Sbi 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.
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.
If you’re an NRI and are looking for a safe investment avenue, you should consider SBI NRI fixed deposit schemes. There are 4 broad types of NRI FDs available, viz. SBI NRE FD, SBI FCNR Deposits, SBI NRO Fixed Deposits and SBI RFC Deposit Scheme. 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 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
| 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.
Sbi Fixed Deposit Rates Today
Sbi Fixed Deposit Rates 2018
Use the SBI FD calculator to determine the maturity amount and the interest you earn on your deposit.