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SBI FD Calculator

SBI Fixed Deposit Calculator 2020

Last Updated 25th Nov 2020

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
SBI FD Maturity Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD6.85%60 MonthsAPPLY
PNB Housing Finance FD6.95%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

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
2020 ₹ 448 ₹ 1,00,448 ₹ 514 ₹ 1,00,514
2021 ₹ 5,535 ₹ 1,05,983 ₹ 6,378 ₹ 1,06,892
2022 ₹ 5,840 ₹ 1,11,823 ₹ 6,783 ₹ 1,13,675
2023 ₹ 6,162 ₹ 1,17,985 ₹ 7,213 ₹ 1,20,888
2024 ₹ 6,501 ₹ 1,24,486 ₹ 7,671 ₹ 1,28,559
2025 ₹ 6,274 ₹ 1,30,760 ₹ 7,459 ₹ 1,36,018

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.


SBI News - Dec 2020
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-09-17 : SBI changed its Fixed deposit rates
    State Bank of India changed its fixed deposit rate. The FD rate for 7 to 45 days is 2.90%, it is 3.90% for 46 to 179 days and 4.40% for 180 days to 1 year. Further, the fixed deposit rate for one year to less than three years is 5.10%, and for three years to less than five years it is 5.30%. The rate for 5 years upto ten years is 5.40%. The revised rates will be effective from 10 September 2020.
  • 2020-09-15 : SBI special FD scheme for senior citizens extended till December 31
    SBI special fixed deposit scheme for senior citizens has been extended. The scheme was launched to provide a higher interest rate to senior citizens in the current falling interest rate scenario. The special FD scheme for senior citizens will be available till year December 31.
  • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore
    State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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