State Bank of India (SBI) FD online calculator will help you calculate the interest that your money will earn when kept in a fixed deposit in State Bank of India (SBI). This will give the details of investment that's the principal amount on maturity after the interest is compounded on days or a monthly, quarterly, half-yearly and yearly basis. To learn about how your fixed deposit earns interest and how much will be your earning at the end of the tenure chosen, Goodreturns online calculators will help you.
State Bank of India (SBI) fixed deposit is a great way to save money for a period of time, if you are looking at getting your invested money safely along with good returns on your investment, then fixed deposit is the way to go. Checking the State Bank of India (SBI) fixed deposit interest rate and making the decisions is now very easy.
|Maturity Period||Deposit Amount||Interest Rate|
|7 days to 45 days||Less than Rs. 2 cr||3.50||4.00|
|46 days to 179 days||Less than Rs. 2 cr||4.50||5.00|
|180 days to 210 days||Less than Rs. 2 cr||5.00||5.50|
|211 days to less than 1 year||Less than Rs. 2 cr||5.00||5.50|
|1 year to less than 2 year||Less than Rs. 2 cr||5.70||6.20|
|2 years to less than 3 years||Less than Rs. 2 cr||5.70||6.20|
|3 years to less than 5 years||Less than Rs. 2 cr||5.70||6.20|
|5 years and upto 10 years||Less than Rs. 2 cr||5.70||6.20|
|Maturity Period||Deposit Amount||Interest Rate|
|7 days to 45 days||Above Rs. 2 cr||3.50||4.00|
|46 days to 179 days||Above Rs. 2 cr||3.50||4.00|
|180 days to 210 days||Above Rs. 2 cr||3.70||4.20|
|211 days to less than 1 year||Above Rs. 2 cr||3.70||4.20|
|1 year to less than 2 year||Above Rs. 2 cr||3.70||4.20|
|2 years to less than 3 years||Above Rs. 2 cr||3.70||4.20|
|3 years to less than 5 years||Above Rs. 2 cr||3.70||4.20|
|5 years and upto 10 years||Above Rs. 2 cr||3.70||4.20|
|Maturity Period||Deposit Amount||Interest Rate|
|7 days to 45 days||Less than Rs. 2 cr||3.50|
|46 days to 179 days||Less than Rs. 2 cr||4.50|
|180 days to 210 days||Less than Rs. 2 cr||5.00|
|211 days to less than 1 year||Less than Rs. 2 cr||5.00|
|1 year to less than 2 year||Less than Rs. 2 cr||5.70|
|2 years to less than 3 years||Less than Rs. 2 cr||5.70|
|3 years to less than 5 years||Less than Rs. 2 cr||5.70|
|5 years and upto 10 years||Less than Rs. 2 cr||5.70|
|Maturity Period||Deposit Amount||Interest Rate|
|7 days to 45 days||Above Rs. 2 cr||3.50|
|46 days to 179 days||Above Rs. 2 cr||3.50|
|180 days to 210 days||Above Rs. 2 cr||3.70|
|211 days to less than 1 year||Above Rs. 2 cr||3.70|
|1 year to less than 2 year||Above Rs. 2 cr||3.70|
|2 years to less than 3 years||Above Rs. 2 cr||3.70|
|3 years to less than 5 years||Above Rs. 2 cr||3.70|
|5 years and upto 10 years||Above Rs. 2 cr||3.70|
The fixed deposit can be opened offline by visiting as well as online.
To open fixed deposit online, the customer should be a registered for net banking.
Individuals can open fixed deposit with as low as Rs 1000 and there is specified a limit on the maximum amount. However, for an amount, more than Rs 50,000 Pan Card number should be available with the bank.
Interest rates vary with tenure of the fixed deposit. Minimum tenure to open a fixed deposit is 7 days and maximum up to 10 years. State Bank's deposits interest rates range from 5.25% - 7.25% per annum depending on the tenure which is compounded quarterly. While interest rate changes for the amount of Rs 1 crore and above. Usually, the interest rate will be below the regular interest rate.
