Bank Fixed Deposits (FDs) are the safest forms of investment. They are not only risk-free but also flexible as banks allow you to withdraw the amount prematurely when in need. There are different types of FDs in the banks such as the short-term deposits and long-term deposits. The short-term deposits are usually for periods less than six months where the banks give you simple interest on the principal investments. The long-term deposits are re-investment kind of deposits where the bank pays you interest on compound basis.
Calculating the compound interest is a complex mathematical operation. The process is extremely difficult and time-consuming. Plus, the results so derived are prone to human calculation errors. Thus, you can use an FD Calculator to determine the interest you receive on maturity of such deposits. One such user-friendly calculator is the SBI fixed deposit calculator. SBI FD Calculator allows you to calculate the total interest you'll receive upon maturity of your deposit and plan your investment accordingly.
Features and Benefits of SBI FD Calculator
Premature Withdrawal of SBI Fixed Deposit The effective interest rate will be lower of 0.50-1% below the effective rate applicable at the time of booking the FD for the period the FD remained with the Bank or 0.50-1% below the contracted rate, whichever is lower. The features of fixed deposit rates by SBI are mentioned below. The highest FD rate for deposits of 3 years to less than 5 years is 5.30%. The highest fixed deposit rate by SBI for deposits of 5 years to less than 10 years is 5.40%. Senior citizens can earn an addition of 0.25% to 0.50%. This scheme of SBI can be invested in for a period of 36, 60, 84 or 120 months. In this, the rate of interest on the investment will be the same that is applicable to term deposits. For example, if you make a deposit for five years, then you get the interest according to the interest rate applicable for a fixed deposit (FD) of five years. SBI Term Deposit is also known as normal fixed deposit. This type of deposit is opened for a specific term. Term deposit offers guaranteed returns, choice of interest payout & liquidity. The tenure of this deposit is from 7 days to 10 days. Interest payout is monthly, quarterly, half-yearly and yearly.
State Bank of India (SBI) offers two kinds of fixed deposits: non-cumulative FD and cumulative FD. The periodic interest payment option is the first one whereas the second category is the reinvestment option. Calculating the interest payment in the periodical option category is easy because SBI uses the simple interest calculation formula. However, you will need the help of the SBI FD calculator to arrive at the maturity amount in the reinvestment category. Let us now look at the features and benefits of the SBI fixed deposit calculator.
Sbi Fixed Deposit Rates Nro
The formula for calculating the maturity amount with compound interest is a challenging one to understand and determine. The SBI FD calculator makes your job easy.
Sbi Fixed Deposit Rates Calculator
SBI Fixed Deposits Interest Rates
State Bank of India is the largest public sector bank in India. It offers various fixed deposit products to its customers at attractive rates of interest. The SBI interest rates change at frequent intervals. Similarly, they have different rates of interest depending on the principal deposit amount. This interest rate table will make things clear.
Below ₹ 1 Crore w.e.f. 28.11.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.80% | 7.30% |
| 2 years to < 3 years | 6.80% | 7.30% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Bulk Term Deposits between ₹ 1 Crore and ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.85% |
Bulk Term Deposits above ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Important points to note
- NRO and NRE deposits have a different rate structure.
- There is a premature withdrawal penalty of 1% for the bulk term deposits.
- Staff members and ex-staff of State Bank of India get an additional interest of 1% on all fixed deposits.
How to calculate the interest with Online SBI FD Calculator
Calculating the applicable interest is a complicated process. It is best to use the SBI Fixed Deposit Calculator to determine the maturity amount and the interest you earn from the deposit. Here is the process explained in a few steps.
- Enter the principal amount, the rate of interest, and the deposit tenure.
- The next step is to choose the interest frequency options. The available options are simple, monthly, quarterly, half-yearly, and annually.
- On clicking the ‘Calculate' button, you get the maturity amount and the amount of interest.
Tax on SBI Fixed Deposit
The interest received on bank FDs is taxable. You have to include the interest as a part of your income while preparing your Income Tax returns. The income tax rate depends on the slab you fit into while computing your taxable income.
The Income Tax Act 1961 stipulates that banks and other financial institutions should deduct tax at source while paying interest on fixed deposits placed with them if the amount of interest paid to the individual depositor is more than ₹ 10,000 in a financial year. All branches of a bank constitute a single identity. The TDS rate is as follows.
- 10% if you update the PAN details in your account
- Otherwise, the rate is 20%
The banks are under an obligation to deposit the TDS amount to the Income Tax department at fixed intervals. Consequently, the banks furnish the details of the TDS deposited with the IT Department to the depositor vide Form 15G and 15H. You can use these details while preparing your IT returns and claim refunds if applicable.
If your annual income does not come in the tax bracket, you can submit Form 15G (General Public) or 15H (Senior Citizen) along with your PAN details to the banks. The banks do not deduct TDS under such circumstances.
