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SBI Interest Rates on FD, Oct 2017

Last Updated 18th Oct 2017

Fixed Deposit Interest Rate of SBI

Tenure General Rates Senior Citizen Rates
7 days to 45 days 5.50% 6.00%
46 days to 179 days 6.50% 7.00%
180 days to 210 days 6.50% 7.00%
211 days to 364 days 6.50% 7.00%
1 year 6.50% 7.00%
1 year 1 day to 1 year 364 days 6.50% 7.00%
2 years to 10 years 6.25% 6.75%

The above rates are applicable for deposits of below Rs. 1 crore.

SBI FD Maturity Calculator
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SBI FD Interest Rates

SBI offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of SBI have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in SBI are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25 per cent payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

SBI Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes SBI

SBI Tax Savings Scheme

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.
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961
  • Nomination facility available
  • Loan facility upto 90 per cent is available on the deposit
  • Interest on deposit is paid only at the time of the maturity
  • Extra interest of 0.25 per cent payable to the senior citizens

Who is eligible?

  • Resident Indians, karta for a HUF with a valid PAN number

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 deposit is paid only at the time of the maturity
  • Nomination facility available
  • Loan facility upto 90 per cent is available on the deposit
  • Availability of auto renewal facility on the deposit
  • Extra interest of 0.25 per cent payable to the senior citizens

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 deposit is paid only at the time of the 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 0.25 per cent payable to the senior citizens
  • 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 deposit is paid only at the time of the maturity
  • Extra interest of 0.25 per cent payable to the senior citizens
  • 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 0.25 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 FD Interest Calculator

SBI fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

  • Deposit amount – This is the initial amount deposited by a customer in SBI. Bank may offer higher interest rate on larger deposits. SBI offers 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 held for a shorter period. Highest interest rate offered by SBI is 6.50% for deposit amount below Rs. 1 crore and the lowest interest rate offered by SBI is 5.50%
  • 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 5.50% for a 7 Days FD and a rate of 5.50% for a 10 Years Years FD.
  • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 5.50%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,105 and includes the principal and total interest earned on the principal amount during the period at Rs. 105. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

SBI calculates interest earned on its fixed deposits on quarterly basis.

FD in SBI – Premature Withdrawal

Premature closure of Term Deposit with SBI is along with the lower interest rate of 1% for deposits above Rs. 5 lakh and upto Rs. 1 crore than the contracted rate. 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 loan up to 90% against its own deposit. Note that SBI will not give you loan against FD of any other bank.

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in SBI. The borrower later decided to take 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 Rs. 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 Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

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

FAQs on SBI Fixed Deposit

What is the highest interest earned on SBI fixed deposit?

You can earn a maximum interest of 6.50% on SBI fixed deposit.

Are there any extra benefits for senior citizens on fixed deposit 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 5.50% to 6.50%. Compared to this, the rate of senior citizens FD are in the range of 6.00% to 7.00%.

What is the tenure range for SBI Fixed Deposit?

The tenure ranges from 7 days to 10 years.

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 Rs. 1,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in SBI?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in SBI?

The documents required to open an FD account in SBI includes PAN Card or declaration in Form No. 60 or 61 as per the Income Tax Act.

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

  • 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
Sbi Fixed Deposit

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