SBI Fixed Deposit (FD) Interest Rates 2024 – Types, Features & Eligibility Criteria

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When it comes to investing in FDs, Indian consumers commonly prefer to invest in SBI Fixed Deposit (FD) schemes due to the high interest rates and the reliability of investing in a public sector bank. Let’s learn more about it!   

SBI or State Bank of India is one of the most trustworthy names in India among all the banks and financial institutions in the country. SBI offers fixed deposit or FD funds at good interest rates. The current SBI FD interest rate is offered at 3.50%-7.10% per annum for general public, while the SBI senior citizen FD interest rate is 4.00%-7.60% p.a. per annum for a tenure of 7 days to 10 years. On the other hand, the SBI FD interest rates 2024 for SBI Tax Saving FD is available at 6.50% p.a. An investor can avail a SBI FD for a tenure ranging from 7 days to 10 years with fixed return on investment.

About SBI Fixed Deposit (FD) Scheme

The FD scheme of SBI is a flexible scheme that support you to save a certain portion of the salary aside for future purpose in the form of a bank FD. The minimum tenure of a SBI FD is 5 years, which cannot be withdrawn before the tenure gets over. Further, SBI FDs cannot be used as security to obtain a loan. An SBI FD account can be opened online by logging in to internet banking of SBI.

SBI FD Rates 2024

Tenure General Public (P.A) Senior Citizen (P.A)
7 days to 45 days 3.50% 4.00%
46 days to 179 days 4.75% 5.25%
180 days to 210 days 5.75% 6.25%
211 days to less than 1 year 6.00% 6.50%
1 year to less than 2 year 6.80% 7.30%
2 years to less than 3 years 7.00% 7.50%
3 years to less than 5 years 6.75% 7.25%
5 years and up to 10 years 6.50% 7.50%
400 days (Amrit Kalash) 7.10% 7.60%

Types of SBI Fixed Deposit Schemes

The various types of fixed deposit schemes of SBI are:

  • Term Deposit Scheme by SBI
  • Tax Saving Scheme by SBI
  • WeCare Scheme by SBI
  • Annuity Deposit Scheme by SBI
  • FD Reinvestment Plan by SBI
  • Multi Option Deposit Scheme by SBI

The detailed description of these fixed deposit schemes is as follows:

Plan name  Tenure   Deposit (min) Loan option  Withdrawal option 
Term Deposit Scheme by SBI Min 7 days, Max 10 years Rs.1,000/- Loan on up to 90% of the FD amount Penalty levied on premature withdrawal of 0.5% and 1% on the basis of the FD amount
Tax Saving Scheme by SBI Min 5 years, Max 10 years Rs.1,000/- NA NA
WeCare Scheme by SBI Min 5 years Rs.1,000/- Max – over 2 crore Loan on up to 90% of the FD amount 30 bps to be revoked if scheme is prematurely withdrawn
Annuity Deposit Scheme by SBI Range between 36, 60, 80, or 120 months INR 25,000 min. deposit for min. monthly annuity of INR 1,000 Loan on up to 75% of FD amount NA
FD Reinvestment Plan by SBI Min 6 months, Max 10 years INR 10,000 Loan on up to 90% of the FD amount Penalty levied on premature withdrawal of 0.5% and 1% on the basis of the FD amount
Multi Option Deposit Scheme by SBI Min 1 year, Max 5 years INR 10,000 Available Withdrawal can be made in multiples of INR 1,000

Features of SBI Fixed Deposit (FD) Account

Here are some key features of SBI fixed deposit scheme:

  • An investor can open an SBI FD scheme with a minimum amount of INR 1,000 with no maximum FD limit
  • The scheme tenure ranges from 7 days to 10 years
  • In case of senior citizens, an FD scheme with deposit of INR 10,000 and above can avail 0.25% extra interest rate
  • The SBI FD allow monthly, quarterly interest payouts for investors
  • The scheme offers a nomination facility as well

Further, an SBI FD interest rate 2024 calculator can be used to compute the SBI FD maturity amount.

Eligibility Criteria of SBI Fixed Deposit (FD)

An SBI FD can be availed by:

  • Indian Residents
  • HUL or Hindu undivided families
  • Partnership firms
  • Sole proprietorship firms
  • Trust accounts
  • Limited companies
  • Non-Resident Indians (NRIs)
  • Person of Indian Origin (PIOs)

Document Required for SBI FD

Recent Photographs, KYC Documents, Aadhar Card, PAN Card, Passport, Voter ID card and Driving License etc. are among papers required for SBI FD account opening.

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How to invest in the SBI FD scheme

To invest in the SBI FD Scheme, you can opt for the below options:

Internet Banking Option 

  • First step is to log in to your Net Banking
  • Under the transaction option, look for the ‘Open Fixed/Term Deposit’ tab
  • Submit details like policy tenure and FD amount to be deposited
  • Also, offer the nominee details
  • Now, confirm the details before going ahead
  • Once confirmed, you will get a receipt that is generated and can be downloaded for future reference

SBI Mobile Application Option

  • First you need to download the SBI YONO app on your mobile
  • Use your credentials generated while downloading and opening the app to sign in to it
  • Once you sign in, go to the primary menu and choose the option of deposit
  • Now, under ‘Deposits’ section, choose the tab of ‘Open FD’
  • Fill in the details as well as upload the necessary documents
  • The app will generate a receipt once the details are submitted successfully. Download it and keep it for future reference

Open SBI FD Account Offline

For opening an SBI FD offline, you can visit the nearest SBI branch. Take an FD form and submit the details required to open the FD account. You also need to submit all the relevant documents at the bank as well as the deposit amount. Once the FD is opened successfully after verifications and all, you will be provided with a receipt of account opening as proof.

Loan against SBI FD

SBI offers a loan facility against Fixed Deposits if you meet certain conditions:

  • Loan is available on an amount up to 90% of the total FD deposit
  • You can avail a demand loan as well as a SBI overdraft facility
  • If the balance of the FD is reduced, the investor is charged an interest
  • If your loan is paid, you are not levied with any penalties
  • There are no processing charges levied
  • The minimum loan starts from INR 25,000/ and maximum is INR 5 crore
  • 1% interest rate along with the term deposit rate is levied

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FAQs: SBI Fixed Deposit (FD) Interest Rates 2024

Can a SBI customer open a term deposit account online?

Yes, a SBI customer can easily open a term deposit account online using their Net Banking facility.

Can new customers open an SBI FD online? 

For new customers, they first need to open a SBI savings account to be able to open a SBI Fixed Deposit account.

Can I deposit additional amount into my already existing SBI FD?

No, because the tenure of a SBI FD account is ‘fixed’, hence it is not possible to deposit any extra amount into your already existing Fixed Deposit.

Can I close my SBI FD account online?

Yes, you can close your SBI Fixed Deposit online only if it is an E-term deposit or special term deposit.

Do senior citizens get any special SBI FD rates?

Yes, there are special SBI bank FD interest rates for senior citizens, which vary as per the tenure of the Deposit.

Who can open an FD account in SBI?

Every customer of SBI who holds a savings account is eligible for opening an FD in SBI.

What is the SBI FD interest rate today?

The SBI latest FD interest rate is 7.10% p.a. An investor can use a SBI FD interest rate calculator to compute the SBI FD maturity amount.

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Mar 23, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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