State Bank Of India Fixed Deposit Rates

1. Fixed Deposit Rates In India
2. State Bank Of India Fixed Deposit Rates For Nri
3. Bank Deposit Rates In India
4. State Bank Of India Fixed Deposit Plan
5. State Bank Of India Bank Fixed Deposit Rates

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.

The State Bank of India is the largest Indian bank with 42 crore customers. It offers a wide list of products and services to customers including savings accounts, fixed deposits, loans and credit cards. It has been ranked as 236th in the Fortune Global 500 list of the world's biggest corporations of 2019. State Bank Of India FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure. 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. Exchange Rate Safe Deposit Locker Business Banking. Business Current Account. Cash ISA Fixed Deposit Account Grow your saving, tax free. Home Personal Banking. SUB Services How to open an account with the State Bank of India UK Ltd. How to open an account with SBI UK Ltd.

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

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.

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 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

Bulk Term Deposits between ₹ 1 Crore and ₹ 10 Crores w.e.f. 30.07.2018

Bulk Term Deposits above ₹ 10 Crores w.e.f. 30.07.2018

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.

Fixed Deposit Rates In India

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.

State Bank Of India Fixed Deposit Rates For Nri

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

State Bank Of India FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by State Bank Of India FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in State Bank Of India_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in State Bank Of India FD for a tenure of 5 years or more.

Following table provides you State Bank Of India FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your State Bank Of India FD for different tenures by clicking on the 'calculate' button provided in the table.

State Bank Of India Fixed Deposit Interest Rates (as on 06 Mar 2021)

Features & Benefits: State Bank Of India Fixed Deposit

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest State Bank Of India branch.
• No cap on the Maximum Amount of FD
• FD Tenures: 7 days to 10 years
• Different interest payout options such as monthly, quarterly, etc.
• Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
• Part withdrawal facility and auto-renewal facilities are also available
• Senior citizens can enjoy higher interest rate as compared to regular citizens
• NRE, NRO and FCNR deposit facility is offered by the bank

Who is Eligible for State Bank Of India Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Important Things to Know Before Investing in Fixed Deposits

• Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
• The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
• Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
• You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
• If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
• Don't forget to make nomination in your FD account.
• If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
• When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of State Bank Of India

Interest on FD for different tenures is calculated in following manner:

1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

State Bank Of India FD Interest Calculator

State Bank Of India FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank Deposit Rates In India

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

01-12-2019: PNB cuts off FD rates

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

State Bank Of India Fixed Deposit Plan

Public Sector Banks FD Interest Rates

Private Sector Banks FD Interest Rates

State Bank Of India Bank Fixed Deposit Rates