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SBI FD Interest Rates 2022 SBI Interest Rates Calculator

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SBI FD Interest Rates 2022 SBI Interest Rates Calculator

For tenures ranging from 7 days to 10 years, the State Bank of India (SBI) provides FD interest rates of 2.90 percent -5.50 percent p.a. to the general public and 3.40 percent -6.30 percent p.a. to senior people. SBI Tax Saving FDs have interest rates of 5.50 percent per annum for the general public and 6.30 percent per annum for senior citizen depositors. 

For NRIs, the bank offers a variety of fixed deposit options, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro, Canadian Dollar (CAD), Australian Dollar (AUD), and Japanese Yen are accepted by SBI (JPY). RFC fixed deposits in USD, EUR, and GBP are accepted by the bank.

SBI Fixed Deposit Interest Rates Highlights 2022 :

Highest slab rate

5.50% p.a. (for 5 years to 10 years)

For 1 year

5.10% p.a.

For 2 year

5.20% p.a.

For 3 year

5.45% p.a.

For 4 year

5.45% p.a.

For 5 year

5.50% p.a.

Tax-Saving FD

5.50% p.a.


SBI FD Rates on Domestic Deposits of less than Rs 2 crore w.e.f. 15 February 2022

Tenors

General Public

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 year

5.10%

5.60%

2 years to less than 3 years

5.20%

5.70%

3 years to less than 5 years

5.45%

5.95%

5 years and up to 10 years

5.50%

6.30%


About SBI

With 42 crore clients, the State Bank of India is India's largest bank. Customers can choose from a variety of products and services, including as savings accounts, fixed deposits, loans, and credit cards. In the 2019 Fortune Global 500 list of the world's largest firms, it is rated 236th. CRISIL has given SBI's Fixed Deposit program an FAAA/Stable rating. This shows that the FD offering is reliable and will provide consistent and timely returns. SBI FD Interest Rates 2022 watch video.

SBI FD Topic Covered

  • SBI interest rates home loan
  • FD interest rates
  • SBI savings account interest rate
  • SBI interest rates calculator
  • SBI fixed deposit scheme
  • SBI fixed deposit interest rates 2022
  • SBI FD interest rates 2022 calculator
  • SBI fixed deposit interest rates 2022

SBI Fixed Deposit Benefits

  • Auto-renewal facility - SBI gives you the option to automatically renew your FD in case you wish to extend the tenure of your deposit. Your deposit gets renewed for the same time period as the original deposit. This feature is available to certain FD schemes.
  • Competitive rate of interest - Investors in SBI fixed deposits can get up to 5.40% rate of interest on their deposits. In case of senior citizens, the interest rate goes up to 6.20%. This rate is comparable to most of the other participants in the market (though it should be said that Bajaj Finance offers rates up to 7.60% for non-senior citizens and 7.85% for senior citizens).
  • Minimum deposit of ₹1000 - The minimum deposit for most FD schemes is only ₹1,000. This makes it easy for most people in the country to invest. In case of SBI Multi Option FD, the minimum investment is ₹10,000 and for SBI annuity scheme, it is ₹25,000.
  • Loan facility available - When you open an FD with SBI, you can also get access to loans up to 90% of the FD's outstanding value. This gives you easy access to capital when you require it. The interest on these loans is between 5.5% to 7.1%.

Types of SBI FD Schemes

  • 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.

Floating Rate Bulk Term Deposit (FRBTD)

  • Interest rate is linked to an external benchmark (i.e. Repo Rate) and shall change with the change in Repo Rate and/or spread during the currency of deposit.
  • Additional interest rates as applicable to other deposits are not extended to Senior Citizens.
  • Tenor: 91 days to 3 years (Min. period for NRE Rupee Term Deposit shall be 12 months)
  • Deposit Amount: At least Rs 2 crore and thereafter in multiples of Rs 1 lakh
  • Premature Payment Penalty: The penalty for all tenors will be 1%. No interest shall be paid in case of premature withdrawal of deposit before 91 days.
  • Loan/OD Facility: Available for up to 90% of FRBTD amount. The interest rate would be 1.50% p.a. above the applicable floating interest rate.
  • Eligibility: All individuals (including NRIs) and non-individual customers. Minors are not eligible to open FRBTD either singly or jointly with guardians.

Motor Accident Claims Annuity (Term) Deposit Account (MACAD)

  • Monthly FD annuity scheme for depositing the compensation amount awarded by a Tribunal/Court to victims/claimants of motor accident
  • Tenor: 36 to 216 months as per directions of Tribunal/Court. If the tenor is less than 36 months, a normal Term Deposit will be opened
  • Interest Rates: Prevailing rate of interest is as per tenure. The rate of interest applicable for a tenure of 120 months will be made applicable for deposits having a maturity period exceeding 120 months or as decided by the bank from time to time.
  • Deposit Amount: The minimum deposit amount is based on the minimum monthly annuity payment of Rs 1,000 for the relevant period. There is no limit for the maximum deposit amount.
  • Loan Facility: Not available against Annuity deposit
  • Payment of Annuity: Will start on the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
  • Annuity payment/ Premature closure payment/ Part lump sum payment will be made only through linked MACT claims SB account.
  • Eligibility: Individuals including Minors (through guardian) in single name

SBI Annuity Deposit Scheme

  • In this scheme, the depositor deposits a one-time lump sum amount and receives a pre-determined amount each month during the entire tenure.
  • Interest: Compounded at quarterly rests and discounted to the monthly value
  • Eligibility: Resident individuals (singly or jointly), including minors
  • Tenor: 36/60/84 or 120 months
  • Deposit Amount: Based on a minimum monthly annuity of Rs 1,000 for the relevant period
  • Premature Payment: Allowed for deposits up to Rs 15 lakh (penalty chargeable). In case of depositor’s death, premature payment is allowed without any limit
  • Overdraft Loan: Up to 75% of the balance amount of the annuity may be granted on special cases. After disbursal of OD/loan, further annuity payments will be deposited in loan account only.
  • Payment of Annuity: On the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.

SBI Multi Option Deposit Scheme (MODS)

  • In this scheme, the FD account is linked to a savings or current account, allowing depositors to withdraw funds in multiples of Rs 1,000 anytime.
  • The balance amount in MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.
  • Tenor: 1 to 5 years
  • Deposit Amount: At least Rs 10,000 (in the multiple of Rs 1,000 each thereafter)
  • Loan Facility: Available


SBI FD Calculator

The SBI Fixed Deposit Calculator may be used to figure out how much interest and how much money the depositor will get at maturity. Because SBI Fixed Deposit interest rates fluctuate, it's a good idea to double-check the maturity amount against current interest rates before investing in a fixed deposit. The tool requires minimal information including the deposit amount and tenure for which this amount is to be deposited. Along with these two inputs, customers need to provide the rate of interest too on which the maturity amount will be calculated.


Click Here for SBI FD Calculator


Conclusion

The lock-in period of term deposit under the Tax Saving Scheme is 5 years. SBI fixed deposit can be opened online through an internet banking username and password. A fixed deposit is automatically renewed for the same time period and rate of interest if there are no instructions from the customer. SBI offers 0.50 higher FD interest rates for senior citizens across all maturities. Currently, it is 5.40% (deposits with a term of 5 years – 10 years) which is, however, subject to change.

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