State Bank of India Fixed Deposit Interest Rates 2021-2022
State Bank of India (SBI) is one of the largest public sector banks that has a customer base all over the world. It provides attractive SBI FD interest rates for its customers or for various tenure options to suit their needs. SBI fixed deposits are one of the safest investment options available in the market with lucrative SBI FD rates. It provides deposits ranging from 7 days to 10 years for tenure at varied interest rates.
SBI is a one-stop bank for customers’ banking needs that offers various products and services including savings accounts, fixed deposits, loans and credit cards for their customers.
- Features of SBI FD Rates
- SBI FD Rates 2021
- Benefits of SBI FD Rates
- Types of SBI FD Rates
- Eligibility Criteria Of SBI Fixed Deposits
- How to Calculate SBI FD Rates
- Factors Affecting SBI Fixed Deposit Rates
Features of SBI FD Interest Rates
Here are the several features of SBI FD rates that are customer-friendly such as:
- Interest payments are done on a calendar quarter/quarterly/monthly basis.
- The minimum deposit amount is Rs.1,000 only.
- No upper limit on the deposit amount.
- Deposit terms ranging from 7 days to 10 years.
- A nomination facility is available.
- Loans of up to 90% of the principal amount can be availed against the FD.
- Overdraft of up to 90% of the principal amount can be availed against the FD.
- Term Deposit with Regular Interest Payout can be converted to Cumulative Interest Payout and vice versa.
SBI FD Interest Rates 2021 -2022
|SBI FD Interest Rates(p.a.)|
|Tenure||Regular Customers||Senior Citizens|
|7 days to 45 days||2.90%||3.40%|
|46 days to 179 days||3.90%||4.40%|
|180 days to 210 days||4.40%||4.90%|
|211 days to less than 1 year||4.40%||4.90%|
|1 year to less than 2 years||5.00%||5.50%|
|2 years to less than 3 years||5.10%||5.60%|
|3 years to less than 5years||5.30%||5.80%|
|5 years and up to 10 years||5.40%||6.20%*|
*The interest rates are subject to change as per the discretion of the bank. Check official website for latest information.
Benefits of SBI FD Rates
- Guaranteed return of SBI FD interest rates at the time of opening
- Insurance cover of Rs. 5 lakh to all fixed deposit investors
- Different choices of interest payouts (monthly/quarterly/yearly)
- Loan/Overdraft facility to help during financial distress
- Available automatic renewals
- Available withdraw prematurely option
What are the Different Types of SBI FD Rates
SBI offers different types of fixed deposits for their customers. These are:
- SBI Term Deposit: SBI Term deposits have a time period of 7 days to 10 years. You can draw out the amount before time, but also will pay a fee on the same.
- SBI Tax Saving Scheme: The SBI tax-saving fixed deposit scheme can be generated for tax exemption purposes. You can add to the scheme and also get a deducted amount of up to Rs.1.5 lakh every year (Section 80C of the Income Tax Act, 1961).
- SBI Fixed Deposit Reinvestment Plan: The SBI Fixed Deposit reinvestment plan added the quarterly interest with your principal deposit amount and also the further interest will be calculated. The interest will be renewed in the amount of a higher interest and maturity amount.
- SBI Annuity Deposit Scheme: The SBI Annuity Scheme is a scheme where you have to add a huge sum and the amount will be given in terms of Equated Monthly Installments (EMIs).
- SBI WeCare: SBI We Care was organized to protect the interests of senior citizens. The scheme is applicable only for senior citizens greater than 60 years of age.
Eligibility Criteria Of SBI Fixed Deposits
- Resident individuals keep account ownership singly
- Jointly two resident individuals hold ownership account
- Minors with parents/guardians’ consent or solely
- Karta of Hindu Undivided Families (HUFs)
- Firms and companies
- Local bodies and any government department
How to Calculate SBI FD Rates
State Bank of India (SBI) FD provides an online calculator i.e. SBI FD calculator that can be used to calculate the interest that your money will earn when kept in a fixed deposit in the State Bank of India (SBI). It provides the details of investment of the principal amount on maturity after the interest is added on days or on a monthly, quarterly, half-yearly, and yearly basis. At the end of the tenure, you can calculate how your SBI fixed deposit rates earn interest and how much you will be earning. SBI FD interest rates calculator helps you do the tedious calculations and know the future value of your deposits. With the use of SBI FD calculator, you can calculate the total amount to receive after the maturity of the fixed deposit. You can even renew the interest amount to submit more interest at maturity.
Factors Affecting SBI Fixed Deposit Rates
Here are the various factors that affect SBI FD interest rates, some factors are given below:
- Higher Deposit Amount: Higher deposit amount will provide you higher interest rates, especially exceeding Rs.2 crore of deposits.
- Deposit Tenure: The tenure will be shorter, the interest rate will be low, and the longer the tenure, the interest rate will be high.
- Depositor type: Senior citizens normally acquire a 0.50% additional interest rate on fixed deposits.
What is the highest SBI FD interest rate currently?
Currently, the highest SBI FD interest rate is 5.40% with a time period of 5 years – 10 years which is subject to change.
What are the SBI FD special rates for senior citizens?
Yes, SBI provides 0.80% higher SBI FD rates for senior citizens across all maturities.
Who all are eligible for SBI fixed deposit account?
It is only applicable for individuals, HUFs/specified associations, partnership firms, private and public limited companies, societies, trusts, etc.
Does any auto-renewal facility provided by SBI for fixed deposits?
Yes, a fixed deposit is automatically renewed for the same time period and rate of interest if there are no instructions from the customer.
What is the minimum investment amount for SBI FDs?
The minimum deposit amount is only Rs.1,000 to open a SBI FD account.
Can we have premature withdrawal facility on SBI FD?
Yes, you can prematurely withdraw your Fixed Deposit (FD) with SBI.
Is there any penalty for early withdrawal in SBI FD?
Yes, for a deposit of up to Rs.5 lakh, the penalty for premature withdrawal, across all the tenures, is 0.50%.