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SBI FD Interest Rates 2022

SBI Fixed Deposit Interest Rate: Today

Last Updated 29th Apr 2022

When it comes to the FD interest rate, the highest rate offered on SBI FD is 5.50%. Latest SBI FD interest rate for senior citizens, on the other hand, ranges between 3.40% to 6.30%.You can earn up to ₹ 27,500 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to 364 days 4.40% 4.90%
1 year to 1 year 364 days 5.10% 5.60%
Earn upto 7.05% on FD APPLY NOW

SBI Fixed Deposit Features

SBI FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of SBI Fixed Deposit are:

  • Deposit Amount : SBI FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.90% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate : 3.40% p.a to 6.30% p.a.
  • Highest Interest Rate : As per today’s rate, SBI’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of SBI Deposits : SBI deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : SBI provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : SBI Tax Saving Fixed Deposit, Reinvestment Plan, SBI Multi Option Deposit Scheme, Regular Fixed Deposit, Money Multiplier Plan, Flexi Deposit Scheme, SBI Wecare Deposit

SBI FD Interest Rates Today

Interest rates on SBI deposits are updated regularly by the Government of India. The following are updated SBI FD interest rates 2022:

Tenure Interest Rate
7 days to 45 days 2.90%
46 days to 179 days 3.90%
180 days to 210 days 4.40%
211 days to 364 days 4.40%
1 year to 1 year 364 days 5.10%
2 years to 2 years 364 days 5.20%
3 years to 4 years 364 days 5.45%
5 years to 10 years 5.50%

SBI FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, SBI offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in SBI 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 45 days 3.40%
46 days to 179 days 4.40%
180 days to 210 days 4.90%
211 days to 364 days 4.90%
1 year to 1 year 364 days 5.60%
2 years to 2 years 364 days 5.70%
3 years to 4 years 364 days 5.95%
5 years to 10 years 6.30%

SBI Fixed Deposit Rates – Premature Withdrawal

You can close your SBI FD account prematurely, however SBI charges a penalty of 0.50% to 1% for premature withdrawal. Also, The penal provisions for premature closure on SBI FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on SBI FD

SBI also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an SBI FD account. The nominee has to submit his/her identification proof at the time of claim.

SBI Fixed Deposit Scheme

SBI Tax Saving Fixed Deposit

Description:

  • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
  • SBI Tax Saving Fixed Deposit allows the resident individuals and HUFs to save their money on tax and earn high yields on their deposits.
  • You can also avail nomination facility with SBI Tax Saving FD.
  • Loan against FD upto 90 per cent of the deposit amount.
  • Interest on deposit is paid only at the time of the maturity
  • Extra interest of 0.50% on Senior citizens FD.

Who is eligible?

  • Both Resident Indians and Karta for a HUF(Hindu Undivided Family) with a valid PAN number can apply for this scheme.
Reinvestment Plan

Description:

  • This scheme is a variant of fixed deposit under which interest is paid out only at the time of maturity.
  • Interest on the fixed deposit is paid only at the time of maturity.
  • With reinvestment plan for FD can also avail nomination facility.
  • Loan against FD upto 90 per cent of the deposit amount.
  • Availability of auto renewal facility on the deposit
  • Extra interest of 0.50% on Senior citizens FD.

Who is eligible?

  • Resident Indians of 18 years of age and above
SBI Multi Option Deposit Scheme

Description:

  • Account linked to the savings or current account in which you can withdraw multiples of Rs. 1,000 from your MOD account as per your need.
  • Interest on the fixed deposit is paid only at the time of maturity.
  • Nomination facility available
  • Loan facility upto 90 per cent is available on the deposit
  • Deposits made under this scheme are completely liquid
  • Withdrawal in multiples of Rs. 1,000

Who is eligible?

  • Resident Indians, non resident Indians, hindu undivided family, companies and organisations
Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with flexibility and security.
  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.50% on Senior citizens FD.
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
Money Multiplier Plan

Description:

  • Money multiplier plan allows the depositor to link a fixed deposit account to their savings account giving you a higher rate of interest.
  • Loan facility upto 90 per cent is available on the deposit
  • Nomination facility available
  • Interest on the fixed deposit is paid only at the time of maturity.
  • Extra interest of 0.50% on Senior citizens FD.
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
Flexi Deposit Scheme

Description:

  • This scheme is similar to recurring deposits where a depositor can make multiple deposits anytime during a month instead of doing a single fixed deposit.
  • Deposits can be made anytime during a month and any number of times
  • Nomination facility available
  • Interest on deposit is compounded quarterly
  • Loan facility upto 90 per cent is available on the deposit
  • Extra interest of 0.50 per cent payable to the senior citizens

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
SBI Wecare Deposit

Description:

  • This scheme was introduced to offer financial aid to the senior citizens in the times of falling interest rates due to the Covid-19 pandemic.As per the scheme, senior citizens can earn extra 30 bps on FD interest rates, over and above the additional 50 bps offered to them to fixed deposits.
  • SBI Wecare senior citizen deposit was launched to provide a higher fixed deposit interest rates to senior citizens in the current situation.
  • The scheme stands extended till June 30, 2021.
  • This deposit scheme is applicable for term deposits above 5 years
  • The benefits can be availed on fresh deposit and renewal of maturing deposits.

Who is eligible?

  • Resident Indian citizens of age 60 years and above.

Earn upto ₹ 27,500 Per Lakh on SBI Fixed Deposit?

To earn ₹ 27,500 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.50%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 27,500
  • FD Maturity Amount - ₹ 1,27,500

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in SBI

  • PAN Card or declaration in Form No. 60 or 61 as per the Income Tax Act
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at SBI

To open an SBI Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of SBI and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the SBI FD after reading the terms and conditions.

Loan Against Fixed Deposit SBI

SBI offers loans up to 90% against its own deposit. Note that SBI will not give you loan against FD of any other bank. SBI offers Loan against FD at the rate of 3.9% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in SBI. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FAQs

What is the highest fixed deposit interest rate for SBI?

You can earn a maximum interest of 5.50% on SBI fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of SBI?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.90% to 5.50%. Compared to this, SBI senior citizens FD are in the range of 3.40% to 6.30%.

What are the current SBI FD interest rates 2022?

Current interest for FD in SBI ranges between 2.90% - 5.50%. for different tenure.The highest rate is offered on a tenure 6.30 months/years. For senior citizens the interest rates ranges bweteen 3.40% - 6.30%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with SBI?

The minimum deposit amount required to book an FD with SBI is ₹ 1,000 and there is no limit for maximum amount.

Did SBI increase FD rates in 2022?

No, SBI has reduced its Fixed Deposit rates by upto 0.2%. The best rate on SBI FD has been cut to 5.50% from 5.70% earlier. The fixed deposit rates of SBI are now in the range of 2.90% to 5.50% with effect from 17 Feb, 2022.

Is it possible to change the tenure of my existing fixed deposit account with SBI?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with SBI without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in SBI?

Yes, you can submit your application for opening an FD account on the website of SBI. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in SBI?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.50%. For SBI FD the number of years in which your FD will get doubled is; 72/5.50 = 13

What is the interest of 1 lakh in the SBI?

The interest on SBI fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.50% for tenure and banks offer senior citizens little more, which is 6.30%.


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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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