SBI Fixed Deposit Rates

Features: Premature withdrawal

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Credit Rating: FAAA

Number of Nominees: 1

Institution type: Public Sector Bank

SBI Fixed Deposit Rates: March 2019

SBI Term Deposit Rates: Below Rs. 2 Crore (interest rates revised w.e.f. 22.02.2019)

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised.The revised interest rates are as under :

(All figures in % per annum)

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.

SBI Term Deposit rates: Rs.2 crore to Rs.10 crore (interest rates revised w.e.f. 22.02.2019)

The revised Interest rates on 'Domestic Bulk Term deposits (Rs.2 Crore To Rs. 10 Crores) with effect from 22^nd Feb, 2019 will be as per following table:

(All figures in % per annum)

SBI Fixed Deposit interest rates: Above Rs.10 crore (interest rates revised w.e.f. 22.02.2019)

The revised Interest rates on 'Domestic Bulk Term deposits (above Rs. 10 Crores) with effect from 22^nd Feb, 2019 will be as per following table:

(All figures in % per annum)

Premature payment of Bulk term deposits:

Premature penalty for Bulk Term Deposits for all tenors will be 1%. It will be applicable for all new deposits including renewals. There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposit

The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.

SBI Short-Term Fixed Deposit rates

• Tenure range: 7 days to 1 year

• Maximum interest rate: 6.40% p.a.
• Rates available: 5.75% p.a. to 6.40% p.a.

SBI Medium-Term Deposit rates

• Tenure band: 1 year to 5 years

• Rate of interest: 6.80% p.a.

SBI Long-Term FD interest rates

• Maturity period: 5 years to 10 years

• Highest SBI FD rate: 6.85% p.a.

SBI Fixed Deposit rates for Senior Citizens

• SBI offers 0.50% higher interest rate on FDs for Senior Citizens:

• Highest SBI Fixed Deposit rate: 7.35% p.a.

Rates For SBI Tax Savings Scheme, 2006

The tenure for SBI Tax Savings Scheme, 2006 is 5 years to 10 years. One can avail tax benefits as stated under Section 80C of the Income Tax Act 1961.

The following table indicates the rates* associated with SBI Tax Savings Scheme, 2006:

*The interest rates are subject to change as per the discretion of the bank. The rates mentioned above are applicable of 5 March 2019.

SBI Maturity Value Calculator

You can estimate the value of returns for an FD scheme using the SBI FD calculator.

Follow these steps to use the calculator:

• Visit the official SBI website.
• Enter the principal amount and annual interest rate.
• Select the maturity period under 'Duration'.
• Click on 'Calculate' to get the 'Interest Value' and 'Maturity Value'.

Know More About SBI Fixed Deposit

SBI NRI FD

The State Bank of India (SBI) offers attractive interest rates and a wide range of tenure options on all fixed deposits for Non-Resident Indians. NRIs often look towards India to create a savings pool and also enjoy a host of other benefits such as tax exemption. Some of the best investments options for NRIs are Non-Resident Ordinary (NRO) fixed deposits, Non-Resident External (NRE) fixed deposit and Foreign Currency Non Repatriable (FCNR) fixed deposits. SBI offers both ordinary term deposits and special term deposits for NRIs. These schemes come with different interest payout options. Customers can also avail tax exemption on the interest earned on NRE fixed deposits.

Taking Loans Against SBI FDs

All State Bank of India (SBI) customers are eligible to take a loan of their Fixed Deposit (FD) without any hassle at the time of a financial emergency.

Customers can avail this facility with no penalties, processing or prepayment charges. Loans can be availed on up to 90% of the term deposit held and SBI also provides its customers the benefit of overdraft. Loans on FDs can be taken through internet banking or by visiting the respective SBI branch. The maximum amount that can be taken as a loan or an overdraft is Rs.5 crore while the minimum amount Tis Rs.25,000.

Now, Buy Paperless Fixed Deposits Instantly!

Want to buy a fixed deposit but have no time to go to the bank. No worries! You can now purchase the best fixed deposit in the market at the comfort of your home. myITreturn.com has launched a paperless application process for fixed deposits. This paperless facility will provide consumers the ease of booking a fixed deposit in a paperless manner, instantly.

All it takes to open an FD is 10 minutes. A prospective investor can compare all FD interest rates online through the myITreturn website and apply for an FD at the click of a button. Information such as credit rating of the product and other details will also be displayed. The purchase can be made and authenticated using Aadhaar-OTP based KYC verification. One can also upload documents and provide PAN card details.

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Source: SBI official Website 

Updated: 28/03/2019

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