SBI FD Interest Rates

SBI Bank FD Rates

When it comes to Banking then there is no bank like SBI and I mean it.  Majority of the Indian select SBI fixed deposit because of its attractive interest rates, security and online accessibility. There is reason to trust on this most reputed Bank because they have more than 16,300 branches all over India with numerous ATM Card centers. So lets find out difference FD schemes of SBI available in India.

SBI Bank FD Rates

SBI Fixed Deposit

The SBI Bank is known for its service and interest rates. And when it comes to fixed deposit  – it simply capture almost 30% of the market. Being a leading Bank, SBI offering very competitive interest rates on its FD schemes. The best part about their FD scheme is that, it can either uses it as an investment option or regular source of income (if deposited big amount and taken monthly payout). Just put a lump-sum money on FD and relax, your money will be increasing at a fixed speed.

Eligibility

Any Indian citizen or firm or a company can open FD for a fixed period of time in State Bank of India. Don’t forget to mention the nominee if opening a FD account.

Types of FD offers by SBI?

There are different types of fixed deposit offered by State Bank of India which is given below:

  • Fixed Deposit (compound interest basis)
  • Recurring Deposit (RD)
  • Tax Saving Scheme
  • SBI MODS

Minimum and Maximum Deposit Limit?

Like all banks, the SBI has also setup a limit for FD. If you wanted to open a fixed deposit account then the minimum amount is 1,000 and there is no limit for maximum amount. However you will have to provide PAN Card number in case more than INR 50,000 deposited (in case KYC not submitted).

Is FD Account taxable?

Answer is – it depends. If the total amount of interest rates of Fixed deposit goes beyond INR 10,000 in any financial year, then 10% TDS will be deducted. However you can do submit Form 15G if you are not under tax bracket.

How to open FD account?

If you already have a Saving or current account with the SBI, then you can open Fixed Deposit in 1 days. There are 2 ways to open FD:

  1. Via Online SBI
  2. From Local Branch

How much time it takes to open a FD account?

It depends – if you open a FD account using online banking, then it will hardly take a minute. Whereas if you visit to the nearest branch then it might take from 15 minute to 1 hour depending on rush in the bank.

Any offers on FD?

Yes, if you are senior citizen or SBI staff then you will get  0.25% additional interest rates.

Can NRI also open FD in SBI?

Yes, NRI is also eligible to open a FD account in SBI however the minimum FD period is for 1 year.

SBI Fixed Deposit Rates

Duration Interest Rate per Annum Basis
For General For Senior Citizen
31  to 45 Days 5.50 6.00
46  to 180 Days 6.50 7.00
181  to 210 Days 6.75 7.25
211 to 1 Years 7.00 7.50
1 to 3 Years 6.90 7.40
3 to 5 Years 6.50 7.00
5 to 10 Years 6.50 7.00

Note: Above sheet is prepared for below 1 Crore rupees.

Updated in Dec 2016