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State Bank of India (SBI) FD Rates

Updated on November 15, 2019 , 1155 views

State Bank of India, most known as SBI, is one of the most leading and entrusted bank in the country. It has a wide network of 14,000 branches that is spread across the country. The fixed deposit offered by SBI is the product where the customer deposit certain amount and the interest is accrued on the deposited money. SBI FD Rates vary according to the investment tenure and as as per the investment amount. Let's have a look!

State-Bank-of-India

SBI Fixed Deposit Rates (Below INR 1 crore)

State Bank of India (SBI) fixed deposit rates

As on Sept'2018

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen (p.a.)
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to 364 days 6.40% 6.90%
1 year to 1 year 364 days 6.70% 7.20%
2 years to 2 years 364 days 6.75% 7.25%
3 years to 4 years 364 days 6.80% 7.30%
5 years to 10 years 6.85% 7.35%

The above rates are applicable for deposits of below INR 1 crore. Figures mentioned in the above table are subject to change without prior information.

SBI Fixed Deposit Rates Rates (Between INR 1 crore to INR 10 crore)

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen (p.a.)
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.4% 6.90%
1 year to less than 2 years 6.7% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.8% 7.30%
5 years and upto 10 years 6.85% 7.35%

As on Sept'2018. The above rates are applicable for deposits of between INR 1 crore to INR 10 crore. Figures mentioned in the above table are subject to change without prior information.

SBI Fixed Deposit Interest Rates Rates (Above INR 10 crore)

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen (p.a.)
7 days to 45 days 5.75% 6.25%
46 days to 179 days 6.25% 6.75%
180 days to 210 days 6.35% 6.85%
211 days to less than 1 year 6.40% 6.90%
1 year to less than 2 years 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and upto 10 years 6.85% 7.35%

As on Sept'2018. The above rates are applicable for deposits of above INR 10 crore. Figures mentioned in the above table are subject to change without prior information.

SBI Fixed Deposit Scheme

The bank offers several deposit schemes. The depositor can invest in the scheme of their choice:

  • SBI MODS
  • SBI annuity Deposit
  • SBI Reinvestment Plan
  • SBI Tax Savings Scheme

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SBI Fixed Deposit: Premature Withdrawal

On Fixed Deposits ranging from Rs. 5 lakh to Rs. 1 crore, the penalty is charged at 1%. The penalty on premature withdrawals on fixed deposits of up to Rs. 5 lakhs is 0.50% of the principal amount.

*The penalty is as mentioned above for Fixed Deposits of all tenures.

Documents to Open FD Account in SBI

PAN card or declaration in Form No. 60 or 61 as per the Income Tax Act.

Liquid Funds- An Alternative to Bank Savings Account

  • With liquid Mutual Funds one gets the flexibility to invest or withdraw whenever one wants to without any penalty or exit load.
  • When investing in Mutual Funds, some fund houses also offer ATM card to withdraw money. This further adds on to your convenience.
  • Some of the Best Liquid Funds offer much better interest rate than that of Savings Account.

Based on certain parameters, we can figure out the difference between Liquid Funds and savings account. Let’s figure out those parameters.

Factors Liquid Funds Savings Account
Rate of Return 7-8% 4%
Tax Implications Short-term capital gains tax is levied based on investors' applicable income tax slab tax rate Interest rate earned are taxable as per investors' applicable income tax slab
Ease of Operation No need to go to a bank to get cash. If there is same amount that needs to be paid, it can be done online Money gets deposited to the bank account first
Suitable for Who want to invest their surplus to earn higher return than saving account Who want to just park their surplus amount

Best Liquid Funds 2019

FundNAVNet Assets (Cr)1 MO (%)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2018 (%)
DHFL Pramerica Insta Cash Fund Growth ₹252.045
↑ 0.04
₹7150.41.43.2777.57.4
JM Liquid Fund Growth ₹53.0051
↑ 0.01
₹1,0420.41.43.16.977.57.4
Indiabulls Liquid Fund Growth ₹1,887.68
↑ 0.28
₹6380.41.43.16.86.97.57.3
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 17 Nov 19

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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