SBI Fixed Deposit:- State Bank of India FD Schemes Types, Complete Guide

SBI Fixed Deposit, Types & How to Apply?

SBI stands for state bank of India is an Indian multinational, public sector banking and financial services.

It is a government-owned corporation. SBI is considered as tech-savvy banks; almost all of the services are available online also and are efficient.

SBI has emerged as one of the best public sector banks when it comes to various schemes and customer services.

The bank has both domestic as well as overseas presence.

SBI offers a wide option of fixed deposit scheme to the regular individuals and the senior citizens both for short duration and long duration.

An individual can invest and earn attractive interest on several schemes with various schemes and benefits. Fixed deposits are the best investment option.

So, are you seeking the complete guide of SBI fixed deposit then you are at the right place?

We will provide you every detail regarding SBI Fixed Deposit Schemes & SBI FD rates.

So, stay tuned with us till the end to learn.

Types of SBI Fixed Deposit schemes

SBI Fixed Deposit

  1. SBI Term deposit
  2. SBI Tax saving scheme
  3. SBI fixed deposit reinvestment plan
  4. SBI MODS
  5. SBI Annuity deposit scheme
  6. SBI Flexi deposit scheme
  7. SBI Term deposit

The simple SBI fixed deposit account has the following features and benefits:

SBI Term Deposit Key Points
Minimum Deposit Amount ₹ 1,000
Maximum Deposit Amount No Limit
SBI FD Interest Rate As mentioned in the table below
Loan Overdraft 90% of  the Deposit Amount
Premature Withdrawal Charges Less than ₹ 5 lakhs: Applicable interest rate – 0.5%
₹ 5 lakhs – ₹ 1 crore: Applicable interest rate – 1%
Nomination Allowed
  • The interest is payable monthly or quarterly depending on the option selected at the time of account opening. However, in the case of the monthly interest payment, the interest is paid at a discounted rate
  • SBI Fixed Deposit interest rate determined at the time of account opening will be applicable throughout the time period irrespective of any changes in the rate thereafter
  • The maturity value is automatically reinvested in the same deposited scheme if no instruction has been provided beforehand
  • The scheme provides the facility to convert the deposit rate into special term deposit rate(STDR) and vice versa at same FDI rates
  • If the customer does not submit the form 15G or 15h, TDS will be deducted.
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SBI Tax Saving Fixed Deposit Scheme

The SBI tax saving fixed deposit scheme is designed for tax exemption. The features of the deposit scheme are as follows:

SBI Tax Saving Fixed Deposit Key Points
Minimum Deposit Amount ₹ 1,000
Maximum Deposit Amount ₹ 1.5 lakhs every year
Tenure/Lock-in Period 5 years
SBI Fixed Deposit Interest Rate As mentioned in the table below
Loan Overdraft Not Applicable
Premature Withdrawal Not Applicable
  • The maximum limit on tax exemption can be availed every year under section 80 C of the income tax act
  • The SBI term deposited can be operated a term deposit or special term deposit
  • The term deposit can also be extended to a maximum of 10 years
  • Loans facility is not available under this scheme
  • Compound interest is implied under the scheme which is computed on a quarterly basis.
  • Post Office Interest Rates Table

SBI Fixed Deposit Reinvestment Plan

The reinvestment scheme is one where the quarterly interest is added to the principal amount on which a further interest is calculated. So, interest is reinvested in the deposit amount yielding to higher interest and in turn, more maturity amount. The features of this scheme are as follows:

SBI Term Reinvestment Plan Key Points
Minimum Deposit Amount ₹ 1,000
Maximum Deposit Amount No limit
Minimum Tenure 6 months
Maximum Tenure 10 years
SBI FD Interest Rate As mentioned in the table below
Loan Overdraft Up to 90% of the amount
Premature Withdrawal up to ₹ 5 lakhs Applicable interest rate – 0.5%
Premature Withdrawal from ₹ 5 lakhs to ₹  1 crore Applicable interest rate – 1%
  • Interest is paid on maturity and is compounded quarterly at the end of the tenure
  • The STDR can be linked to any saving or current account from where the customer can pay TDS on interest to the government directly
  • The SBI fixed rates determined at the start of the deposit period will apply throughout the tenure of the deposit irrespective of any changes in the rates thereafter
  • In case of premature withdrawals of deposits before 7 days, no interest will be paid to the depositor
  • If any instruction regarding the maturity proceeds are not given to the bank, the maturity value is automatically reinvested in the same deposit scheme
  • If the customer does not submit form 15G/15H, TDS will be deducted on the interest paid if the interest exceeds 10,000.
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SBI Multi Option Deposit Scheme (MODS)

SBI multi-option deposit scheme is a combination of fixed deposit and savings account.