NonResident Indians can open fixed deposit with SBI where they can deposit rupee and foreign currency. If the deposit amount is up to Rs 5 lakhs, there will be no penalty levied for withdrawal after one year. For deposits up to Rs 1 crore and above no interest is payable if it is withdrawn before one year of deposit.
For NRO fixed deposit, interest is not payable if the deposit is withdrawn before 7 days. For deposit up to Rs 5 lakhs, no penalty will be levied for premature, provided it has remained with the bank for at least 7 days.
Investors who are looking out for investing their money for a short tenure say a week to one month or so can deposit in the fixed deposit schemes offered by the State Bank of India which is currently offering good rate of interest on the term deposits ranging from 5.75% per annum – 6.25% per annum for all the general citizens of the country. The deposited principal amount can be reinvested for a minimum of 7 days to a maximum of less than a year’s tenure. This type of investment is useful for attaining short-term financial goals as it helps to earn returns at a quick pace.
Investors who are looking out for investing their money for a period of more than a year and are looking for better returns on their invested amount can park their funds in SBI Medium-term deposits which offers finer interest rates on the initial investment. Generally, the tenure in case of medium-term deposits in SBI ranges between 1 year – 5 years. The rate of interest on the fixed deposit for the medium term stands between 6.40% per annum – 6.70% per annum. The investor can also opt for extending the maturity period of the said deposit by the renewal of the term deposit after attaining maturity as per their personal requirements. This type of investment is useful to get higher returns over a period of time and the minimum lock-in period for such deposits is 1 year.
Investors who are looking for a long-term investment can also choose to lock in their amount safely by depositing their money in SBI long-term deposit scheme whose tenure ranges from 5 years to 10 years. The country’s largest public sector bank is providing an attractive rate of interest on long-term deposits which ranges between 6.70% per annum – 6.75% per annum. If in case, the investor wants to extend the maturity period of the initial deposit, then they can do so after the maturity period by reinvesting the deposited amount for a further period of time as per their personal requirements. This kind of deposits is particularly helpful if investors are looking out for investment over a long period of time.
The State Bank of India offers extra interest rates for senior citizens term deposits. This makes the FD more attractive as well as a safe option post-retirement stage. The Senior Citizens Fixed Deposit is meant for those who are aged above 60 years. They can opt any of the FD Schemes based on their financial requirements and planning.
The interest rates offered for the Senior Citizens Fixed Deposit Scheme for:
? Short-Term ranges between 6.25% per annum – 6.85% per annum.
? Medium – Term ranges between 6.90% per annum – 7.25% per annum.
? Long-Term ranges between 7.30% per annum – 7.35% per annum.
? SBI Tax Savings Scheme
? Reinvestment Plan
? SBI Mods
? Annuity Deposit Scheme
? SBI Flexi Deposit Scheme
? The scheme can be taken up by resident Indians either for themselves or as an individual in the capacity of the Karta of the Hindu Undivided Family having PAN number.
? Tenure of deposit is a minimum of 5 years to a maximum of 10 years.
? The rate of Interest is as set by the SBI.
? Minimum deposit is Rs 1,000.
? Maximum deposit is Rs 1,50,000 per annum.
? Lock in period is 5 years.
? Premature withdrawal is not allowed before the completion of the said 5 years tenure from the date of initial investment.
? Nomination facility is available.
? Loan facilities are not available.
? Tax Benefits are available under Section 80C of Income Tax Act.
In this plan, the interest is paid at the time of maturity. Interest amount will be added to the principal amount on a regular basis and the compounded interest will be calculated and paid thereon.
? The minimum amount of investment is Rs 1000.
? No limit for maximum investment amount.
? Tax Deducted at Source is applicable.
? Loan or Overdraft facility of up to 90% is available.
? Minimum tenure of deposit is 6 months.
? The maximum period of deposit is up to 0 years.