Eligibility Criteria for SBI Fixed Deposits
State bank of India has the most extensive network of branches in India. You are never far away from a State Bank of India branch wherever you are in India. Hence, a significant proportion of the Indian population prefers to open fixed deposit accounts with the SBI. The following categories of entities can open fixed deposits with SBI.
- Individuals – Resident as well as Non-Resident Indians can open FDs in SBI in single or joint names.
- Non-individuals like sole proprietorship, partnership firms, companies, Government departments, clubs, societies, trusts, and associations
One should compulsorily satisfy KYC norms while opening FD in SBI. It is also advisable to avail the nomination facility for your convenience. Ensure to update your PAN details and submit the necessary 15G/H forms if you do not come in the tax bracket.
Use the SBI FD calculator to determine the maturity amount and the interest you earn on your deposit.
Check out the best information relating to SBI fixed deposits interest rates:
SBI or the state bank of India under the reference to rules and regulations by the reserve bank of India has bought down good policies and fixed deposit interest rates for its customers. Every scheme launched is equally special and is considered a better option for all age groups. Considering fixed deposits, the SBI fixed deposits are quite the safest investments today available in the market. The bank is providing its customers with best options for investment in their savings as with 6 types of fixed deposit schemes. These are competitive SBI FD interest rates extending the best returns to the investors.
Contents
SBI Fixed Deposit Interest Rates 2021
State bank of India sets with one of the most reliable FD providing with best of its rates across the market. The SBI FD offers with good number of benefits to its investors with higher returns, flexible tenures, lower minimum deposit limits as well as load against FD facility. Coming to its rates of Interest with FD, the highest one being offered is 5.40 %. Now the latest SBI FD interest rates for senior citizens on the other hand range between 3.40 % to 6.20%.
SBI FD Rate Chart
Sbi Fixed Deposit Rates For Last 10 Years
Here comes the information relating to the SBI FD interest rates with a comparative analysis:-
Features of State Bank of India Fixed Deposit
Probably today SBI Fixed deposit is one of the best investment options available for all aged depositors who are looking for a better investment future. This is the fixed deposit which includes the money earned from the fixed income instrument and can easily earn higher returns than that of the saving account. Looking forward to its best and key features:-
- Moving ahead with the deposit amount, the SBI FD can easily be opened with the lowest of rs 1000 with extending to as high as possible.
- The FD Tenure amount ranges between 7 days to 10 years.
- The interest rate ranges from 2.90 % to 5.40 % per annum.
- The senior citizen FD rate stands at 3.40 % to 6.20% per annum.
- The SBI is providing the highest interest rates for a tenure of 10 years.
- SBI deposits are covered under the deposit insurance schemes of RBI in which up to 5 lakh rupees are for depositors insured by the DICGC.
- SBI is providing with a loan against FD. This is going to help the depositors with meeting their needs for small requirements without breaking the FD.
- Auto-renewal facility is also easily available.
- There is an authenticated nomination facility available for the depositors.
- SBI is offering popular FD schemes like tax savings, reinvestment plan, SBI multi option deposit schemes, regular fixed deposits, money multiplier plan, Flexi deposit schemes, and SBI we care deposits.
Best of FD plan is supported by the SBI which can be carried for 5 to 10 years with the current FD rates 5.40 %.
Sbi Fixed Deposit Rates Senior Citizen
Gayatri Mohapatra
Sbi Fixed Deposit Rates In India For Senior Citizens
Sbi Fixed Deposit Rates Calculator
SBI Fixed Deposits Interest Rates
State Bank of India is the largest public sector bank in India. It offers various fixed deposit products to its customers at attractive rates of interest. The SBI interest rates change at frequent intervals. Similarly, they have different rates of interest depending on the principal deposit amount. This interest rate table will make things clear.
Below ₹ 1 Crore w.e.f. 28.11.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.80% | 7.30% |
| 2 years to < 3 years | 6.80% | 7.30% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Bulk Term Deposits between ₹ 1 Crore and ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.85% |
Bulk Term Deposits above ₹ 10 Crores w.e.f. 30.07.2018
| Deposit Tenure | General | Senior Citizen |
| 7 to 45 days | 5.75% | 6.25% |
| 46 to 179 days | 6.25% | 6.75% |
| 180 to 210 days | 6.35% | 6.85% |
| 211 days to < 1 year | 6.40% | 6.90% |
| 1 year to < 2 years | 6.70% | 7.20% |
| 2 years to < 3 years | 6.75% | 7.25% |
| 3 years to < 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.85% | 7.35% |
Important points to note
- NRO and NRE deposits have a different rate structure.
- There is a premature withdrawal penalty of 1% for the bulk term deposits.
- Staff members and ex-staff of State Bank of India get an additional interest of 1% on all fixed deposits.
How to calculate the interest with Online SBI FD Calculator
Calculating the applicable interest is a complicated process. It is best to use the SBI Fixed Deposit Calculator to determine the maturity amount and the interest you earn from the deposit. Here is the process explained in a few steps.
