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SBI FD Interest Rates 2021

SBI FD Interest Rates

Last Updated 04th May 2021

When it comes to the FD interest rate, the highest rate offered on SBI FD is 5.40%. Latest SBI FD interest rate for senior citizens, on the other hand ranges between 3.40% to 6.20%.

Tenure FD interest rates Senior Citizen FD interest rates
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 4.90% 5.50%
Earn upto 7.25% 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 5.40% p.a.
  • Senior Citizens FD Rate : 3.40% to 6.20% p.a.
  • Highest Interest Rate : As per today’s rate, SBI’s highest interest rate on FD is 5.40% 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 2021:

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 4.90%
2 years to 2 years 364 days 5.10%
3 years to 4 years 364 days 5.30%
5 years to 10 years 5.40%

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. Listed below are the SBI fixed deposits interest rates for senior citizens 2021:

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 5.50%
2 years to 2 years 364 days 5.60%
3 years to 4 years 364 days 5.80%
5 years to 10 years 6.20%

Best FD Plan as per SBI FD Rates

To invest in SBI fixed deposit, you must compare SBI Fixed Deposit Rates for varying tenures. SBI FD Interest Rates 2021 are best for the deposits with a tenure of 5 years to 10 years, wherein the current SBI Fixed Deposit Interest Rates is 5.40 p.a.

If you are looking to invest in short term deposits with SBI, the interest rate of SBI for FD ranges from 2.90% p.a. to 4.40% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term SBI Fixed Deposit Rates for senior citizens range from 3.40% to 4.90% p.a.

If you want to invest in long term deposits, SBI Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.40%.SBI Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.20% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in SBI:

  • Interest on deposit is paid only at the time of the maturity
  • SBI also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

SBI Fixed Deposit Rate Trends

SBI has hiked interest rates on fixed deposits with effect from 01 Jan, 1970. The new SBI highest FD rate is currently at 5.40%, which is an increase of 5.4% from the previous highest rate of %. Currently, SBI FD rate for upto 1 year is 2.90% and 5.40% for 5 year FD.

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

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.

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 6.4%

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.

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.

To open a Fixed Deposit account in SBI, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the SBI FD after reading the terms and conditions.

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 a 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 fixed deposit account to their savings account giving you the 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 deposits interest rates to senior citizens in the current situation.
  • The scheme stands extended till March 31, 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.

FAQs

What is the highest fixed deposit interest rate for SBI?

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

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 5.40%. Compared to this, SBI senior citizens FD are in the range of 3.40% to 6.20%.

What are the current SBI FD interest rates 2021?

Current interest for FD in SBI ranges between 2.90% - 5.40%.

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.

Did SBI increase FD rates in 2021?

Yes, the highest rate on SBI FD has been increased from % to 5.40%. The fixed deposit rates of SBI are now in the range of 2.90% to 5.40% with effect from 01 Jan, 1970.

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 5.40%. For SBI FD the number of years in which your FD will get doubled is; 72/5.40 = 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. Below mentioned is the SBI FD interest rate 2021 across different tenures.

TenureInterest 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 year364 days 4.90%
2 years to 2 years 364 days 5.10%
3 years to 4 years 364 days 5.30%
5 years to 10 years 5.40%


SBI News - May 2021
  • 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.
  • 2021-03-21 : SBI recorded digital transactions as high as 67%
    State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
  • 2021-01-12 : Revised FD rates for SBI
    State Bank of India revised its FD rates with effect from 8 January 2021. The FD rate for 7 days to 45 days is 2.90%, it is 3.90% for 46 days to 179 days, and it stands at 4.40% for 180 days to 364 days. Further, the FD rate for 1 year to 1 year 364 days is 4.90%, it is 5.10% for 2 years to 2 years 364 days and stands at 5.30% for 3 years to 4 years 364 days. The rate for the long tenure of 5 years to 10 years is 5.40%.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
*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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