SBI FD Rates 2023: State Bank of India’s Regular Fixed Deposit ensures steady and effortless growth of your earnings. With attractive interest rates, multiple interest payout options, and zero penalties on premature closure, it stands as an ideal investment for your hard-earned money.
SBI provides a diverse range of Fixed Deposits (FDs) offering a competitive rate of return along with various benefits. Notable features of SBI FDs include a nomination facility, flexible tenure options, auto-renewal facility, different interest payout options, and a loan/overdraft facility. Opening an SBI FD online is convenient and can be accomplished with just a click, following a paper-free process.
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Key Benefits of SBI FD Rates
A Fixed Deposit (FD) stands as one of the most popular financial instruments among the general public in India, offering a higher rate of interest compared to a regular savings account. It serves as the safest investment, providing substantial returns over a period.
SBI provides competitive rates, flexibility, and security for your fixed deposits, offering even higher interest rates for senior citizens. Enjoy the convenience of booking your deposit through Netbanking and the automatic renewal facility. The minimum investment amount can be as low as INR 1000/-
SBI FD Interest Rates for Regular Deposit
Outlined below are the applicable Fixed Deposit Interest Rates for the specified tenures. The mentioned interest rates became effective from 15.02.2023. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore’ have been revised. The revised interest rates are as follows:
(All figures in % per annum)
- For Domestic & NRE/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore):*Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore’ have been revised. The updated interest rates are as follows:(All figures in % per annum)
Tenors | Interest Rates (p.a.) |
---|---|
General Public | Senior Citizens |
7 days to 45 days | 3.00% |
46 days to 179 days | 4.50% |
180 days to 210 days | 5.25% |
211 days to less than 1 year | 5.75% |
1 year to less than 2 years | 6.80% |
2 years to less than 3 years | 7.00% |
3 years to less than 5 years | 6.50% |
5 years and up to 10 years | 6.50% |
400 days (Amrit Kalash) | 7.10% |
The SBI FD rates mentioned above are effective from 15 February 2023 and are subject to change. SBI staff members and SBI pensioners enjoy an additional 1% interest rate. For SBI pensioners, the benefit includes 0.50% for being a senior citizen and an extra 1.00% for being a staff member, totaling to an additional FD interest rate of 1.50%. SBI Fixed Deposit Rates
The interest rate for SBI Staff and SBI pensioners will be 1.00% above the applicable rate. Senior citizens and SBI Pensioners aged 60 years and above will receive a rate 0.50% higher than the rate applicable to all tenors for resident Indian senior citizens. Therefore, SBI resident Indian Senior Citizen Pensioners enjoy the combined benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
State Bank of India Monthly Payout Fixed Deposit Rates
Revised interest rates on ‘Domestic Bulk Term deposits (Rs. 2 Crore To Rs. 10 Crores)’ with effect from 15 February 2023 are as follows:
(All figures in % per annum)
Tenors | Interest Rates (p.a.) | Senior Citizens |
---|---|---|
7 days to 45 days | 4.75% | 5.25% |
46 days to 179 days | 5.50% | 6.00% |
180 days to 210 days | 6.00% | 6.50% |
211 days to less than 1 year | 6.25% | 6.75% |
1 year to less than 2 years | 6.75% | 7.25% |
2 years to less than 3 years | 6.50% | 7.00% |
3 years to less than 5 years | 6.00% | 6.50% |
5 years and up to 10 years | 6.00% | 6.50% |
SBI FD Eligibility Criteria
Both new and existing customers of the State Bank of India can open a Fixed Deposit. The following are the types of customers eligible to open fixed deposit accounts: Individuals, Minors, Proprietorship, HUF (Hindu Undivided Family), Registered and Unregistered Body, Cooperative Society, Trusts, Partnerships, NGOs, and Private Limited. SBI Fixed Deposit Rates
How to Apply for SBI FD
- Visit the nearest branch of the State Bank of India, and our Relationship Manager will guide you through the application process.
- You can also contact us, and our Customer Care Executive will schedule a service appointment with our Relationship Manager to assist you with the application process.
Eligibility
- Resident Indians
- Hindu Undivided Families
- Sole proprietorship firms
- Partnership firms
- Limited companies
- Trust accounts
SBI FD Interest Rates FAQ
The SBI FD interest rates are effective from 15th February 2023. Please note that these rates are subject to change.
Yes, SBI staff members and pensioners receive an additional 1% interest rate on their Fixed Deposits. Pensioners get an extra 0.50% as a senior citizen benefit, combined with the 1.00% staff benefit, totaling a 1.50% additional FD interest rate.
The interest rate payable to SBI Staff and Pensioners will be 1.00% above the applicable rate. Senior citizen pensioners aged 60 years and above will receive an additional 0.50% above the rate payable for all tenors to resident Indian senior citizens.
Both new and existing customers of the State Bank of India can open a Fixed Deposit. Eligible customers include individuals, minors, proprietorship, HUF (Hindu Undivided Family), registered and unregistered bodies, cooperative societies, trusts, partnerships, NGOs, and private limited entities.
To apply for an SBI FD, visit the nearest branch of the State Bank of India, where our Relationship Manager will guide you through the application process. Alternatively, you can contact us, and our Customer Care Executive will arrange a service appointment with our Relationship Manager to assist you with the application process.