- Insurance
- About Coverfox
- Claims
India's largest public sector bank, State Bank of India (SBI), offers a range of products and services to individuals, large corporations, commercial enterprises, public bodies and institutional customers. It is the country’s largest commercial bank in terms of deposits, branches, assets, number of customers and employees.
SBI offers an array of fixed deposit schemes to customers for both short and long tenures. Fixed deposits are investment accounts where funds get deposited for a fixed period and the interest rate does not fluctuate. They are gaining popularity among the public, considering that it is a safe investment option when compared to investments like stocks and mutual funds.
| Tenors | Existing for Public w.e.f. 28.11.2018 | Revised for Public w.e.f. 22.02.2019 | Existing for Senior Citizens w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.40 | 6.90 | 6.90 |
| 1 year to less than 2 year | 6.80 | 6.80 | 7.30 | 7.30 |
| 2 years to less than 3 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 3 years to less than 5 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 5 years and up to 10 years | 6.60 | 6.68 | 7.35 | 7.35 |
| Tenors | Existing w.e.f. 30.07.2018 | Revised w.e.f. 22.02.2019 | Existing for Senior Citizen w.e.f. 30.07.2018 | Revised for Senior Citizen w.e.f. 22.02.2019 |
|---|---|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.40 | 6.90 | 6.90 |
| 1 year to less than 2 year | 6.70 | 6.70 | 7.20 | 7.20 |
| 2 years to less than 3 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 3 years to less than 5 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 5 years and up to 10 years | 6.85 | 6.85 | 7.35/td> | 7.35 |
(All figures in % per annum)
| Tenors | Existing for Public Existing w.e.f. 30.07.2018 | Revised for Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 | |
|---|---|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.40 | 6.90 | 6.90 |
| 1 year to less than 2 year | 6.70 | 6.70 | 7.20 | 7.20 |
| 2 years to less than 3 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 3 years to less than 5 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 5 years and up to 10 years | 6.85 | 6.85 | 7.35/td> | 7.35 |
(Applicable to Domestic / NRO Deposits)
| Period in Months | Public/NRO | Staff |
|---|---|---|
| 6 | 103.2002 | 103.7088 |
| 9 | 104.8772 | 105.6533 |
| 12 | 106.9754 | 108.0311 |
| 24 | 114.4373 | 116.7073 |
| 36 | 122.4197 | 126.0802 |
| 48 | 130.9590 | 136.2058 |
| 60 | 140.4386 | 147.5059 |
| 72 | 150.3086 | 159.4305 |
| 84 | 160.8723 | 172.3191 |
| 96 | 172.1783 | 186.2495 |
| 108 | 184.2790 | 201.3062 |
| 120 | 197.2301 | 217.5800 |
| Tenors | Below Rs. 2 crores | Rs. 2 crores and up to Rs. 10 crores | Above Rs. 10 crores |
|---|---|---|---|
| 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 year | 6.80 | 6.80 | 6.70 |
| 2 years to less than 3 years | 6.80 | 6.75 | 6.75 |
| 3 years to less than 5 years | 6.80 | 6.80 | 7.30 |
| 5 years and up to 10 years | 6.85 | 6.85 | 6.85/td> |
*Rates are subject to change, without prior notice.
The features of SBI fixed deposit are as follows:
To open a fixed deposit account with SBI, an individual will have to submit certain documents that serve as proof of identity and address. The documents acceptable are - Passport, Voter's Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card and PAN Card.
What is the interest rate that SBI offers on senior citizens FDs?
Senior citizens get extra interest of 0.25% for deposits above Rs 10,000.
Can I make alterations to the tenure of my ongoing SBI Bank Fixed Deposit?
An individual cannot change the tenure of an already active fixed deposit account. However, he or she can close the existing fixed deposit account and open a new one with tenure of his or her choice.
How to open an SBI Bank Fixed Deposit account without a PAN card?
In case PAN is not available, an individual will have to make a declaration in Form 60.
What is the highest interest rate offered on SBI Bank Fixed Deposit?
The highest interest rate offered on term deposits of less than Rs. 2 crores is 6.85%.
What are the FD tenure options available with SBI Bank Fixed Deposit?
The bank offers a range of tenure options to fixed deposit holders. The tenure of the deposits can range from 7 days to 10 years.
What is the minimum amount required to start an SBI Bank Fixed Deposit account?
The minimum amount required to open an SBI fixed deposit account is Rs. 1,000.
What is the eligibility criteria to open an SBI Bank Fixed Deposit account?
To open a fixed deposit account with SBI, an individual will have to submit certain documents that will serve as proof of identity and address. The documents acceptable are - Passport, Voter's Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card and PAN Card.
Can I open my SBI Bank Fixed Deposit without a PAN card?
While it is possible to open a fixed deposit account without a PAN card, there are certain implications to it. The TDS applicable will be recovered at 20% (as against 10% with PAN card). There will be no TDS credit from the Income Tax department, and no TDS certificate shall be issued (As per CBDT circular no: 03/11). Additionally, penal TDS will apply and Form 15G/H and other exemption certificates become invalid. It must be noted that no deposit for a sum equal to or more than Rs. 50,000 shall be booked if the PAN is not provided.
