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SBI RD Interest Calculator

RD Calculator SBI in India Sep 2020

Last Updated 18th Sep 2020

Tenure General Rates Senior Citizen Rates
1 year to 1 year 364 days 5.50% 6.00%
2 years to 2 years 364 days 5.50% 6.00%
3 years to 4 years 364 days 5.70% 6.20%
5 years to 10 years 5.70% 6.50%

Calculate RD Maturity Amount of All Banks in India

SBI RD Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD7.35%60 MonthsAPPLY
PNB Housing Finance FD7.20%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

SBI Recurring Deposit Calculator

SBI, a leading Public Sector Bank in India offers attractive interest rates upto 5.70% on its Recurring deposits.
RD maturity amount that you will get depends upon

  • Deposit amount
  • Rate of interest
  • RD tenure
  • Compounding frequency
  • TDS applicability and TDS rate

SBI Recurring Deposit Interest Calculator

  • 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 same across the life of the deposit. On maturity of RD, 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 RD maturity amount using the RD calculator.

Tax on Recurring Deposit SBI

  • In case the interest earned by you across all your recurring deposits across all branches of SBI in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the SBI records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
  • We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your SBI RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
  • SBI will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

SBI RD interest rate calculator – Check your city

  • Keep your KYC documents - PAN card, address proof and photo ready.
  • To know more or apply, contact any of the branches of SBI in your city

FAQs

What is the highest interest earned on SBI recurring deposit?

You can earn a maximum interest of 5.70% on SBI recurring deposit.

Are there any extra benefits for senior citizens on fixed deposit of SBI?

Yes, senior citizens get extra benefit of 0.8% interest rates on their RD in SBI.


SBI News - Sep 2020
  • 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.
  • 2020-06-05 : State Bank of India reported the highest ever yearly net profit
    State Bank of India registered a Net Profit of Rs.3581 Crores bolstered by retail business loan, FDs and RDs in Q4FY20, an increase of 327% over Q4FY19. For the full year FY20, Net Profit stood at Rs. 14,488 Cr backed by retail loans like home, personal, gold, two-wheelers, and car loan along with business and mudra loan against Net Profit of Rs 862 Crores in FY19. This is also the highest ever yearly Net Profit recorded by the Bank.
  • 2020-01-20 : SBI revises its recurring deposit rate
    State Bank Of India revised RD rates. Recurring deposit rate for one year to 6 years stands at 6.10%. Further, Rd rates for the senior citizen for the same period is 6.60%. SBI RD can be started with a minimum monthly deposit of just Rs 100. The new revised rates are in effect from 10 January 2020.
  • 2019-10-15 : State Bank of India revises Recurring Deposit (RD) rates
    With effect from October 10, 2019, State Bank of India revised interest rates on RD. The revised rate for one year is 5.80%, for 1-2 years, it is 6.40%, and for 2-3 years, the rate is revised to 6.25%.
  • 2019-09-17 : State Bank of India revises RD rates by 20-25 basis points
    With effect from September 10, 2019, State Bank of India has revised its RD rates. The revised interest rate for 1 year RD is 5.80%, for RD maturing in 2 years the interest rate is 6.50%, and for midterm tenures of 3-5 years, the rate is 6.25%. The previous interest rates were 6.00%, 6.70%, and 6.50% respectively.
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