SBI Fixed Deposit

SBI is an Indian multinational, public sector banking and the financial company which has the headquarter in Mumbai. It is one of the most leading and entrusted bank in the country. It has a wide network of 14,000 branches spread across the country. The bank offers multiple financial services to serve the customers requirement. Fixed deposit is the product where the customer deposit certain amount and the interest is accrued on the deposited money. It is the best platform for the customers to put their money and grow the amount of their saving. It is the type of investment where the risk factor involved is almost zero. So, they can deposit the amount tension free and enjoy the benefits.

Under the belt of deposit schemes, the bank offers 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 so that the customer can increase its savings. 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. The SBI Fixed deposit calculator is the tool which gives the exact idea about the amount of interest that you can get on the principal amount deposited under the scheme. Using it they can calculate the total amount that will be received by them after the maturity of the fixed deposit at the end of deposit tenure. 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 term deposit is 7.00% 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. 1st October, 2017)
RegularSenior Citizen
7 days to 45 days5.50% p.a.6.00% p.a.
46 days to 179 days6.50% p.a.7.00% p.a.
180 days to 210 days6.50% p.a.7.00% p.a.
211 days to less than 1 year6.50% p.a.7.00% p.a.
1 year 6.50% p.a.7.00% p.a.
Above 1 year to less than 2 years6.50% p.a.7.00% p.a.
2 years to less than 3 years6.25% p.a.6.75% p.a.
3 years to less than 5 years6.25% p.a.6.75% p.a.
5 years and up to 10 years6.25% p.a.6.75% p.a.

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

Tenure Rate of Interest (w.e.f. 24th November, 2016)
RegularSenior Citizen
7 days to 45 days3.75% p.a.4.25% p.a.
46 days to 179 days3.85% p.a.4.35% p.a.
180 days to 210 days3.85% p.a.4.35% p.a.
211 days to less than 1 year4.00% p.a.4.50% p.a.
1 year to 455 days4.25% p.a.4.75% p.a.
456 days to less than 2 years4.25% p.a.4.75% p.a.
2 years to less than 3 years4.25% p.a.4.75% p.a.
3 years to less than 5 years4.25% p.a.4.75% p.a.
5 years and up to 10 years4.25% 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 ₹ 25,000 made for the period of 10 years the interest is paid at the rate of 7.00% p.a. and is quarterly compounded. The maturity value of the deposit will be ₹ 50,040 .

Table Showing Opening Balance, Interest Earned and Closing Balance

YearOpening Balance (in ₹)Interest Earned (in ₹)Closing Balance (in ₹)
125000179626796
226796192628722
328722206430786
430786221232998
532998237135369
635369254237911
739911272440635
840635292043555
943555313046685
1046685335550040

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 the 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:

ConstitutionDocuments
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 depositor can invest in the scheme of their choice as per your financial goal.The name and details of these 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. The deposit under the scheme is completely liquid and they are able to deposit for the tenure ranging from 1 year to 5 years.

ParticularsDetails
Minimum Investment Amount₹ 10,000
Maximum Investment AmountNo limit
Additional InvestmentNo limit
Additional InvestmentIn multiples of ₹ 1,000
Minimum Tenure1 year
Maximum Tenure5 years
TDSApplicable
Premature WithdrawalAllowed
Nomination FacilityAvailable
Loan Against Fixed DepositAvailable

SBI Annuity Deposit Scheme

Under this scheme, the 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.

ParticularsDetails
Minimum Investment Amount₹ 25000
Maximum Investment AmountNo limit
Tenure36, 60, 84 or 120 months
Premature PaymentPermitted in case of death of depositor
Nomination FacilityAvailable
Loan FacilityUp 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.

ParticularsDetails
Minimum Investment Amount₹ 1,000
Maximum Investment AmountNo limit
Minimum Tenure6 months
Maximum Tenure10 years
Interest Payment OptionQuarterly compounded and paid at maturity
Tax Deductable at SourceApplicable
Premature WithdrawalPermissible (penalty charged )
Auto RenewalExercised when maturity instructions not given
Nomination FacilityAvailable
Loan Against Fixed DepositAvailable 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.

ParticularsDetails
Minimum Investment Amount₹ 1,000
Maximum Investment Amount₹1,50,000
Minimum Tenure5 years
Minimum Tenure5 years
Maximum Tenure10 years
Lock-in- Period5years
Nomination FacilityAvailable
Premature WithdrawalNot permitted before 5 years
Loan Against Fixed DepositLoan 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