SBI Fixed Deposit Interest Rate 2022 | SBI Bank Current FD Rate [Updated]

Fixed deposits from SBI are among the safest investing options accessible. Customers can invest their money in one of 6 different methods of fixed deposit programs offered by the bank. These programs offer competitive SBI Fixed Deposit Interest Rate, allowing investors to earn considerable profits. In this article, you can check the latest SBI FD Rates 2022

SBI Fixed Deposit Interest Rate

Latest SBI Fixed Deposit Interest Rate 2022

SBI Fixed Deposit Interest Rate (p.a.)
TenureRegular CustomersSenior Citizens
7 days to 45 days2.90%3.40%
46 days to 179 days3.90%4.40%
180 days to 210 days4.40%4.90%
211 days to less than 1 year4.40%4.90%
1 year to less than 2 years5.00%5.50%
2 years to less than 3 years5.10%5.60%
3 years to less than 5 years5.30%5.80%
5 years and up to 10 years5.40%6.20%*

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SBI Fixed Deposit Interest Rate – Term Wise

  • For normal residents, SBI FD interest rates range from 2.90 percent to 5.40 percent. This range begins at 3.40 percent and ends at 6.20 percent for senior citizens.
  • Depositors can earn 4.40 percent on deposits maturing in 180 days to less than a year, with senior citizens earning a 0.50 percent higher rate of 4.90 percent.
  • Investors can expect returns of up to 5.10 percent for tenures ranging from one year to less than three years (up to 5.60 percent for senior citizens).
  • Deposits maturing in 5 years to 10 years will receive interest at 5.40 percent, while FDs maturing in 3 years to less than 5 years would earn 5.30 percent (5.80 percent for senior citizens) (6.20 percent for senior citizens).
  • The SBI WeCare Deposit Scheme gives senior persons an extra 0.30 percent on deposits maturing in 5 to 10 years.
  • SBI WeCare for senior persons (60 years and over) has been extended until September 30, 2021.
  • Fixed deposit rates are revised on a regular basis.

SBI Fixed Deposit Interest Rate for NRIs

SBI offers four different types of accounts for non-resident Indians (NRIs) to open a fixed deposit. These are the following:

  • NRE (Non-Resident External) FD Account
  • FCNR (Foreign Currency Non-Repatriable) FD Account
  • NRO (Non-Resident Ordinary) FD Account
  • RFC (Resident Foreign Currency) FD Account

Below are the current rates for the SBI NRI fixed deposit accounts

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SBI Non-Residential External (NRE) FD Account Rates

SBI offers NRIs NRE FD accounts so that they can invest their money and earn income without having to worry about market risks. The funds can be deposited in any foreign currency, which will be translated into INR at the moment of deposit. Thus, Withdrawals are made on Indian rupees.

SBI NRE FD Interest Rates
TenureBelow Rs. 2 CroreRs. 2 Crore & above
1 year to less than 2 years5.00%3.00%
2 years to less than 3 years5.10%3.00%
3 years to less than 5 years5.30%3.00%
5 years and up to 10 years5.40%3.00%

Note: The SBI NRE FD rates listed above are effective as of September 14, 2021, and were last updated on October 7, 2021.

SBI’s Non-Residential Ordinary (NRO) FD Account Interest Rates

NRIs can open NRO FD accounts (Non-Resident Indians). NRIs can deposit their savings in Indian currency (INR) in this type of account. In India, both the principal and the interest earned are taxable. The account can be formed in partnership with a resident of India.

SBI NRO FD Rates
TenureDeposits below Rs. 2 croresDeposits of Rs. 2 crore & above
7 days to 45 days2.90%2.90%
46 days to 179 days3.90%2.90%
180 days to 210 days4.40%3.00%
211 days to less than 1 year4.40%3.00%
1 year to less than 2 years5.00%3.00%
2 year to less than 3 years5.10%3.00%
3 years and up to 5 years5.30%3.00%
5 years and up to 10 years5.40%3.00%

Note: The SBI NRE FD rates listed above are effective as of September 14, 2021, and were last updated on October 7, 2021.

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SBI Foreign Currency Non-Resident (FCNR) FD Interest Rates

FCNR accounts are a sort of fixed deposit intended specifically for non-resident Indians. Deposits can be made in any of the listed foreign currencies, including the US dollar, the British pound, the Canadian dollar, the Australian dollar, and the Japanese yen. The tax, as well as the principal, is not taxable in India, but rather in the foreign country in question. Individuals or groups of two or more NRI account holders can open this account.

SBI FCNR(B) Deposit Interest Rates w.e.f. October 10, 2021
PeriodUSDGBPEuroCADAUDJPY
1 year0.690.890.010.510.100.02
Above 1 year to less than 2 years0.690.890.010.510.100.02
2 years to less than 3 years0.91.240.010.970.310.05
3 years to less than 4 years1.181.340.011.240.550.05
4 years to less than 5 years1.411.430.101.430.830.05
5 years1.591.480.151.561.030.05

SBI Resident Foreign Currency Account FD Rates (RFC)

The RFC FD, or Resident Foreign Currency Fixed Deposit, is a saving account offered to Indian citizens who have returned from a foreign nation with funds in any of the listed foreign currencies: USD, GBP, or EURO. Interest and deposit amounts are paid in foreign currency, i.e. the currency in which the money was originally deposited.

