About SBI Bank
State Bank of India (SBI) is the largest public-sector Indian bank with a customer base of 45 crores. SBI operates domestically and internationally. State Bank of India has over 64,000+ ATMs / ADWMs and over 22,000 branches nationwide.
SBI offers attractive interest rates on FD to its customers. SBI FD Interest Rates range from 3.00% to 6.50% for the general public and 4.00% to 7.50% for senior citizens.
State Bank of India offers different types of banking services to its customers, which include savings accounts, fixed deposits, loans & credit cards.
If you want to earn attractive interest rates on your fixed deposit, just start an FD investment with SBI and choose any FD scheme as per your choice.
| Started on | 1952 | Head Quarter | Mumbai |
| CEO | Dinesh Kumar Khara | CRISIL Ratings | FAAA |
| ICRA Ratings | MAAA | FD Interest General | 3.00% to 6.50% |
SBI Fixed Deposit Interest Rates 2024 (Below 2 Crores)
| Tenors | General Public | Senior Citizen |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.00% | 6.50% |
| 211 days to less than 1 year | 6.25% | 6.75% |
| 1 Year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
SBI Term Deposit Rates 2024 (Below 3 Crores)
| Tenors | General Public | Senior Citizen |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 Year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
Features and Benefits of SBI Fixed Deposit
| ₹1000 Minimum amount to open a fixed deposit account in SBI | Auto-renewal of the fixed deposit is available |
| 0.50% higher interest for senior citizens | State Bank of India offers a Nomination facility |
| SBI offers loans against fixed deposits (up to 95% of the value of deposits) | State Bank of India offers a Nomination facility |
Eligibility to Open an SBI FD Account
If you want to invest in an SBI fixed deposit scheme, you should know about the eligibility criteria. Below are the criteria for investing in SBI fixed deposits.
| #1. Resident of India #2. Partnership firms #3. Public and Private Limited companies #4. Societies #5. HUFs #6. NRI (Non-Resident Indian) & POI (Person of Indian Origin) |
Types of SBI Fixed Deposit Schemes
SBI Tax Saving Scheme
- As the name suggests, this SBI fixed deposit scheme gives tax benefits under Section 80C of the Income Tax Act, 1961
- Nomination facility available
- The interest rate of the term deposit will be applicable
- 5 years to 10 years tenure
Reinvestment Plan
- In a reinvestment plan, the interest is only paid at maturity
- The minimum tenure is 6 months, and the maximum tenure is 10 years
- Nomination facility available for individuals
- The minimum investment amount is ₹1,00,0 and the maximum deposit has no limit
- TDS is deducted as per the tax slab that investors fall under
- This fixed deposit account is available at all SBI branches
SBI Multi-Option Deposit Scheme
- SBI MODS (Multi Option Deposit Scheme) is a term deposit linked to savings and current account (individual)
- Fixed deposit tenure from 1 year to 5 years
- Nomination facility is available under this scheme
- You need to maintain the average monthly balance (AMB) in the linked savings/current account
Money Multiplier Plan
- The money multiplier plan by SBI gives the option to link an investor’s savings account and earn a higher interest rate
- Nomination & loan again, FD facility available
- Interest earned on this FD scheme is paid at maturity
- Senior citizens are allowed a 0.50% extra interest rate compared to the general public
Regular Fixed Deposit
- Under the Regular Fixed Deposit scheme, the investor is allowed to invest and earn a higher interest on their amount
- Nomination facility available
- Investors can also avail of the auto-renewal facility
- The minimum investment is ₹1,000, and the maximum deposit has no limit
Flexi Deposit Scheme
- The flexi deposit scheme is similar to recurring deposits, where investors are allowed to deposit at any time in a month
- Multiple deposits are possible under this scheme
- Nomination and loan facility available under the SBI flexi deposit scheme
Amrit Kalash FD scheme
- SBI Amrit Kalash FD scheme offers a higher interest rate compared to the regular scheme
- Tenure is 400 days
- TDS is applicable as per the tax slab
- Nomination & loan facility available
- Available through branches, internet banking, and the YONO app
Term-wise SBI Fixed Deposit Rates
| Short-term Deposits | SBI offers fixed deposits from 1 year to 5 years, which are known as medium-term deposits. The interest rate is 6.10% p.a. higher than short-term deposits. |
| Medium-term Deposits | SBI offer fixed deposits from 1 year to 5 years, which are known as medium-term deposits. The interest rate is 6.10% p.a. higher than short-term deposits. |
| Long-term Deposits | SBI offers fixed deposits from 5 years to 10 years, known as long-term deposits. The interest rate is 6.10% p.a., and senior citizens get 6.90% p.a. interest |
How to Apply for SBI FD?/How to Invest in SBI FD?
You can invest in the SBI fixed deposit scheme through Internet banking, mobile applications, and offline by visiting the bank’s branch.
Internet Banking
- If you are an SBI customer, just log in to Internet banking
- Go to the term deposit section under ‘deposit scheme’
- Choose the FD type and proceed further
- Fill out the necessary details and select a nominee
- After verifying the details and reading the terms & conditions, you can submit the details to start a fixed deposit with SBI
Mobile Application
- Download the SBI YONO app from official sources
- Choose the desired fixed deposit scheme
- Fill out the required details and read the terms & conditions
- At the end, apply for and start a fixed deposit with SBI
How to Open an FD in SBI Offline
- To start a fixed deposit offline, visit the SBI branch near you
- Get the SBI Bank FD application form
- Fill out the form and submit it to the bank
- After the bank verifies the details and provides you FD receipt
FAQs
Is premature closure of SBI Fixed Deposit possible?
Yes, you can break your SBI fixed deposit, but the bank puts a penalty on the deposit.
How much tax on an SBI fixed deposit?
Tax on the SBI fixed deposit scheme as per your tax slab. The TDS is 7.5% on the fixed deposit scheme.