SBI fixed deposit interest rates Updated 2020

Fixed Deposit offered by banks is considered as one of the safest investment. Investment on FD can get you a higher rate of interest than a normal saving account. Recently SBI has revised the Fixed deposit rates and they have reduced the sbi fixed deposit interest rates
If you also have an account with SBI & want to know more about sbi fixed deposit interest rates then you are at the right place. We have compiled the list of newly updated sbi fixed deposit interest rates, let’s look at different SBI FD interest rates 2019 in Detail. You can also read about SBI toll-free number for balance enquiry ( SBI Quick ) 

SBI Fixed Deposit Interest Rates for Below Rupees Two Crore

TenureSBI fixed deposit interest rates for PublicSBI fixed deposit interest rates for senior citizens
7 days to 45 days4.505.00
46 days to 179 days5.506.00
180 days to 210 days5.806.30
211 days to less than 1 year5.806.30
1 year to less than 2 year6.406.75
2 years to less than 3 years6.256.75
3 years to less than 5 years6.256.75
5 years and up to 10 years6.256.75

SBI Fixed Deposit Interest Rates for Rupees Two Crore & Above

 

TenureSBI FD Rates for PublicSBI FD Rates for Senior Citizen
7 days to 45 days4.004.50
46 days to 179 days4.755.25
180 days to 210 days5.255.75
211 days to less than 1 year5.255.75
1 year to less than 2 years5.255.75
2 years to less than 3 years

5.255.75
3 years to less than 5 years5.255.75
5 years and upto 10 years

5.255.75
Note – The SBI FD Interest rates are applicable from w.e.f  01st November 2019

NRE TERM DEPOSITS With effect from 10th November 2019

TonureBelow 2 cr.Rupees 2 Cr & Above
1 year less than 2 years6.25 %5.25 %
2 years to less than 3 years6.25 %5.25 %
3 years to less than 5 years6.25 %5.25 %
5 years and upto 10 years6.25 %5.25 %

Advantage of Fixed Deposit 

1. Tax Benefits 

You can claim deduction up to 1.5 Lakh under section 80C of Income-tax law. Fixed Deposits can help you to save tax on your annual income.

2. Higher rate of Interest 

Fixed deposit interest rates are always higher than the regular saving deposit. SBI Saving account interest rate is 3.5% whereas the sbi FD interest rates are 6.25.

3. Safe Investment 

Fixed Deposit is always considered a safe investment option. Unlike other investment like a mutual fund, FD returns you an assured amount on the maturity of your Fixed Deposit.

Note – You can visit this page to know the changes of rates of all fixed deposits, SBI FD rates Changes 

The FAQ ( Frequently Asked Questions ) 

1. Minimum and Maximum limit for Fixed Deposit in SBI?

The minimum amount deposit is 5000 INR per year and the maximum deposit amount is 50000 in a financial year.

2. Is there any penalty in default payment?

Yes, he penalty for default payment in the minimum deposit is Rs 50 Per financial year.

3. What are the Minimum and Maximum period of Deposit?

The minimum period of SBI Fixed deposit is 5 years and Maximum is 7 Years.

4. Who is eligible for SBI FD?

Any individual other than minor are eligible for this scheme.

5. Can Senior Citizen avail additional rate of interest on SBI Flexi Deposit?               

Yes, SBI offers an additional rate of Interest to the senior citizen.

Conclusion 

Deposit Your lumpsum amount on SBI FD to avail the features like Guaranteed Return, choice of interest payout, liquidity through OD or premature withdrawal. SBI Fixed Deposit is available for 7 Days to Years, and anyone can start the FD by investing Minimum deposit of 1000 INR.

I hope we have cleared all your queries related to SBI fixed deposit interest rates, In case if you have any doubt related to the Interest % of SBI FD, You can share with us in the comment section and we will try our best to Solve Your queries.

 

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