? The rate of interest is as fixed by SBI.
? Nomination facility is available.
? Premature withdrawal of investment is available.
The SBI MODS stands for State Bank of India’s Multi Option Deposit Scheme. It is a term deposit which is linked to the current and savings account. The unique feature of this deposit scheme is that the investor can withdraw from this scheme in multiples of 1000 as per their financial requirements. The remaining balances amount in the fixed deposit will continue to earn the interest, as applicable at the time of the initial deposit.
One can open the SBI MODS either by visiting the nearest branch or through online mode.
? Minimum term of the deposit amount is Rs 10,000.
? There is no maximum limit for the deposit amount in case of SBI MODS.
? Rate of Interest is fixed by SBI and it varies regularly purely at the discretion of the bank.
? Minimum tenure of the deposit for SBI MODS is 1 year.
? Maximum tenure of the deposit in case of SBI MODS stands at 5 years.
? Premature withdrawal is allowed.
? TDR/STDR rules are applicable for premature withdrawal.
? TDS is applicable for this fixed deposit scheme.
? Loan facilities on the deposit is available.
? Further breaking of units when lien is marked on a particular account is not allowed in SBI MODS.
? Nomination facility is available.
? Deposits are completely liquid in nature.
? The customer has to maintain a monthly average balance linked to the savings bank account in the State Bank of India. The system does not break multi-option deposit to do so.
In the Annuity Deposit Scheme, the investor will invest a lump sum amount one time and will receive the same in the form of equated monthly instalments, which includes part of principal amount and interest earned on the reduced principal amount. In this scheme, interest will be compounded on a quarterly basis and the same will be discounted to the monthly value.
? The minimum amount of deposit is based on the minimum monthly annuity of Rs 1,000.
? The minimum amount of deposit should not be less than Rs 25,000.
? There is no limit on the maximum amount of deposit in case of Annual Deposit Scheme.
? The tenure of the deposit ranges from 36 months, 60 months, 80 months, 120 months.
? The rate of interest is as applicable for fixed deposits of tenure as opted by the investor.
? Premature payment of the deposit is not possible.
? The Annuity Deposit Scheme will be prematurely closed in case of death of the investor.
? Payment of interest on the deposit will commence from the anniversary date of the month following the month of deposit. In case, if the date is non-existent (29th, 30th, 31st), then the interest will be paid on the 1st day of the next month.
? A loan facility of up to 75% of the balance amount of annuity will be granted on special cases.
? Nomination facilities are available.
The SBI Flexi Deposit Scheme is very similar to the Recurring Deposit Scheme. The only difference is instead of depositing a prefixed monthly instalment amount as in case of the normal recurring deposit, the investor can decide to vary the instalment amount and even the tenure of the deposit within the pre-determined annual sum.
? The minimum instalment amount is Rs 500.
? The maximum number of instalments is 10.
? Minimum deposit amount per financial year is Rs 5,000.
? The maximum amount of deposit per financial year is Rs 50,000.
? Deposit frequency is any number of months and any time.
? The rate of interest is as set by the State Bank of India (as applicable to term deposits).
? Interest rate gets compounded on a quarterly basis.
? The minimum term of the SBI Flexi Deposit Scheme is 5 years.
? The maximum term of the SBI Flexi Deposit Scheme is 7 years.
? Premature withdrawal facility is available.
? Premature withdrawal fee is 0.50% below the rate applicable for the period of deposit till which the invested amount has remained with the bank.
? Tax Deducted at Source is applicable for the SBI Flexi Deposit Scheme.
? A Penalty charge of Rs 50 per annum is charged in case of non-deposit of monthly instalment.
? Loan facility is available on SBI Flexi Deposit Scheme.
? Nomination facility is available on the SBI Flexi Deposit Scheme.
? The depositor has to maintain a minimum balance of Rs 500 per annum in order to continue the account.