- Enter the principal amount, the rate of interest, and the deposit tenure.
- The next step is to choose the interest frequency options. The available options are simple, monthly, quarterly, half-yearly, and annually.
- On clicking the ‘Calculate' button, you get the maturity amount and the amount of interest.
Tax on SBI Fixed Deposit
The interest received on bank FDs is taxable. You have to include the interest as a part of your income while preparing your Income Tax returns. The income tax rate depends on the slab you fit into while computing your taxable income.
The Income Tax Act 1961 stipulates that banks and other financial institutions should deduct tax at source while paying interest on fixed deposits placed with them if the amount of interest paid to the individual depositor is more than ₹ 10,000 in a financial year. All branches of a bank constitute a single identity. The TDS rate is as follows.
- 10% if you update the PAN details in your account
- Otherwise, the rate is 20%
The banks are under an obligation to deposit the TDS amount to the Income Tax department at fixed intervals. Consequently, the banks furnish the details of the TDS deposited with the IT Department to the depositor vide Form 15G and 15H. You can use these details while preparing your IT returns and claim refunds if applicable.
If your annual income does not come in the tax bracket, you can submit Form 15G (General Public) or 15H (Senior Citizen) along with your PAN details to the banks. The banks do not deduct TDS under such circumstances.
Eligibility Criteria for SBI Fixed Deposits
State bank of India has the most extensive network of branches in India. You are never far away from a State Bank of India branch wherever you are in India. Hence, a significant proportion of the Indian population prefers to open fixed deposit accounts with the SBI. The following categories of entities can open fixed deposits with SBI.
- Individuals – Resident as well as Non-Resident Indians can open FDs in SBI in single or joint names.
- Non-individuals like sole proprietorship, partnership firms, companies, Government departments, clubs, societies, trusts, and associations
One should compulsorily satisfy KYC norms while opening FD in SBI. It is also advisable to avail the nomination facility for your convenience. Ensure to update your PAN details and submit the necessary 15G/H forms if you do not come in the tax bracket.
Use the SBI FD calculator to determine the maturity amount and the interest you earn on your deposit.
Check out the best information relating to SBI fixed deposits interest rates:
SBI or the state bank of India under the reference to rules and regulations by the reserve bank of India has bought down good policies and fixed deposit interest rates for its customers. Every scheme launched is equally special and is considered a better option for all age groups. Considering fixed deposits, the SBI fixed deposits are quite the safest investments today available in the market. The bank is providing its customers with best options for investment in their savings as with 6 types of fixed deposit schemes. These are competitive SBI FD interest rates extending the best returns to the investors.
Contents
SBI Fixed Deposit Interest Rates 2021
State bank of India sets with one of the most reliable FD providing with best of its rates across the market. The SBI FD offers with good number of benefits to its investors with higher returns, flexible tenures, lower minimum deposit limits as well as load against FD facility. Coming to its rates of Interest with FD, the highest one being offered is 5.40 %. Now the latest SBI FD interest rates for senior citizens on the other hand range between 3.40 % to 6.20%.
SBI FD Rate Chart
Sbi Fixed Deposit Rates For Last 10 Years
Here comes the information relating to the SBI FD interest rates with a comparative analysis:-
Features of State Bank of India Fixed Deposit
Probably today SBI Fixed deposit is one of the best investment options available for all aged depositors who are looking for a better investment future. This is the fixed deposit which includes the money earned from the fixed income instrument and can easily earn higher returns than that of the saving account. Looking forward to its best and key features:-
- Moving ahead with the deposit amount, the SBI FD can easily be opened with the lowest of rs 1000 with extending to as high as possible.
- The FD Tenure amount ranges between 7 days to 10 years.
- The interest rate ranges from 2.90 % to 5.40 % per annum.
- The senior citizen FD rate stands at 3.40 % to 6.20% per annum.
- The SBI is providing the highest interest rates for a tenure of 10 years.
- SBI deposits are covered under the deposit insurance schemes of RBI in which up to 5 lakh rupees are for depositors insured by the DICGC.
- SBI is providing with a loan against FD. This is going to help the depositors with meeting their needs for small requirements without breaking the FD.
- Auto-renewal facility is also easily available.
- There is an authenticated nomination facility available for the depositors.
- SBI is offering popular FD schemes like tax savings, reinvestment plan, SBI multi option deposit schemes, regular fixed deposits, money multiplier plan, Flexi deposit schemes, and SBI we care deposits.
Best of FD plan is supported by the SBI which can be carried for 5 to 10 years with the current FD rates 5.40 %.
Sbi Fixed Deposit Rates Senior Citizen
Gayatri Mohapatra
Sbi Fixed Deposit Rates In India For Senior Citizens
Sbi Fixed Deposit Rates Of Interest
Gayatri Mohapatra has 10 years of experience in content writing. She write on all niches specially with banking (worked as a professional Banker for 4 years). She is keen learner for which she choose this profession.
