00 to 5.10% for the general public, and senior citizen fd rates for the same tenure has been revised from 5.50% to 5.60%.
  • 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.
*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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