State Bank of India Fixed Deposit Interest Rates 2024

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Headquartered in Mumbai, the State Bank of India (SBI) is the largest Indian multinational public sector bank. It occupies almost 1/4^th of the market share, serving more than 48 crore customers via its 22,405+ branches spread across the country. Furthermore, this bank has a rich legacy of over 200 years, making it one of the most trusted banking and financial services institutions in India. SBI offers a variety of fixed deposit schemes to its customers across several tenures and FD interest rates. Here is a comprehensive guide to SBI FD interest rates 2024:

Minimum Deposit	₹1,000
Maximum Deposit	No limit
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	3% – 7.60% (including rates for senior citizens)
Lock-in Period	5 year lock-in period for SBI Tax Savings Scheme
Senior Citizen	3.5% – 7.60% (deposits below ₹2 crores) 5.25% – 7.25% (deposits above ₹2 crores)
General Citizen	3% – 7.10% (deposits below ₹2 crores) 4.75% – 6.75% (deposits above ₹2 crores)

Table of Contents

Latest SBI FD Interest Rates 2024

Tenure	General Citizen	Senior Citizen

Features and Benefits of SBI Fixed Deposit

If you opt for an SBI Fixed Deposit, you can avail a wide array of features and benefits. Some of them are as follows:

Senior citizens are eligible for an additional 0.50% above the applicable SBI FD interest rates for deposits exceeding ₹10,000
Flexible interest payable options – monthly, quarterly, semi-annually, and yearly for schemes of 12 months and above
Higher interest rates for bulk deposits of ₹2 crore and above, ranging from 4.75% to 6.75% for the general public and 5.25% to 7.25% for senior citizens
Availability of auto-renewal and loan against FD facilities
Nomination facilities for individual applicants
FD schemes are available and transferrable across all SBI branch

Ways to Book SBI FD in 2024

When opening an SBI FD, you can do it online and offline based on your convenience. Find the steps mentioned below:

1. How to Book SBI FD Online?

You can open an SBI FD online via the SBI internet banking portal or the SBI Yono app.

1.1 SBI Internet Banking Portal

Here are the steps you can follow to book an SBI term deposit via their internet banking portal:

Step 1: Visit the official SBI website and click on ‘Net Banking’.
Step 2: Under ‘Personal Banking’, select ‘Login’.
Step 3: Sign in with your personal details if you have an SBI account or register as a new user.
Step 4: Click on ‘Deposit Schemes’, ‘Term Deposits’, and then ‘e-fixed deposit’.
Step 5: Hereafter, select the FD type and click on ‘Proceed’.
Step 6: Enter all the necessary details.
Step 7: Choose the FD principal amount.
Step 8: Select the ‘Senior Citizen’ tab in case you belong to this age group.
Step 9: Select a cumulative/STDR deposit or non-cumulative/TDR deposit as per your need.
Step 10: Set the maturity date and instructions.
Step 11: Accept the terms and conditions and click on ‘Submit’.

1.2. SBI Yono app

These are the steps you need to follow in order to open an FD through the SBI Yono app:

Step 1: Download the SBI Yono app and sign in with your credentials.
Step 2: Choose your preferred FD scheme.
Step 3: Enter all details like principal amount, maturity date, nominee details, etc.
Step 4: Go through and accept all the ‘Terms and Conditions’.
Step 5: Click on ‘Submit’.

The principal amount will be deducted from your savings account, and your SBI FD will be functional.

2. How to Book SBI FD Offline?

In order to open an SBI FD offline, follow the steps mentioned below:

Step 1: Visit your nearest SBI branch.
Step 2: Take an SBI FD account opening form from the bank officials.
Step 3: Select your desired scheme, and enter the principal amount, maturity date, and other details.
Step 4: Submit the form along with the required documents.
Step 5: Fund your FD account either via cash or cheque.
Step 6: Collect the FD receipt from the bank officials.

Your SBI term deposit is now active!

Documents Required to Book SBI FD

Here are the documents required for booking an SBI term deposit scheme:

Filled in the SBI FD account opening form.
PAN card or Form 60/61.
Identity proof – Aadhaar card, Voter ID, driver’s license, etc.
Address proof – Voter ID card, PAN card, Aadhaar card, passport, etc.
Age proof – birth certificate, school passing/graduation certificate.
4 passport-sized photographs.
Bank account details – account number, IFSC code, and branch name.