The term TDS is the abbreviation for Tax Deducted at Source. The Income Tax department has introduced the concept of TDS with an intention to make an individual who is liable to make payment of specified nature to any other person that is deductee will deduct the tax at source and will remit the same into the account of the Central Government.
Tax deducted at source will be applicable where the interest earned on the fixed deposit is above Rs 10,000. The amount will be deducted 10% on interest income, where PAN number is available with the bank. In absence of PAN details, TDS will be applicable at 20% on interest income.
The investor should submit the below-mentioned forms if he/she is willing to avoid TDS deduction on fixed deposits.
? An investor has to submit Form 15G to the bank if in case he/she falls under the minimum tax slab.
? An investor has to submit Form 15H, in case if he/she is a senior citizen.
? If an individual’s income for a financial year falls in the highest tax bracket (either 20% or 30%), then they need to pay extra tax over and above the TDS deducted by the banks or Non-Banking Financial Institutions.
The interest income from the fixed deposit is taxable if it exceeds Rs 10,000 per annum. The interest amount will be added to the total income and will be taxed at the slab rates which is applicable to the total income. Currently, all banks in India deducts tax deducted at source at 10% of the interest amount if it exceeds Rs 10,000 per financial year.
The recent interim budget for 2019 – 2020 has proposed to increase the limit of interest arising out of fixed deposit to Rs 40,000 per annum from the existing limit of Rs 10,000 per annum for income tax purpose.
While booking fixed deposit there will be an option to choose the interest payout option. Individuals have to make a choice on how frequently interest should be paid from under interest payment option- monthly, quarterly and yearly and other option is reinvestment option where the interest earned is added to the principle and will be paid along with maturity.
Calculators help you to check overall interest rates yields. For example, with the calculator above, you can check the overall maturity value including the yield. So, all you need to do is enter the time period and the interest rates to easily get the maturity value of your FD. SBI interest rates on FDs have dropped dramatically, which has made it imperative to check the overall yields. Remember that if you are checking interest, the yields turn higher because of the law of compounding, hence it becomes necessary to check the yields. Most banks compound interest rates once every three months, or as they say quarterly compounding. State Bank of India has dropped interest rates on deposit rates and the yields have fallen, hence it is necessary to check the overall yields with the help of the calculator. Do not forget that these are with the tax liability on these deposits.
If you wish to get the correct maturing FDs amount with the correct interest and principal amount on the calculator, you must put the correct data. Most of the calculators may fail to see the correct yield, unless there is a correct awareness on the time period for compounding. For example, in the case of the banks the compounding of the interest rates is done every quarter. In the case of non banking finance companies the yields after calculating the FD rates may not be high, as the compounding may happen on a half yearly basis or may happen annually. Every FD calculator, including the SBI FD calculator must take this into account before arriving at the final figure. The yields can vary and in some cases dramatically based on the data.
Compound Interest means the interest which we get after adding the interest on the initial deposit and also the accumulated interest of the specified period. Here the specified period means every bank gives some specified time like quarterly, half yearly or on an annual basis for the interest rate to get compounded.
For making things easy, it is better to check the FD interest rate using an SBI FD Interest Rate Calculator. On goodreturns.in you can calculate the interest rate of not only SBI but also of various banks such as HDFC, ICICI, almost of all the banks. If you visit the fixed deposit interest rates page, you will find the details of every bank such as maturity period, interest rates for general and senior citizens. If you want to check the exact interest rate for the amount you have deposited better to visit the SBI FD Interest Rate Calculator page and check.
State Bank of India like most other banks reviews its own credit requirement, asset liability match and general movement in interest rates, before deciding on hiking or reducing the same. One of the big reasons to also move interest rates, depends in what the Reserve Bank of India does with the repo rates. These are the rates at which the country's central bank lends money to other banks in the country.
When these are hiked, most banks like SBI too raise their interest rates. This is how the country's largest bank, manages to either raise or hold FD interest rates steady. Generally, the SBI is a trend setter as far as rates are concerned. For individual investors it is important to compare the interest rates before placing money in bank deposits.
