Headquartered in Mumbai, SBI is an Indian multinational, public sector banking and financial company. It has a wide network of 14,000 branches spread across the country. The bank provides multiple financial services to serve the customers requirement. Under the belt of deposit schemes, the bank proffers several fixed deposit plans to cater the diverse financial needs of the customers. It provides the deposits for the tenure ranging from 7 days to 10 years at the competitive rate of interest. The deposit can be booked with the lowest amount of ₹ 1,000 with no maximum limit on term deposit made under the scheme other than 5 year tax saving. The people have the option to select the investment period and the amount of investment as per the financial goals. During the tenure, people are eligible to receive an interest at the payout frequency decided by them. They can even reinvest the interest amount to yield more interest at maturity.

SBI Fixed Deposit Interest Rates

The bank provides an interest on the fixed deposits at attractive rates. These rates depend on the period of investment and the investor's category. The bank pays an additional interest of 0.50% to the senior citizens. The highest interest paid by the State Bank of India on domestic fixed deposit is 4.75% p.a. However, the rates are not same for all tenures. To know the interest rate of different investment period, check the interest rate table given below :

A. For Retail Deposit (Below ₹ 1 Crore)

Tenure Rate of Interest (w.e.f. 17th November, 2016)
Regular Senior Citizen
7 days to 45 days 5.50% p.a. 6.00% p.a.
46 days to 179 days 6.50% p.a. 7.00% p.a.
180 days to 210 days 6.75% p.a. 7.25% p.a.
211 days to less than 1 year 7.00% p.a. 7.50% p.a.
1 year to 455 days 6.90% p.a. 7.40% p.a.
456 days to less than 2 years 6.95% p.a. 7.45% p.a.
2 years to less than 3 years 6.85% p.a. 7.35% p.a.
3 years to less than 5 years 6.50% p.a. 7.00% p.a.
5 years and up to 10 years 6.50% p.a. 7.00% p.a.

B. For Bulk Deposit ( ₹ 1 Crore – 10 crores)

Tenure Rate of Interest (w.e.f. 17th November, 2016)
Regular Senior Citizen
7 days to 45 days 3.75% p.a. 4.25% p.a.
46 days to 179 days 3.85% p.a. 4.35% p.a.
180 days to 210 days 3.85% p.a. 4.35% p.a.
211 days to less than 1 year 4.00% p.a. 4.50% p.a.
1 year to 455 days 4.25% p.a. 4.75% p.a.
456 days to less than 2 years 4.25% p.a. 4.75% p.a.
2 years to less than 3 years 4.25% p.a. 4.75% p.a.
3 years to less than 5 years 4.25% p.a. 4.75% p.a.
5 years and up to 10 years 4.25% p.a. 4.75% p.a.

SBI Fixed Deposit Calculator

FD calculator is a device build to ease the calculation of interest on the term deposit. It computes the final value of the deposit that includes the amount of principal and interest accrued during the term of deposit. It lets the user try and compare returns on multiple combinations of amount and investment period and select the best option. The user has to enter the principal amount, tenure and rate of interest in the calculator to know the returns on the deposit.

For Example - On deposit of ₹ 15,000 made for the period of 10 years the interest is paid at the rate of 4.25% p.a. and is quarterly compounded. The maturity value of the deposit will be ₹ 22,893.

Table Showing Opening Balance, Interest Earned and Closing Balance

Year Interest Rate (p.a) Opening Balance (in ₹) Interest Earned (in ₹)
1 15,000 648 15,648
2 15,648 676 16,324
3 16,324 705 17,029
4 17,029 735 17,764
5 17,764 767 18,531
6 18,531 800 19,331
7 19,331 835 20,166
8 20,166 871 21,037
9 21,037 908 21,945
10 21,945 948 22,893

How To Apply For State Bank of India Fixed Deposit

To apply for fixed deposit at SBI the candidate needs to fill the application form by visiting the nearest bank branch. Or download the application form from the bank's official website and submit it along with the requisite documents at the branch office. The candidates can even open the FD account online from the comfort of home/office and save the visiting time. For online application the following things are mandatory :

  • Savings Account with SBI
  • Internet banking username and password
  • At least one transaction account should be mapped to the username

Steps To Apply Online

  1. Log in the Online SBI account.
  2. Enter the username and password. Click on the Login button.
  3. Once the savings account is visible, click on the e- Fixed Deposit link provided on the menu.
  4. On clicking, the page will open where the depositor can create various deposits online.
  5. From the left-hand side menu select the e- TDR/STDR option.
  6. Now feed the savings account number that is to be debited. Enter the amount and select the TDR or STDR option.
  7. Click on confirmation button. Now, the online fixed deposit account is generated.

