About State Bank of India FD
SBI is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. It has about 1/4th market share. In addition to banking services, SBI has diversified its business across SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. As of March 31st 2022, SBI bank has 22,266 outlets across India and 65,000 ATMs/ Cash Withdrawal Machines. SBI Bank Deposits stood at INR 40,51,534 crore as of March 2022. SBI Bank’s Fixed Deposits have a AAA (Stable) Credit Rating.
3% - 7.1%
FD Rate
3.5% - 7.6%
FD Rate for Seniors
₹ 1000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
-
Lock-in
-
FD Tenure
-
Loan against FD
AAA (Stable)
CRISIL Rating
Domestic Term Deposits (Below Rs.2 crore)
The interest rates for domestic term deposits of less than Rs.2 crore are given below:
The above-mentioned interest rates are effective from 12 April 2023. SBI can change the interest rates without prior notice.
@Including additional premium of 50 bps under “SBI Wecare’’ deposit scheme.
SBI Sarvottam (Non-Callable) Domestic Retail Term Deposits
*Note: Pre-Mature Payment is not allowed in this scheme.
Interest Rates for SBI Tax Savings Scheme
Tax deductions of up to Rs.1.5 lakh can be availed under Section 80C of the Income Tax Act, 1961, by investing in the SBI Tax Savings Scheme for a tenure of 5 years. There is no premature withdrawal for this scheme.
The interest rate for this scheme is as given below:
The interest rates are subject to change as per the discretion of the bank. Rates with effect from 12 April 2023.
Types of SBI Fixed Deposit Schemes
SBI Amrit Kalash Deposit
- Tenure: 400 days
- Deposit Amount: Less than Rs. 2 crores
- Eligible Deposits:
- Domestic Retail Term Deposits & NRI Rupee Term Deposits
- New & Renewal Deposits
- Term Deposits & Special Term Deposits only
- Eligibility: Resident customers and NRI customers
- Special Categories of Customers: Senior Citizens are eligible for additional interest rate over the applicable term deposit rate for public.
- Premature Withdrawal Facility: Not available
- Renewal of Deposit: Allowed
- Loan Facility: The facility of Loan against Deposit is available with applicable margin.
- Payment of Interest:
- Term Deposits – At monthly/quarterly/half yearly intervals
Special Term Deposits – On maturity - The interest, net of TDS, shall be credited to the customer’s account.
- The FD scheme is available through branch, internet banking and SBI YONO mobile app.
- Domestic Retail Term Deposits & NRI Rupee Term Deposits
- New & Renewal Deposits
- Term Deposits & Special Term Deposits only
- Term Deposits – At monthly/quarterly/half yearly intervals
Special Term Deposits – On maturity - The interest, net of TDS, shall be credited to the customer’s account.
SBI ‘Sarvottam’ (Non-Callable) Term Deposit
- Tenure: 1 year and 2 years only
- Deposit Amount:
- Retail Deposits: Rs. 15.01 lakhs to less than Rs. 2 crores. (In the multiples of Rs. 1,000)
- Bulk Deposits: Above Rs 2 crore to less than Rs. 5 crores
- Eligibility: Resident individual and non-individual customers, excluding minors and NRI customers
- Special Categories of Customers: Senior Citizens are eligible for additional interest rate over the applicable non-callable deposit rate for public.
- Premature Withdrawal Facility: Not available
- Renewal of Deposit: Not allowed. The maturity amount shall be credited to the depositor’s Savings Bank Account/ Current Account/ Cash Credit/ Overdraft Account)
- Loan Facility: The facility of Loan against Deposit is available with applicable margin.
- Others:
- The scheme is not to be used as security/ margin money (LC/BG) and any other credit facility or purpose.
- Conversion from the existing TDR to Non-Callable and vice – versa is not allowed.
- The scheme is available through branch only.
- Retail Deposits: Rs. 15.01 lakhs to less than Rs. 2 crores. (In the multiples of Rs. 1,000)
- Bulk Deposits: Above Rs 2 crore to less than Rs. 5 crores
- The scheme is not to be used as security/ margin money (LC/BG) and any other credit facility or purpose.
- Conversion from the existing TDR to Non-Callable and vice – versa is not allowed.
- The scheme is available through branch only.
SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)
- This FD scheme comes with tax benefits under Sec. 80C of Income Tax Act.
- Has a lock-in period of up to 5 years.
- Minimum Deposit Amount: Rs 1,000 (in the multiple of Rs 100 each thereafter)
- Maximum Deposit Amount: Up to Rs 1.5 lakh in a financial year
- Loan Facility: Not available during the lock-in period of five years
- Eligibility: Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the HUF, having PAN card. The joint account shall be issued jointly to two adults or to an adult and a minor.
- This FD scheme comes with tax benefits under Sec. 80C of Income Tax Act.
- Has a lock-in period of up to 5 years.
- Minimum Deposit Amount: Rs 1,000 (in the multiple of Rs 100 each thereafter)
- Maximum Deposit Amount: Up to Rs 1.5 lakh in a financial year
- Loan Facility: Not available during the lock-in period of five years
- Eligibility: Resident Indians for himself/ herself as an individual or in the capacity of the Karta of the HUF, having PAN card. The joint account shall be issued jointly to two adults or to an adult and a minor.
SBI Special Term Deposit
- Special Term Deposit scheme is a cumulative deposit scheme wherein the interest is compounded and paid out only at the time of maturity.
- Deposit (together with interest) of Rs 20,000 and above shall not be paid in cash.
- Tenor: 6 months to 10 years
- Deposit Amount: At least Rs 1,000 (in the multiples of Rs 100 each thereafter)
- Loan against Deposit: SBI offers loan against FD with applicable margin as under:
Residual tenor of deposit as on date of availing loan Margin Up to 36 Months 5% >36 months & up to 60 months 10% >60 months 15%
- Special Term Deposit scheme is a cumulative deposit scheme wherein the interest is compounded and paid out only at the time of maturity.
- Deposit (together with interest) of Rs 20,000 and above shall not be paid in cash.
- Tenor: 6 months to 10 years
- Deposit Amount: At least Rs 1,000 (in the multiples of Rs 100 each thereafter)
- Loan against Deposit: SBI offers loan against FD with applicable margin as under:
| Residual tenor of deposit as on date of availing loan | Margin |
| Up to 36 Months | 5% |
| >36 months & up to 60 months | 10% |
| >60 months | 15% |
