SBI FD Interest Rates: Investing in a Fixed Deposit (FD) is a wise choice for those seeking a secure and stable return on their savings. The State Bank of India (SBI), one of the most trusted banks in India, offers a range of FD options to cater to the diverse needs of its customers. With competitive interest rates and flexible tenures, SBI FDs ensure that your hard-earned money grows over time.
Whether you’re planning for a short-term goal or saving for the future, SBI’s FD interest rates are designed to maximize your investments. The bank recently revised its rates, offering up to 7.10% p.a. for the general public and even higher for senior citizens, making it an attractive option for all. So, let’s dive into the details and understand how SBI FDs can be a cornerstone of your financial portfolio.
SBI FD Interest Rates Highlights 2024
| Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) |
|---|---|---|
| 7-45 days | 3.5% | 4% |
| 46-179 days | 4.75% | 5.25% |
| 180-210 days | 5.75% | 6.25% |
| 1-2 years | 6.8% | 7.3% |
| 2-3 years | 7% | 7.5% |
| 3-5 years | 6.75% | 7.25% |
| 5-10 years | 6.5% | 7% |
| Special 400 days (Amrit Kalash) | 7.1% | 7.6% |
SBI Fixed Deposit Interest Rates
SBI Fixed Deposit Rates on Domestic Deposits of less than Rs 2 crore w.e.f. 27 December 2023:
| Time Period | Interest Rates (p.a.) | |
|---|---|---|
| Rate for General Public | Rate for Senior Citizens | |
| 7 to 45 days | 3.50% | 4.00% |
| 46 to 179 days | 4.75% | 5.25% |
| 180 to 210 days | 5.75% | 6.25% |
| 211 days to < 1 year | 6.00% | 6.50% |
| 1 year to < 2 years | 6.80% | 7.30% |
| 2 years to < 3 years | 7.00% | 7.50% |
| 3 years to < 5 years | 6.75% | 7.25% |
| 5 years to 10 years | 6.50% | 7.50%* |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
These revisions reflect the bank’s response to the changing economic environment and aim to offer competitive returns to depositors. The specific tenor scheme of “400 days” named “Amrit Kalash” offers an interest rate of 7.10% for the general public and 7.60% for senior citizens, valid until March 31, 2024.
Additionally, the SBI GREEN RUPEE TERM DEPOSIT is available for tenors of 1111, 1777, & 2222 days, at 10 basis points below the card rate for retail deposits. For substantial deposits above ₹1 crore to less than ₹2 crores, the “Sarvottam” scheme offers 30 basis points over the card rate for a tenor of 1 year and 40 basis points over for a tenor of 2 years, with the condition that pre-mature payment is not allowed. For more details, customers can visit the official SBI website.
SBI Fixed Deposit Rates for Senior Citizens
Senior citizens who deposit money in an SBI Fixed Deposit (FD) receive an interest rate that is 0.50% per annum higher than the rate offered to the general public. This extra benefit is exclusively for senior citizens living in India. Unfortunately, non-resident Indians with NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts do not qualify for this additional interest.
SBI also has a special program called the SBI Wecare Deposit Scheme for senior citizens. Under this scheme, senior citizen depositors receive an additional 0.50% interest on top of the standard senior citizen rate for deposits with a tenure of 5 years or more. This offer applies to both new deposits and the renewal of deposits that are maturing.
SBI Wecare Fixed Deposit Interest Rates for Senior Citizens
- For a tenure of 5 years, the interest rate is 7.50% per annum.
- For a tenure of 10 years, the interest rate remains the same at 7.50% per annum.
Please note that these rates are subject to change and it’s always best to check with the bank for the most current rates.
SBI FD Rates on Domestic Bulk Term Deposit of Rs. 2 Crore and above w.e.f. 27 December 2023
Here’s a table showing the revised SBI FD Rates on Domestic Bulk Term Deposits of Rs. 2 Crore and above, effective from 27 December 2023:
| Tenors | Interest Rates (p.a.) | |
| General Public | Senior Citizens | |
| 7 days to 45 days | 5.00% | 5.50% |
| 46 days to 179 days | 5.75% | 6.25% |
| 180 days to 210 days | 6.50% | 7.00% |
| 211 days to less than 1 year | 6.75% | 7.25% |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.25% | 6.75% |
| 5 years and up to 10 years | 6.00% | 6.50% |
SBI FD Interest Rates on ‘Sarvottam’ Domestic Retail Term Deposits
Starting from February 17, 2023, the State Bank of India offers special fixed deposit interest rates under the ‘Sarvottam’ scheme for deposits ranging from Rs. 15.01 Lakhs to less than Rs. 2 Crores. These rates are non-callable, meaning the deposit cannot be withdrawn early by the depositor.
Here are the annual interest rates:
- For the general public, the interest rate for a 1-year tenure is 7.10%, and for a 2-year tenure, it is 7.40%.
- Senior citizens receive a higher interest rate of 7.60% for a 1-year tenure and 7.90% for a 2-year tenure.
These rates provide an opportunity for both general and senior citizen depositors to invest their money in a secure way while earning a fixed return.
SBI FD Interest Rates on ‘Sarvottam’ Domestic Bulk Term Deposits
The State Bank of India offers a special fixed deposit scheme called ‘Sarvottam’ for bulk term deposits of Rs. 2 Crores to less than Rs. 5 Crores. These deposits are non-callable, meaning they cannot be withdrawn before the agreed period ends. The interest rates effective from February 17, 2023, are as follows:
- For the general public, the interest rate for a tenure of 1 year is 7.05% per annum, and for a tenure of 2 years, it is 6.90% per annum.
- Senior citizens are offered a higher interest rate of 7.55% per annum for a tenure of 1 year, and 7.40% per annum for a tenure of 2 years.
This scheme is designed to provide a secure and higher return on large investments for both general and senior citizen depositors.
SBI Fixed Deposit Interest Rates for NRIs
Here’s a table that simplifies the SBI NRE FD Interest Rates effective from 27 December 2023:
| Tenure | Deposits Below Rs. 2 Crore | Deposits Rs. 2 Crore & Above |
|---|---|---|
| 1 year to less than 2 years | 6.80% | 6.80% |
| 400 Days (Amrit Kalash) | 7.10% | Not Available |
| 2 years to less than 3 years | 7.00% | 6.75% |
| 3 years to less than 5 years | 6.75% | 6.25% |
| 5 years to 10 years | 6.50% | 6.00% |
This table shows the annual interest rates for Non-Resident Indians (NRIs) who have fixed deposits with SBI. The rates vary depending on the deposit amount and the tenure of the deposit. For deposits of Rs. 2 Crore and above, certain tenures have different rates or may not be available, as indicated.
How do I open an SBI Fixed Deposit account offline?
To open an SBI Fixed Deposit account offline, you can follow these steps:
- Visit your nearest SBI branch.
- Request the FD application form from the bank staff.
- Fill in the required details on the form, which may include personal information, deposit amount, tenure, and nominee details.
- Submit the necessary documents, such as identity proof, address proof, and any other documents the bank may require.
- Deposit the amount you wish to put into the fixed deposit.
- Submit the form and the deposit to the bank staff.
After processing, the bank will provide you with an FD receipt or certificate that indicates the deposit details. It’s a good idea to check with the bank for any specific requirements or additional steps that may be necessary. Remember to bring original documents for verification purposes.
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