SBI Fixed Deposit Form:

The SBI fixed deposit form is available online as well as at branch offices. In order to avail the benefit of fixed deposit the following details are to be necessarily filled in the form:

  • Customer status – existing customer or new to the bank
  • Applicant's details
  • Co-applicant's details
  • Funding account details i.e., the account to be debited
  • Term of deposit
  • Product name or the name of deposit scheme
  • Frequency of interest payable
  • Details of account in which interest is to be credited
  • Maturity instructions (tenure of policy, auto-renewal)
  • Signature of both the customer

SBI Fixed Deposit Eligibility Criteria :

The following is the list of candidates eligible to open a fixed deposit account :

  • Individual
  • Proprietary Concern
  • Partnership Firm Or Society
  • Private Or Public Limited Company
  • Hindu Unified Family (HUF)
  • Trust

Documents Required :

The documents required depends on the constitution the depositor belongs to. The documents required by each of the eligible depositors is given in the table below:

Constitution Documents
An Individual
  • Passport
  • Voter's Identity Card
  • Driving Licence
  • Aadhaar Card
  • NREGA Card
  • PAN Card
Proprietary Concern
  • ID and address proof of proprietor
  • Registration certificate (in the case of a registered concern)
  • Certificate/licence issued by the Municipal authorities under Shop & Establishment Act
  • Sales and income tax returns
  • CST/VAT certificate/li>
  • Certificate/registration document issued by Sales Tax/ Service Tax/ Professional Tax authorities
Partnership Firmsl
  • Proof of identity & address of all the partners / beneficial owners - natural persons if beneficial owners are non- individuals (owning 15% capital or entitled to 15% profits)
  • Registration certificate
  • Partnership deed
  • Aadhaar Card
  • An officially valid document in respect of the person holding a power of attorney to transact on its behalf
Private Or Public Limited Company
  • Proof of identity & address of all the beneficial owners (natural persons if beneficial owners are non individuals) ( owning 25% share or capital or entitled for 25% profits in case of company which is not listed in a Stock Exchange (Submission of Proof of identity & address by beneficial owners of a company listed in stock exchange or is a company majority owned one by such listed company is not warranted)
  • Certificate of Incorporation
  • Memorandum & Articles of Association
  • A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf
  • An officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf
Hindu Unified Family (HUF)
  • Declaration from the Karta
  • Proof of Identification of Karta
  • Prescribed Joint Hindu Family Letter signed by all the adult coparceners
  • Identity of the adult coparceners
Trusts
  • Proof of identity and address of persons like trustees, executors, administrators etc. (beneficial owners - natural persons)
  • Certificate of registration
  • Trust Deed
  • An officially valid document in respect of the person holding a power of attorney to transact on its behalf

SBI Fixed Deposit Scheme

The bank offers several deposit schemes. The name and details of the fixed deposit schemes are mentioned below :

  • SBI MODS
  • SBI Annuity Deposit
  • SBI Reinvestment Plan
  • SBI Tax Savings Scheme

SBI MODS

Multiple Option Deposit Schemes, commonly known as MODS are the term deposits linked to the individual's savings or current account. The feature that marks its uniqueness is that the depositor can withdraw the funds in multiples of ₹ 1,000 as per the requirements without breaking the fixed deposit. The remaining deposit will earn interest at same rates as at the time of application.

Particulars Details
Minimum Investment Amount ₹ 10,000
Maximum Investment Amount No limit
Additional Investment No limit
Additional Investment In multiples of ₹ 1,000
Minimum Tenure 1 year
Maximum Tenure 5 years
TDS Applicable
Premature Withdrawal Allowed
Nomination Facility Available
Loan Against Fixed Deposit Available

SBI Annuity Deposit Scheme

Under this scheme, depositor can pay a lump sum amount and receive the same in the form of EMIs, which is the total of the principal amount and interest on the reducing principal amount. The interest will be compounded quarterly and discounted to the monthly value. The depositor will receive interest on the anniversary date of the month following the month of deposit.

Particulars Details
Minimum Investment Amount ₹ 25000
Maximum Investment Amount No limit
Tenure 36, 60, 84 or 120 months
Premature Payment Permitted in case of death of depositor
Nomination Facility Available
Loan Facility Up to 75% of the balance amount of annuity

SBI Reinvestment Plan

In Reinvestment plan, the interest is quarterly compounded and is paid off at the time of maturity. The interest accrued in the previous quarter is added to the principal amount and then the interest is calculated on the sum of principal and interest. The minimum amount of ₹ 1,000 can be deposited for the period ranging from 6 months to 10 years.

Particulars Details
Minimum Investment Amount ₹ 1,000
Maximum Investment Amount No limit
Minimum Tenure 6 months
Maximum Tenure 10 years
Interest Payment Option Quarterly compounded and paid at maturity
Tax Deductable at Source Applicable
Premature Withdrawal Permissible (penalty charged )
Auto Renewal Exercised when maturity instructions not given
Nomination Facility Available
Loan Against Fixed Deposit Available up to 90%

SBI Tax Saving Scheme

Any individual or Karta of Hindu undivided family having an Income Tax PAN card can avail this scheme with a minimum annual deposit of Rs.1,000 and a maximum of up to Rs. 1.5 lacs. The lock-in period is 5 years and premature withdrawal is not permissible before that. The interest rate for the general public is 4.25% p.a. and for senior citizen, it is 4.75% p.a.

Particulars Details
Minimum Investment Amount ₹ 1,000
Maximum Investment Amount ₹1,50,000
Minimum Tenure 5 years
Minimum Tenure 5 years
Maximum Tenure 10 years
Lock-in- Period 5years
Nomination Facility Available
Premature Withdrawal Not permitted before 5 years
Loan Against Fixed Deposit Loan Against Fixed Deposit

Features & Benefits

  • SBI offers tax benefits under Section 80C of the Income Tax Act
  • Additional interest of 0.50% is paid to senior citizens
  • Availability of loan against fixed deposit
  • High liquidity of funds
  • Nomination facility is available
  • Flexible tenure ranging from 7 days -10 years