Fixed Deposit is one of the Safest Investment options Available for Every Age group of Persons. Fixed Deposits allows You to Manage Your Financial Risk and Helps You to Fulfill Your Goals. It is one of the Safest means to Invest which also Offers high-Interest Rates Compare to a Saving Account. In this article, we will discuss the SBI FD Interest Rates which Will Help You in Wealth Creation.
SBI FD Interest Rates 2020 Updated on Retail Domestic Term Deposit
Interest rates revised w.e.f. 27.05.2020 ( Below 2 Crore
|Tenors||Existing Rates for Public w.e.f. 12.05.2020||Revised Rates For Public w.e.f. 27.05.2020||Existing Rates for Senior Citizens w.e.f. 12.05.2020||Revised Rates for Senior Citizens w.e.f. 27.05.2020|
|7 days to 45 days||3.30||2.90||3.80||3.40|
|46 days to 179 days||4.30||3.90||4.80||4.40|
|180 days to 210 days||4.80||4.40||5.30||4.90|
|211 days to less than 1 year||4.80||4.40||5.30||4.90|
|1 year to less than 2 year||5.50||5.10||6.00||5.60|
|2 years to less than 3 years||5.50||5.10||6.00||5.60|
|3 years to less than 5 years||5.70||5.30||6.20||5.80|
|5 years and up to 10 years||5.70||5.40||6.50||6.20|
Interest rates revised w.e.f. 27.05.2020 ( Above 2 Crore )
|Tenors||Existing Rates For Public w.e.f. 25.04.2020||Revised Rates For Public w.e.f 27.05.2020||Existing Rates for Senior Citizens w.e.f. 25.04.2020||Revised Rates for Senior Citizen w.e.f. 27.05.2020|
|7 days to 45 days||3.00||2.90||3.50||3.40|
|46 days to 179 days||3.00||2.90||3.50||3.40|
|180 days to 210 days||3.00||2.90||3.50||3.40|
|211 days to less than 1 year||3.00||2.90||3.50||3.40|
|1 year to less than 2 years||3.00||2.90||3.50||3.40|
|2 years to less than 3 years||3.50||3.00||4.00||3.50|
|3 years to less than 5 years||3.50||3.00||4.00||3.50|
|5 years and upto 10 years||3.50||3.00||4.00||3.50|
SBI Fixed Deposit is one of the best options for someone who wants to invest his/ Her Money and want to Earn Higher returns then Saving account. One can Start the SBI FD with an amount of as low as 1000 INR to up to Limit.
SBI FD interest rates are Higher comparatively than other Private and Public sectors Banks in Our country. SBI FD rates Benefit the Senior Citizen Most as they can Get up to 3.40% Interest on Their Investment.
The SBI FD rates are best when Invested for 5 years to 10 years, Wherein the current SBI FD interest rates are 5.40 for General Public, and for Senior Citizen it is 6.20%.
Loan Against State Bank of India FD
SBI Offers Laon up to 90% of Your own Fixed Deposit. Suppose There an Urgent Need of Money for Your Medical treatment, then you can take Laon Against Your FD. The SBI Interest rates for Laon Against FD is also Very Low.
The Minimal Laon amount for availing the online overdraft facility is 25,000. There is no Specific limit for advances at the Branch level. The Maximum Overdraft Limit which You can Avail Against Your FD is 5 Crore Rupees.
How to Apply for SBI Fixed Deposit Online?
Customers can open SBI FD Deposit online Without even Visiting their Branch. SBI Account Holders who are using the SBI Net Banking Services can apply for FD online without any hassle. Follow the Simple Steps Below to open your SBI FD online and Enjoy the Benefits of SBI interest rates.
- Visit the official Website of SBI Net Banking and log in to Your Account using the Username & Password.
- On Your Home Page Select “Deposit Schemes” and Then Term Deposit.
- Click on e-fixed Deposit to Move further.
- Choose the Type of Fixed Deposit Account You want to Open & Click on Proceed.
- Select the Account From where You want to Deduct the Money for FD.
- Choose “FD Principal Value” and Fill Your Desired Fixed Deposit Amount.
- Tick on Senior Citizen if Your Age is Above 60
- Choose cumulative/STDR deposit or a non-cumulative/TDR deposit & Maturity Date.
- Accept the Terms and Conditions and Click on Submit Button.
Congratulations You have successfully opened the SBI, now you can take advantage of Higher SBI FD Rates. Opening an FD Account online is a Very Easy Process. Its Doesn’t take Much time & the renewal & Closure of Account is Also Very Easy.
If You want to Close Your Bank Account then Take a Look at this article on How to Write a Bank Account Closure Letter to Your Branch Manager.
Things to Keep in Mind Before You Invest Your Money in Fixed Deposit
- Minimum Deposit Amount – Different Banks have Different Minimum & Maximum Fixed Deposit Amount. In the case of SBI, the Minimum Deposit amount is 1000 INR. Before you Invest Your Money in Fixed Deposit Always checks the Minimum Amount.
- SBI FD Interest rates – SBI offers the Best FD rates for Its Customers. No Private Bank or Public Bank offers Such a Return in FD or Saving account. Customers Looking for Regular income on Monthly or Quarterly Basis can Go with non Cumulative scheme.
- Nomination – Always Mention Nomination in Your Fixed Deposit. In an Event of Death of Account Holder, the Nominee is the Legal Person to Claim the Fixed Deposit Amount.
- Tax Deduction- This article is all amount the SBI FD rates, so the interest amount You have earned from your FD is Fully taxable. You must Declare Interest Income Under “income from Other Source”. According to the current income tax law, you can Claim Deduction up to 1.5 Lakh in Your tax-saving Fixed Deposit.
Different Types of SBI FD Schemes
- SBI Terms Deposit – The Investor can invest his/her Money for 7days to 10 Years. Minimum Deposit amount is 1000 Rs and investor is Eligible to Take loan up to 90% of their FD. Nomination & Auto-Renewal options are Available.
- Tax Saving Deposit Scheme – This Scheme is Designed for Tax Exemption. Customers can Avail Deduction up to 1.5 Lakh Under Section 80C.
- Reinvestment Plan – The amount Earned by this Plan is Reinvested for Higher Returns. The Tenure for Reinvestment Plan is 6 Months to 10 Years. Investors can Take loans up to 90% against Their FD.
- Multi option Deposit Scheme – This Scheme is Basically a combination of Saving & FD. withdrawals can be made in multiples of Rs. 1,000 and Remaining amount gets the Interest at the same SBI FD Interest Rates.
- SBI Annuity Deposit Scheme – In this Scheme, the Investor Deposit the Lump sum Amount, and the amount is Paid in EMIs. The minimum deposit amount is 25000.
- SBI We care – Recently Introduced for Senior citizen to Protect their Interest. The minimum deposit amount is 1000 and the Maximum is 2 Crore INR.
SBI FD is one of the best options to invest Money for Long Tenure. Senior Citizen Gets Additional Benefits of 0.50% and SBI Also allows Premature Withdrawl with Their Fixed Deposit. You can use this SBI FD Calculator to Calculate Your Maturity Value – https://sbi.co.in/web/student-platform/maturity-value-calculator
I Hope we have Cleared all Your Queries related to SBI FD rates, SBI FD interest rates. If You have any questions related to SBI FD Rates then Feel free to share with us in the Comments Below.