In the scheme, withdrawals can be made in multiples of 1000 while remaining amount keeps on earning interest at the same FDI rates

The features of this scheme are as follows:

SBI Multi Option Deposit Scheme (MODS) Key Points
Minimum Deposit Amount ₹ 10,000 (then in multiples of ₹ 1,000)
Maximum Deposit Amount No limit
Minimum Tenure 1 year
Maximum Tenure 5 years
SBI Fixed Deposit Interest Rate As mentioned in the table below
Withdrawal In multiples of ₹ 1,000
Premature Withdrawal Applicable as per TDR/STDR rules
Loan facility Available
  • The customer can withdraw money through issuing a cheque of the saving or current account in multiples
  • The customer can opt any term that ranges from 1-5 Years
  • The scheme combines saving account with the deposit account thereby making the deposit completely liquid in nature
  • TDS will be deducted on the interest earned. If the interest earned is more than 10,000
  • Nomination facility is available.
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SBI Annuity Deposit Scheme

It is a deposit scheme where a lump sum is deposited and the amount paid in terms of equated monthly installments EMIs.

The features of this scheme are as follow

SBI Annuity Deposit Scheme Key Points
Minimum Deposit Amount ₹ 25,000 (Based on the minimum monthly annuity of ₹ 1000/-)
Maximum Deposit Amount No limit
Tenure 36/60/84/120 months
SBI FD Rate As mentioned in the table below
Premature Withdrawal Allowed only in case of death of the depositor
Loan facility 75% of the balance amount of annuity
  •  The customer receives equated monthly installments that consist of part principal and part interest calculated
  • Payment starts from the anniversary date of the month following the month of deposit
  • After availing the loans, annuity payments are credited to the loan account
  • Nomination facility is also available

SBI Flexi Deposit Scheme

SBI Flexi Deposit scheme is the same as the recurring deposit scheme wherein the deposit installment can vary. The features of the scheme are as follows:

SBI Flexi Deposit Scheme Key Points
Minimum Deposit Amount ₹ 5,000 every financial year
Maximum Deposit Amount ₹ 50,000 every financial year
Deposit frequency every month No limit
Minimum Installment ₹ 500
SBI FD Rate As mentioned in the table below
Minimum Tenure 5 years
Maximum Tenure 7 years
Premature Withdrawal Allowed (Interest rate offered is 0.5% lesser than the applicable rate)
The penalty for non-deposit of monthly installment ₹ 50 every financial year
Loan Facility Available (Similar to term deposits)
Passbook Available

 * The amount is invested every month and the installment amount may vary

  • The deposit can be made any time during the month for any number of times
  • The maximum amount of deposit in a financial year is Rs 50,000
  • Interest is compounded quarterly on the balance outstanding at the month end
  • Nomination facility and loan facility is available
  • Interest paid is subject to the TDS

Premature withdrawal is allowed and applicable SBI fixed deposit rates will be 0.50% lower than the rate applicable for the period the deposit has remained in the bank.

SBI FD Interest Rates

FD Tenure SBI FD Interest Rates (in % p.a.) < ₹ 1 crore
Days/Years Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 year 6.80% 7.30%
2 years to less than 3 years 6.80% 7.30%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

Note-

Interest rates are applicable and are subject to change without prior notification

Interest Rates on Domestic Bulk Term Deposits (₹ 1 Crore to ₹ 10 Crores)

Tenure Interest Rates (in % p.a.)
Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 years 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

Note– Rates are applicable with effect from 30th July 2018.

Tenure Interest Rates (in % p.a.)
Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 years 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35

 

FD Tenure SBI FD Interest Rates (in % p.a.) < ₹ 1 crore
Days/Years Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 year 6.80% 7.30%
2 years to less than 3 years 6.80% 7.30%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

Note – Interest rates are applicable with effect from 28th Nov 2018 and are subject to change without prior information.

Interest Rates on Domestic Bulk Term Deposits (₹ 1 Crore to ₹ 10 Crores)

Tenure Interest Rates (in % p.a.)
Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 years 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

Note – Rates are applicable with effect from 30th July 2018. All figures in % per annum.