SBI RFC FD Rates w.e.f. October 10, 2021
PeriodUSDGBPEuro
1 year to less than 2 years0.690.890.01
2 years to less than 3 years0.901.240.01
3 years1.181.340.01

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Points to Understand Before investing in SBI Fixed Deposit Programmes

  • Tenure ranges from seven days to ten years.
  • The minimum deposit amount is Rs. 1000, and there is no upper limit.
  • Section 80C provides for a special FD scheme to benefit taxpayers (Income Tax Act, 1961)
  • There is a bulk deposit option available (i.e. deposit above Rs. 2 crores)
  • Senior citizens get an extra 0.5 percent interest rate (individuals aged 60 years or more)
  • SBI is paying elderly citizens 0.3 percent extra interest on deposits of 5 years or longer, in addition to the standard 0.5 percent, for a total of 0.8 percent on deposits of 5 years or longer (in the SBI Wecare deposit scheme)

Advantagesof Investing in the SBI FD Scheme

The following are some of the advantages of investing in the SBI FD scheme:

  • To deal with financial setbacks, a loan/overdraft facility is available.
  • Returns are guaranteed at a fixed interest rate at the time of booking, and all investors are covered by a Rs. 5 lakh insurance policy.
  • Interest is paid on a monthly or quarterly basis.
  • Auto-renewal options are available.
  • Premature withdrawal is an option that is accessible.

Benefits of Investing in SBI Fixed Deposits

SBI Fixed Deposits are a good option for those who want to save money.

SBI Fixed Deposits offer the highest level of security as well as consistent returns. it is appropriate for you if you want complete security for your investments as well as a decent yet guaranteed interest return.

If you’re trying to save up a set amount for a future need or just want to maximize your returns, go with the cumulative manner of interest payment. The non-cumulative choice would be preferable for you if you’re searching for regular interest income. You will be paid interest on a monthly basis here.

If you are 60 years old or older, we recommend investing in SBI We Care, a unique senior citizen FD plan. Over and above the usually fixed deposit interest rates, you’ll get a 0.80 percent bonus. However, in order to gain the benefits of this scheme, you must invest for a minimum of 5 years. SBI WE Care is only valid till June 30, 2021.

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Calculating SBI FD

The SBI Fixed Deposit Calculator can be used to figure out how much interest and how much money the depositor will receive at maturity. Because the SBI Fixed Deposit Interest Rate fluctuates, it’s a good idea to double-check the maturity amount against current interest rates before investing in a fixed deposit.

The tool only requires a few pieces of information, such as the deposit amount and the term for which it is to be deposited. Customers must also supply the rate of interest on which the maturity amount will be computed in addition to these two inputs.

SBI Fixed Deposit Premature Withdrawal

In several of its FD programs, the State Bank of India allows you to make an early withdrawal. When a depositor takes money out of an FD before it matures, this is known as premature withdrawal.

  • The SBI Tax Saving Fixed Deposit Scheme does not allow for early withdrawal.
  • If you withdraw your FD early, the bank may charge you a penalty of 0.5 percent to 1%.
  • If the deposit is withdrawn before the 7th day of the booking period, no interest is due on NRO accounts.
  • In Case, If deposits are removed after 1 year of booking an NRO FD, interest at 1% less than the applicable SBI FD rates would be paid.

Credit Card for Fixed Deposit

We frequently liquidate our fixed deposit in times of need (s). As a result, we miss out on the potential profits on the FD, and with interest rates on the down, we’re unlikely to earn similar gains on a new FD. As a result, you can use a credit card against FD to deal with such a scenario. With a minimum deposit of Rs. 25,000, SBI offers its Unnati credit card.

SBI Loan for a Fixed Deposit

Aside from reliable returns, SBI also offers the option of taking a loan against a fixed deposit. This is beneficial in times of financial stress. The bank provides the option of borrowing up to 90% of the total value in the FD. In the event that the depositor is unable to repay the loan, the bank will use FD to reclaim the funds.

TDS Implications of SBI FD

TDS, or Tax Deducted at Source, is a method used by the Indian government to collect taxes. The following points emphasize this feature even more:

TDS applies on interest earned over Rs. 40,000 (Rs. 50,000 for senior citizens) (applicable from AY 2020-21)

TDS is deducted at a rate of 10%. (20 percent on non-submission of PAN Card)

TDS is only applied to deposits made by residents.

Eligibility Requirement to open an FD

Individuals, Hindu-Undivided Families (HUFs), partnership firms, public and private limited corporations, societies, trusts, and other entities that are residents of India are eligible to open an FD with the State Bank of India.

Documents Required for the Application

  • Photo identification is required (Aadhaar card, passport, etc.)
  • Age-proof (Birth certificate, matriculation certificate, etc.)
  • Proof of address (Passport, utility bills, voter ID card, etc.)
  • Photographs in passport size
  • Details of your bank account

Please remember that this is not an exhaustive list. SBI reserves the right to make changes as needed.

FAQ’s

Is it possible to open an SBI FD account online?

Yes, you can open an SBI fixed deposit online using your internet banking username and password.

How long does an SBI fixed deposit account last?

The SBI fixed deposit has a minimum term of 7 days and a maximum term of 10 years.

What is SBI Fixed Deposit Interest Rate highest right now?

It is currently 5.40 percent (deposits with a period of 5 to 10 years), but this is subject to change.

What is the smallest amount you can put in an SBI fixed deposit account?

An Rs. 1,000 minimum deposit is required to start an SBI fixed deposit account.

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