This help in ensuring maximum returns. Also, one must use the SBI deposit calculator to know exactly, how much returns one would fetch on deposits.
An individual has to maintain a minimum deposit amount of Rs 1000 in order to open an SBI Fixed Deposit Account. There is no maximum deposit limit as such and an individual can deposit any amount of money in the SBI Fixed Deposit Account as per their convenience.
? The State Bank of India pays interest on the fixed deposits maintained by the customers at – Monthly, Quarterly, Calendar Quarter basis as per the requirements of the depositors.
? The senior citizens (individuals above 60 years) get an additional extra interest rate of 0.50% for the amount which is above Rs 10,000.
The State Bank of India is offering a special interest rated for its staff as well as SBI Pensioners and it will be 1.00% above the applicable existing rate of interest. The interest rates for all the senior citizens as well as pensioners who are aged 60 years and above will be 0.50% above the existing interest rates payable for all the tenure to the resident Senior Citizens of India which means an SBI resident Indian Senior Citizen Pensioner will be eligible to get both the benefits of staff (1%) as well as resident Indian Senior Citizens (0.50%) on an annual basis.
Most of the banks in India do levy a certain amount as a charge for premature withdrawal of term deposits (fixed deposits) when withdrawn well ahead of the maturity date. The country’s largest bank – State Bank of India also follows certain set guidelines in the event of premature withdrawal of term deposits.
A penalty charge of 1% will be levied for bulk term deposits if withdrawn before the maturity period. The penalty rate is applicable to all the new deposits as well as the existing ones. There is no discretion for waiver or reducing the penalty fee in case of withdrawal of a term deposit before the said maturity period.
Interest rate stands for the amount charged or expressed as a percentage of principal by a lender (an individual who lends) to a borrower (an individual who borrows) for the use of assets. The interest rates are usually calculated on an annual basis and it is also known as the annual percentage rate (APR). The nature of assets borrowed can range from consumer goods, cash, building, vehicles, ornaments and so on.
? The interest rates on fixed deposit schemes vary based on the maturity period.
? The SBI fixed deposit scheme offers short-term deposits with the shortest term being 30 days.
? For the short-term period, the SBI FD interest rates range between 5.75% per annum – 6.25% per annum.
? The interest rate will be compounded on a quarterly basis and the same will be added to the principal amount at the end of every quarter.
? For a tenure of 60 days or 90 days or 120 days, the rate of interest on fixed deposits ranges between 6.25% per annum – 6.35% per annum.
? A six-month tenure SBI Fixed Deposit Scheme earns an interest rate of 6.35% per annum.
? For nine months tenure, the SBI fixed deposit will fetch the investor an interest rate of 6.40% per annum.
? SBI offers medium and long-term based fixed deposits and the interest rate for the same ranges between 6.70% per annum – 6.80% per annum.
? The tenure of the medium term based fixed deposits ranges between one year to five years.
? The tenure for long-term based fixed deposits ranges between five years to more than five years.
? The rate of interest for the long-term based fixed deposit schemes is between 6.80% per annum – 6.85% per annum.
Important Note: The interest rates are subject to change on a regular basis without any prior notice from the State Bank of India.
The country’s largest lender, State Bank of India revised the interest rates on fixed deposits with effect from November 28.
The interest rates on term deposits of select maturity period for retail deposits whose value is less than Rs 1 crore has been changed.
Currently, SBI is offering an interest rate of 6.8% per annum on domestic deposits whose tenure is 1 year to less than 2 years from the earlier interest rates of 6.7% per annum. The interest rate of 2 years to less than 3 years term stands at 6.8% per annum from the previous interest rate of 6.75% per annum.3 December 2018
The State Bank of India, country’s largest bank announced hike in the interest rates on fixed deposits which will come into effect starting from July 30, 2018. The bank has hiked the interest rates on FD’s below Rs 1 crore for a select tenure by 5 – 10 basis points (bps).
The SBI FD interest rates for the term ranging between