Interest Rates on Domestic Bulk Term Deposits (above ₹ 10 Crores)

Tenure Interest Rates (in % p.a.)
Regular Citizens Senior Citizens
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 years 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

Note – Rates are applicable with effect from 30th July 2018

SBI NRE FD Rates

Tenure SBI NRE FD Interest Rates (in % p.a.)
Below ₹ 1 crore ₹ 1 crore to ₹ 10 crore Above ₹ 10 crore
1 to < 2 years 6.70 6.70 6.70
2 to < 3 years 6.75 6.75 6.75
3 to < 5 years 6.80 6.80 6.80
5 to 10 years 6.85 6.85 6.85

Note – Rates are applicable with effect from 30th July 2018

SBI NRO FD Rates

Tenure SBI NRO FD Interest Rates (in % p.a.)
Below ₹ 1 crore ₹ 1 crore to ₹ 10 crore Above ₹ 10 crore
7 days to 45 days 5.75 5.75 5.75
46 days to 179 days 6.25 6.25 6.25
180 days to 210 days 6.35 6.35 6.35
211 days to less than 1 year 6.40 6.40 6.40
1 year to less than 2 years 6.70 6.70 6.70
2 year to less than 3 years 6.75 6.75 6.75
3 years and up to 5 years 6.80 6.80 6.80
5 years and up to 10 years 6.85 6.85 6.85

Note: – Rates are applicable with effect from 30th July 2018

SBI FCNR (Foreign Currency Non-Resident) Rates

Tenure USD GBP EUR CAD AUD JPY
1 year 3.41 1.43 0.01 2.35 1.98 0.02
Above 1 year to less than  2 years 3.41 1.43 0.01 2.35 1.98 0.02
2 years to less than 3 years 3.33 1.62 0.01 2.43 2.10 0.05
3 years to less than 4 years 3.37 1.73 0.01 2.49 2.06 0.05
4 years to less than 5 years 3.37 1.80 0.10 2.53 2.30 0.05
5 years 3.38 1.87 0.15 2.56 2.37 0.05

Note: Simple Interest is applicable on FCNR (B) deposit kept with the bank for 1 year. Whereas, for FCNR (B) deposit of tenure above 1 year, interest is compounded at the half-yearly frequency. All figures in % per annum.

RFC (Resident Foreign Currency) FD Rates

Tenure USD GBP EURO
1 year to less than 2 years 3.41 1.43 0.01
2 years to less than 3 years 3.33 1.62 0.01
3 years 3.37 1.73 0.01

Note:

  • Simple interest is applicable on FCNR (B) deposit on FCNR. Whereas, for FCNR (B) deposit of tenure above 1 year, interest is compounded at half year frequency
  • No interest is payable if the RFC deposit is withdrawn before 1 year
  • All figures in % Per annum.

How to Apply for SBI Fixed Deposit?

  • Submit KYC documents for the approval such as PAN card, Aadhaar card, and your photograph
  • Existing customers with SBI bank are not required to provide the above-stated KYC documents
  • You can either open SBI account online or consider the near branch to your residence and book FDs online
  • You should choose FD interest rates that vary with tenure as per your requirement

Frequently Asked Question

Q Can I open SBI FD account online?

Yes, SBI fixed deposit can be opened online through internet banking username and password

Q What is the tenure for SBI fixed deposit account?

Minimum tenure for SBI fixed deposit is 7 days and maximum tenure is 10 years

Q What is the highest FD rate offered by SBI?

Currently, it is 6.85% which is, however, subject to change

Q is there any special rates for the senior citizens?

Yes, SBI offers higher rates for the senior citizens

Q Does SBI provides auto renewal facility?

Yes, a fixed deposit is automatically renewed for the same period and rate of interest if there is no instruction from the customer.

Q Who is eligible to open an SBI fixed deposit account?

It can be opened by individuals, partnership firms, Hindu undivided family, specified associations, Trust, etc.

Q Is a loan facility available against FD account SBI?

Yes, loan facility is available against SBI FD up to 90% of the principal amount of fixed deposit

Is Interest earned on SBI fixed deposit taxable?

Yes, the interest that is earned on the fixed deposit is subject to income tax.

10% deducted as TDS if the income of the income tax holder is Rs 2.5 lakh.

If the income is below 2.5 lakh then you have to submit the Form 15H and 15G to get an exemption from tax.

Final Words

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