Eligibility to Open SBI FD

SBI has some minimum eligibility criteria which you must meet in order to open a term deposit. They are as follows:

Applicant type: Individual, Non-Resident Individual (NRI), Hindu Undivided Families (HUFs), public and private companies, partnership firms, clubs, societies, etc.
Age (in case of individual applicants): 18 and above (minors can open an FD under the supervision of their guardians)

Types of SBI FD Schemes

Here are the SBI FD schemes that you can currently avail at SBI:

1. SBI Fixed Deposit

This is the standard term deposit account that you can open at the State Bank of India. The interest rates vary based on the deposit amount, i.e., whether it is less than 2 crore or more than two crore. You can easily open this account online.

Minimum Deposit: ₹1,000
Maximum Deposit: No maximum limit.
Tenure: 7 days to 10 years
Interest Rate: 3.00% to 7.00% for the general public and 3.50% to 7.50% for senior citizens (for deposits less than ₹2 crore).
Eligibility: Indian residents.

2. SBI Annuity Deposit Scheme

This scheme enables you to pay a lump-sum amount and receive it in equated monthly instalments (EMIs). It comprises principal and an interest amount on the reducing principal, which is compounded quarterly and discounted to its monthly value.

Minimum Deposit: Based on a ₹1,000 minimum monthly annuity for the relevant period.
Maximum Deposit: No upper limit.
Tenure: 36/60/84 or 120 months
Interest Rate: As applicable to FDs for the general public and senior citizens.
Eligibility: Indian residents (minors can apply under their guardians).

3. SBI Sarvottam (Non-callable)

The SBI Sarvottam scheme offers higher interest rates but without premature withdrawal or renewal facilities. Additionally, after the minimum deposit, you can invest in this scheme in multiples of ₹1,000. This scheme is only available at bank branches.

Minimum Deposit: ₹15.01 lakh (for retail deposits) and ₹2 crore (for bulk deposits).
Maximum Deposit: ₹2 crores (for retail deposits) and no upper limit (for bulk deposits).
Tenure: 1 or 2 years
Interest Rate: An additional 30 bps over the bank’s card rate for a 1-year tenure and 40 bps over the bank’s card rate for a 2-year tenure.
Eligibility: Indian residents and NRIs. (Minors are not eligible for this scheme.)

4. SBI Tax Savings Scheme – 2006

If you are looking to avail tax savings, this FD can be your ideal choice. It enables you to claim a maximum deduction of ₹1.5 lakh within a financial year under Section 80C of the Income Tax Act. However, it comes with a 5-year lock-in.

Minimum Deposit: ₹1,000 and multiples of ₹100 thereafter (minimum deposit amount for senior citizens is ₹10,000)
Maximum Deposit: ₹1.5 lakh within a financial year.
Tenure: 5 to 10 years
Interest Rate: 6.50% for the general public and 7.50% for senior citizens. (for deposits below ₹2 crore) 6% – 6.50% (for deposits above ₹2 crore)
Eligibility: Indian residents.

5. SBI NRE Deposit

The SBI Non-Resident External (NRE) Deposit is a perfect choice if you wish to invest your earnings in foreign currency by converting them to Indian rupees. It is also an excellent way to save money if you have family in India, along with enjoying the benefits of interest income, tax exemptions and full repatriability.

Minimum Deposit: No data available.
Maximum Deposit: No upper limit.
Tenure: 1 to 10 years
Interest Rate: 6.5% – 7.10% (for below ₹2 crores) and 6% to 6.75% (for deposits above ₹2 crores)
Eligibility: NRIs

6. SBI FCNR Deposit

Now, if you wish to save your foreign earnings in an Indian term deposit scheme, then the SBI Foreign Currency Non-Resident (FCNR) Deposit is for you. Interest is compounded half-yearly, and it accepts deposits in currencies like – USD, EURO, GBP, CAD, AUD and JPY.

Minimum Deposit: No data available.
Maximum Deposit: No data available.
Tenure: 1 to 5 years
Interest Rate: 4.05% to 5.50% (for USD)
Eligibility: NRIs

7. SBI NRO Deposit

If you are a non-resident having income sources in India like dividend payments, rent, etc., opening an SBI Non-Resident Ordinary (NRO) Deposit can be a smart move. It will enable you to invest your earnings and get interest at a higher rate than an NRO savings account. What’s more, you can open it jointly with an Indian resident, leading to better management of your income.

Minimum Deposit: No data available.
Maximum Deposit: No upper limit.
Tenure: 7 days to 10 years
Interest Rate: 3.00% to 7.00% (for deposits below ₹2 crore) and 4.75% to 6.75% (for deposits above ₹2 crore)
Eligibility: NRIs

8. SBI RFC Deposit

If you are planning to return to India but do not want the hassles of converting your earnings to INR, opening an SBI Resident Foreign Currency (RFC) Deposit can be the best choice. It lets you invest IN USD, Euro and GBP, thereby providing interest income as well protecting your holdings from forex risks.

