State Bank of India, SBI offers attractive rate of interest on FD Scheme which is @3.50%-7.60% p.a. for tenure ranging from 7 days to 10 years. The bank also offers various type of (FD) Fixed Deposit products with more features and benefits.
SBI FD Rates 2024 (Below 2 Crores)
Tenure
- 7 days – 45 days
- 46 days – 179 days
- 180 days – 210 days
- 211 days – 364 days
- 1 year – 1 year 364 days
- 2 years – 2 years 364 days
- 3 years – 4 years 364 days
- 5 years – 10 years
- 400 days (Amrit Kalash Scheme)
Regular customers
- 3.50%
- 5.50%
- 6.00%
- 6.25%
- 6.80%
- 7.00%
- 6.75%
- 6.50%
- 7.10%
Senior citizens
- 4.00%
- 6.00%
- 6.50%
- 6.75%
- 7.30%
- 7.50%
- 7.25%
- 7.50%
- 7.60%
SBI FD Rates 2024 (Above 2 Crore)
Tenure
- 7 days – 45 days
- 46 days – 179 days
- 180 days – 210 days
- 211 days – 364 days
- 1 year – 1 year 364 days
- 2 years – 2 years 364 days
- 3 years – 4 years 364 days
- 5 years – 10 years
Regular customers
- 5.00%
- 5.75%
- 6.50%
- 6.75%
- 6.80%
- 6.75%
- 6.25%
- 6.00%
Senior citizens
- 5.50%
- 6.25%
- 7.00%
- 7.25%
- 7.30%
- 7.25%
- 6.75%
- 6.50%
Interest on a Term Deposit is payable to the depositor quarterly from the date of issue or at maturity along with principal. But on request from the depositor, interest may be paid at monthly, half-yearly or yearly intervals in case of Term Deposits fixed for a term of twelve months and above.
Types of SBI Fixed Deposit (FD) Scheme
- SBI Tax Saving Scheme
- Reinvestment Plan
- SBI Multi Option Deposit Scheme
- Money Multiplier Plan
- Regular Fixed Deposit
- Flexi Deposit Scheme
- Amrit Kalash FD Scheme
Features of SBI FD Scheme
- The tenure of SBI FD from 7 days to 10 years.
- Available at all SBI branches.
- The minimum deposit amount needed to open an FD in SBI is Rs. 1000.
- There is no limit on the maximum deposit.
- Interest amount payable on a calendar quarter/quarterly/monthly basis.
- Senior citizens can avail 0.50% extra SBI FD interest rates for an amount exceeding Rs. 10,000.
- A deposit of 2 crore and more are count as bulk deposit.
- Loan against SBI FD facility available.
- Auto-renewal facility is available on the deposit.
- Nomination available in favour of individual only.
- For a term deposit of up to Rs. 5 lakh, the penalty of premature withdrawal, across all the tenure is 0.50%.
- TDS is deducted at the prevalent rate at source if Form 15G/15H is not submitted.
Read more from SBI page :-
Eligibility to Open SBI FD Account
Individuals should first check their eligibility to open FD Account in SBI Bank. The eligibility criteria to open SBI FD Account and Invest is:
- Indian Resident
- Partnership Firms
- Public and Private Limited Companies
- Societies
- Trusts
- HUFs
- Non-Resident Indians and Person of Indian Origin also open SBI FD Account.
Documents to Open SBI FD Account
- Duly filled SBI FD account opening form.
- Four passport size photographs.
- Identity proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Driving License or Passport).
- Address proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Driving License or Passport).
- Pan Card or Form No. 60 or 61 of the Income Tax Act.
- Age proof
- Details of your Bank account like account number, IFSC code and branch.
How to Apply for SBI Fixed Deposit?
You can now invest in State Bank of India FD through both online (internet banking, mobile banking) and offline route as well.
How to open FD in SBI online :
1. Internet banking
- If you are an SBI Bank customer, just log in to your SBI Net Banking account.
- Click on the ‘Term Deposit’ option which is under the ‘Deposit Scheme Tab’,
- Select the type of FD and click on the ‘Proceed’ button to continue
- Provide all the necessary details of the deposit such as nominee information and instructions for maturity.
- Read the ‘Terms and conditions’ and accept them
- Finally, you can click on the ‘submit’ option to complete the SBI Fixed Deposit opening process.
2. Mobile Banking Application
- Download the SBI Yono app and log in.
- Select your desired Fixed Deposits or Term Deposits option to proceed
- Provide all the required details such as nominee information and maturity instructions
- Read the ‘Terms and conditions’ and accept them
- Finally, you can click on the ‘submit’ option to complete the SBI Fixed Deposit opening process.
3. Apply SBI FD offline
To open an SBI Bank Fixed Deposit Account through the offline method, one needs to visit their nearest SBI Bank Branch, get the SBI Bank FD application form and submit the duly filled form with the deposit amount. Once it’s successfully processed, SBI bank provides an FD receipt.
Loan against SBI FD
- SBI offers loan against FD for up to 85% of the value of your fixed deposit.
- Term Loan and Overdraft Facility.
- Loan Amount (for online overdraft) : Rs. 5,000 to Rs. 5 Crore.
- Interest Rate : 1% above the relative time deposit rate.
- Zero processing fees and prepayment penalties.
FAQs on SBI FD Interest Rate :
Q. How to Invest in SBI FD Scheme ? You can now invest in State Bank of India FD through both online (internet banking, mobile banking) and offline route as well.
Q. What is the Tenure for an SBI Fixed Deposit Account ? The minimum tenure for an SBI FD Scheme is 7 days and maximum is 10 years.
Q. Are there any special rate of interest for Senior citizens ? Yes, SBI offers 0.50% higher FD interest rates for senior citizens across all maturities.
Q. What is the minimum amount you can keep in SBI Fixed Deposit Account ? The minimum amount required to open an SBI Fixed Deposit account is Rs. 1,000.
Q. Can I can an SBI FD account online ? Yes, you can close your SBI FD account online though its ‘Yono’ mobile application or its net banking platform.
Q. Can I invest more in my already active SBI Bank Fixed Deposit Scheme ? Parents or legal guardians can book SBI fixed deposits (FD) in the name of their minor child by opening a bank account in his/her name.
Q. I an not an SBI account holder, am I still eligible to open FD online ? No, you need to have an active saving, current or an OD account to open an SBI fixed deposit online.
Q. Is a loan facility available against the FD account at SBI ? Yes, the loan facility available 90% of the principal of Fixed Deposit.
Q. What is the lock-in period for Tax Saving Scheme ? The lock-in period of term deposit under the Tax Saving Scheme is 5 years.
Q. What is the Eligibility of SBI Fixed Deposit Account ? Individuals, Indian resident, Partnership Firms, Public and Private Limited Companies.