State Bank of India is one of the largest banks operating in India and abroad. SBI offers various banking services including loans and advances, cards, investment, accounts and deposits and many more. Apart from all these products, SBI offers SBI FD to its customers wherein they can avail attractive SBI FD interest rates starting from 3% to 7.29%.
Features of SBI Bank FD Schemes?
SBI provides a number of investment products to its customers. A fixed deposit (FD) also referred to as a term deposit is one such key product.
FD is an investment category which lets investors earn interest on the deposited sum for a set tenure. When you invest in an FD, you should know that your money will be locked in for the duration you choose. You start earning interest cumulatively on the initial investment. If you have a savings account with the bank, you can instantly open an FD. However, if you don’t have an existing account, you can open an FD by completing the KYC procedure.
Some notable features of SBI Bank FD schemes are:
- Minimum deposit period is 7 days
- Maximum deposit period is 10 years
- Option to start an FD has been made available at all bank branches
- Minimum accepted deposit amount is INR 1,000
- No upper limit for the maximum deposit amount
- A deposit amount of INR 2 crore and above is considered a bulk deposit
- Nomination is made available with respect to an individual only
- FDs can be transferred among bank branches
- TDS is applicable according to Income Tax Rules; Form 15G/15H to be furnished by the depositor for tax deduction exemption
SBI FD Interest Rates for Deposits <2 Crores
For domestic term deposits (general public), the SBI FD interest rates 2023 with respect to deposits less than 2 crores are as follows:
| Tenors | Rates with effect from 15/02/23 | Annualised Percentage Yield |
| 7-45 days | 3.00% | 3.00% |
| 46-179 days | 4.50% | 4.50% |
| 180-210 days | 5.25% | 5.35% |
| 211 days to less than a year | 5.75% | 5.88% |
| 1 year to less than 2 years | 6.80% | 6.98% |
| 2 years to less than 3 years | 7.00% | 7.19% |
| 3 years to less than 5 years | 6.50% | 6.66% |
| 5 years, up to 10 years | 6.50% | 6.66% |
| 400 days (Amrit Kalash Scheme) | 7.10% | 7.29% |
SBI FD Interest Rates for deposits > 2 crores
The SBI FD interest rates (general public) offered for deposits of 2 crores and higher are listed below
| Tenors | Rates with effect from 15/02/23 | Annualised Percentage Yield |
| 7-45 days | 4.75% | 4.75% |
| 46-179 days | 5.50% | 5.50% |
| 180-210 days | 6.00% | 6.14% |
| 211 days to less than a year | 6.25% | 6.40% |
| 1 year to less than 2 years | 6.75% | 6.92% |
| 2 years to less than 3 years | 6.50% | 6.66% |
| 3 years to less than 5 years | 6.00% | 6.14% |
| 5 years and up to 10 years | 6.00% | 6.14% |
SBI FD Interest Rates for Senior Citizens
The SBI FD interest rates 2023 are different for senior citizens. Provided below is a table stating the SBI senior citizen FD rates for deposits lower than 2 crores and for 2 crores and above:
| Below 2 crore | 2 crore and above | |||
| Tenors | Rates with effect from 15/02/23 | Annualised Percentage Yield | Rates with effect from 15/02/23 | Annualised Percentage Yield |
| 7-45 days | 3.50% | 3.50% | 5.25% | 5.25% |
| 46-179 days | 5.00% | 5.00% | 6.00% | 6.00% |
| 180-210 days | 5.75% | 5.88% | 6.50% | 6.66% |
| 211 days to less than a year | 6.25% | 6.40% | 6.75% | 6.92% |
| 1 year to less than 2 years | 7.30% | 7.50% | 7.25% | 7.45% |
| 2 years to less than 3 years | 7.50% | 7.71% | 7.00% | 7.19% |
| 3 years to less than 5 years | 7.00% | 7.19% | 6.50% | 6.66% |
| 5 years and up to 10 years | 7.50% | 7.71% | 6.50% | 6.66% |
| 400 days (Amrit Kalash Special Scheme) | 7.60% | 7.82% | ||
SBI FD Interest Rates for NRIs
The SBI FD interest rates 2023 for non-resident external (NRE) accounts with effect from 15th February 2023 are listed below:
| Tenors | Below INR 2 Crores | INR 2 Crores and Above |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
| Premature withdrawal | No interest is payable if the deposit is withdrawn before one year | No interest is payable if the deposit is withdrawn before one year |
SBI FD Interest Rates for Non-Residential Ordinary (NRO) SBI FCNR Deposits and SBI RFC Deposits
SBI FD interest rates 2023 for FCNR deposits
The FCNR (B) is a term deposit which can be held in a different country and has a specific maturity date. The SBI FD interest rates 2023 for non-resident deposits FCNR (B) are as follows:
| Tenors | FD Rates for deposits <2 Crore | FD Rates for deposits >2 Crore |
| 7-45 days | 3.00% | 4.75% |
| 46-179 days | 4.50% | 5.50% |
| 180-210 days | 5.25% | 6.00% |
| 211 days to less than a year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years and up to 10 years | 6.50% | 6.00% |
SBI RFC FD Rates in 2023
Resident Foreign Currency (RFC) accounts are types of bank accounts that can be operated and maintained by resident Indians in foreign currency. The rates for these accounts with effect from June 10, 2023 are as follows:
| Period | USD | GBP | Euro |
| 1 year to less than 2 years | 5.50% | 4.75% | 1.50% |
| 2 years to less than 3 years | 4.20% | 2.35% | 1.50% |
| 3 years | 4.05% | 2.45% | 1.50% |
FAQs :-
SBI offers FD interest rates in the range of 2.90-5.50% for 1 lakh per annum.
The SBI FD calculator is an online tool where you can check how much interest you can receive for the amount and tenure invested. To generate these details, you will need to just put in the value of the initial deposit amount.
If you choose ‘monthly’ in the payout mode, you will be eligible to get monthly interest payouts.
The main difference between the senior citizen FD rate and the general FD rate is that the former group gets higher interest rates as compared to the latter group.
As a senior citizen, if you invest in the SBI tax saving FD, you will get a tax deduction on your investment under 80C of Income Tax Act. In addition, you can also claim a deduction of up to 50,000 on interest earned on an FD in a financial year under section 80TTD of Income Tax Act.