Minimum Deposit: 1000 USD
Maximum Deposit: No data available.
Tenure: 1 to 3 years
Interest Rate: 4.05% to 5.50% (for USD)
Eligibility: NRIs

9. SBI Multi-Option Deposit

SBI Mutual Options Deposit Scheme (MODS) is an FD scheme linked to your savings or current account. You can liquidate your investment at any time and withdraw from it in multiples of ₹1,000. The remaining balance in your MODS account will continue earning interest at the rate which was applicable at the time of the initial deposit.

Minimum Deposit: ₹10,000 and multiples of ₹1,000 thereafter.
Maximum Deposit: No maximum limit.
Tenure: 1 to 5 years
Interest Rate: As applicable to FDs for the general public and senior citizens.
Eligibility: Indian residents

10. SBI Special Term Deposit

As the name suggests, it is a special term deposit scheme that facilitates interest payments only at maturity. The interest amount is added to the principal amount and compounded quarterly to generate a lump sum maturity corpus.

Minimum Deposit: ₹1,000
Maximum Deposit: No upper limit.
Tenure: 6 months to 10 years
Interest Rate: 5% to 15%
Eligibility: Indian residents.

11. SBI Floating Rate Bulk Term Deposit

This term deposit offers a floating interest rate which is linked with the RBI’s repo rate. It is not applicable for minors either individually or jointly with their guardians.

Minimum Deposit: ₹2 crore and multiples of ₹1 lakh thereafter.
Maximum Deposit: No upper limit.
Tenure: 91 days to 3 years, minimum 12 months for NRE term deposits.
Interest Rate: As per RBI’s repo rate.
Eligibility: Indian residents, NRIs and non-individual customers.

12. SBI Amrit Kalash

The SBI Amrit Kalash is a term deposit scheme which facilitates higher interest income. As per the latest updates, it is available till 15^th August 2023.

Minimum Deposit:
Maximum Deposit:
Tenure: 400 days.
Interest Rate: 7.10% for the general public and 7.60% for senior citizens.
Eligibility: Indian residents.

SBI Tax Saver Deposit (SBI Tax Savings Scheme)

SBI Tax Saver Deposit is a tax-saving investment option offered by SBI, with a tenure of 5 to 10 years and interest rates of 6.50% p.a. for regular customers and 7.50% p.a. for senior citizens.

Tenure	Interest rate for regular customers	Interest rate for senior citizens
5 – 10 years	6.50%	7.50%

Final Word

Now that you know the latest SBI FD interest rates for 2024, you can choose a scheme based on your financial requirements. However, remember that each scheme has different terms and conditions associated with it. Thus, you must go through all of them before investing.
Furthermore, withdrawing from your fixed deposit account prematurely can lead to penalty charges. So, it is essential that you select the right tenure and principal amount before opting for a scheme.

FAQs

What are the tax implications of SBI FDs?

For FD interest income of more than ₹40,000 within a financial year, tax-deducted at source (TDS) is applicable at 10%. In the case of senior citizens, this threshold is set at ₹50,000.

How to avoid TDS deduction on SBI FDs?

In case your income is less than ₹2.5 lakh within a financial year, you do not fall under the taxable category if you follow the old regime. For the new regime, the threshold is set at ₹3 lakh. Under such circumstances, you can claim a TDS exemption by submitting Form 15G/15H while filing your income tax returns.

What is the rate of interest for an SBI loan against FDs?

For schemes above 36 months and up to 60 months, SBI provides loans against FDs at a 10% margin rate. However, for term deposits of more than 60 months, this rate increases to 15%.

How to prematurely close my SBI FD online?

You can prematurely close your term deposit online by visiting the SBI net banking portal. Once you login, navigate to the ‘Close A/c Prematurely’ option under the ‘Fixed Deposit’ tab. Provide your reason for withdrawal and enter the security code. Your FD amount will be credited to your savings account.

What is the premature withdrawal penalty rate for SBI FDs?

Premature withdrawal penalty rate of 0.50% is applicable for deposits of up to ₹5 lakh across all tenures. However, for principal amounts of more than ₹5 lakh, the penal interest rate will rise to 1%.

Who needs to submit Form 60/61 while opening an SBI FD?

In case you do not have a PAN card, you can open a term deposit scheme by submitting Form 60 or 61. The former is for applicants whose income falls under the taxable category. Whereas the latter is for those people who receive taxable income solely from agricultural activities.

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