SBI FD Interest Rates In India 2020

By | July 24, 2020
SBI FD Interest Rates In India 2020

State Bank of India offers multiple interest rates to its customer, Interest Rate from 2.90% to 6 %. SBI FD Interest Rates are quite competitive and are higher than the rates on their savings deposits. Fixed Deposit rates are updated regularly, So check SBI FD Interest Rates here regularly.

Interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised on 27th May 2020.

SBI FD Interest Rates On Retail Domestic term deposits (Below Rs. 2 crores)

Fixed deposit rates in sbi Latest updated on 27th May 2020

Tenors(Deposit Period)FD Rates for PublicFD Rates of Senior Citizen
7 days to 45 days2.90 %3.40%
46 days to 179 days3.90%4.40%
180 days to 210 days4.40%4.90%
211 days to less than 1 year4.40%4.90%
1 year to less than 2 year5.10%5.60%
2 years to less than 3 years5.10%5.60%
3 years to less than 5 years5.30%5.80%
5 years and up to 10 years5.40%6.20%

SBI NRI Fixed Deposit Interest Rates

TenorsBelow Rs.2 CroreRs.2 Crore & above
1 year less than 2 years5.10%2.90%
2 years to less than 3 years5.10%3.00%
3 years to less than 5 years5.30%3.00%
5 years and upto 10 years5.40%3.00%

Note : No interest is payable if the deposit is withdrawn before one year.

SBI FD Interest Rates- Special Features

  • SBI FD interest rates period start from 7 Days to 10 years
  • SBI FD minimum Deposit amount is Rs. 1000/- however, there is no maximum limit.
  • Senior Citizens can get a 0.25% extra interest rate for the Deposit amount above Rs 10,000/-
  • SBI provides a nomination facility so that the depositor can nominate his/her family members or spouse to collect the maturity amount. It’s advisable to get nominate your family members or spouse to get maximum benefits. It becomes easy to withdraw the Deposit after the demise of the Deposit holder.
  • Loans / OD up to 90% of the Principal deposit. For details click here: Loan Against Time Deposit
  • SBI also provides an option for Premature withdrawal however For Retail Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors). For Retail Term Deposits above Rs 5.00 lacs but below Rs 1 crore, the applicable penalty will be 1% (all tenors).
  • SBI FD holder has an option to get interest amounts in the bank Monthly/Quarterly/Calendar quarterly basis as per your requirement.
  • Payment of Monthly interest will be at a discounted rate. Interest will be paid at the contracted rate irrespective of change in the rates thereafter.
  • TDS at the prevalent rate is deducted at source if Form 15G/15H not submitted

SBI FD Schemes

SBI Term Deposit Scheme

The depositor has an option to choose the period of deposit from 7 Days to 10 Years. SBI FD minimum Deposit amount is Rs. 1000/- however, there is no maximum limit. SBI FD Interest Rates range from 2.90% to 6.20 % as updated as on 27th May 2020. Loans against Fixed Deposit and premature withdrawal options are available.

SBI Flexi Deposit

  • SBi Flexi Deposit is a variant of the Recurring deposit scheme. Investors can deposit his/her saving for the long-term. This scheme provides investors to place long term deposits to earn an attractive rate of interest along with flexibility in choosing the deposit amount.
  • Minimum – 5 years and Maximum – 7 years
  • The deposit can be made in multiples of Rs. 500/-, a minimum of Rs. 500/- at any one instance and Maximum of Rs. 5000/- at on time. Deposits can be made anytime during a month and any number of times.
  • Maximum deposit amount Rs. 50,000/- in a Financial Year.
  • There will be Penalty for default in payment of minimum deposit will be Rs.50/- per Financial Year
  • SBI also provides Universal Passbook
  • Loans / OD up to 90% of the deposit( Interest excluded)
  • The rate applicable to all Senior Citizens age 60 years and above will be 0.50% above the applicable rate.

SBI Multi Option Deposit Scheme

SBI Multi Option Deposit scheme is an Auto-sweep deposit account. This deposit scheme allows to keep you some saving in Saving account and as well earn SBI FD Interest Rates some saving FD account.

Here are the features of SBI Multi Option Deposit Scheme

  • Term Deposit (TD) account / Special Term Deposit (STD) account
  • The minimum period is at least one Year. SBI Fixed deposit can not be made below a year period and the Maximum deposit tenure is 5 years. SBI FD Interest Rates will increase in the case of an FD deposit is for more than one year.
  • The minimum deposit amount for Multi Option Deposit Scheme is Rs. 10,000/- and there is no limit for maximum deposit.
  • SBI FD Interest Rates is the same for SBI Multi Option Deposit Scheme also.
  • When there is a break of MOD, the interest is paid with a penalty at the applicable rate for the period the broken amount has run and the remaining amount continues to earn the original(SBI FD Interest Rates) rate of interest.
  • If there is a lien on MOP Deposit, it can not be broken. SBI FD Interest Rates will reduce in case of premature withdrawal.

SBI Tax Savings Scheme

In the SBI Tax Saving scheme, the investment tenure is fixed for 5 years and the maximum period is 10 years. The maximum investment amount is Rs. 1.5 Lakh. Here is the major downside of this scheme, loan against FD and premature withdrawal facility is unavailable. SBI FD Interest Rates for SBI Staff and SBI pensioners will be 1.00% above the applicable rate.

TDS is applicable at the prevalent rate. Form 15G/H can be submitted by the depositor to get an exemption from Tax deduction as Income Tax Rules.

Tax benefits under section 80C of Income Tax Act, 1961.

Read about Best Cashback Credit here

SBI Reinvestment Plan

In SBi Reinvestment plan minimum period of deposit, 6 months, and Maximum period is 10 years. Here are all features.

  • Minimum Period 6 month and Maximum Period 10 Years.
  • Minimum deposit amount Rs. 1,000/ and there is no maximum limit however deposit can be increased in multiples of Rs. 100/-
  • A deposit of Rs. 1.00 crore and more are treated as a bulk deposit
  • SBI FD Interest Rates is applicable to Term Deposits with Quarterly compounding.
  • Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
  • Loans / OD up to 90% of the Principal deposit.
  • TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.

Who is eligible SBI Fixed Deposit?

Below person and entities are eligible for SBI Fixed Deposit
NRIs
1.Resident Indians
2.Private or Public limited company
3.Hindu undivided family
4. Trust and partnership firm

Documents Required for SBI Fixed Deposit

1. Photo ID (Aadhaar Card, Passport, Voter ID, Driving license, etc.)
2. Passport size photographs
3.Address Proof Documents (Aadhaar card, Passport, Utility bills, Driving license, etc.)
4. Age proof for senior citizen and minor investors (Birth certificate, matriculation certificate, senior citizen ID, etc.)
5. Bank account details

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Author: Dhiraj Jha

I love to acquire, review, and earn reward points/cashback from Credit Cards for free traveling and enjoying luxury hotels. Helping people about the benefits and optimal utilization of credit cards.

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