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State Bank of India (SBI) FD Rates 2024

Updated on June 16, 2024 , 84719 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.

State-Bank-of-India

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!

SBI Fixed Deposit Rates (Below Rs. 2 crore)

Here are the tenures and interest rate offered by the bank for deposits below Rs. 2 crore:

Tenure FD Interest Rates (p.a.)
7 days to 45 days 3.00%
46 days to 179 days 4.50%
180 days to 210 days 5.25%
180 days to 210 days 5.35%
211 days to less than 1 year 5.88%
1 year to less than 2 years 6.98%
2 years to less than 3 years 7.19%
3 years to less than 5 years 6.66%
5 years and up to 10 years 6.66%

Figures mentioned in the above table are subject to change without prior information.

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SBI Senior Citizen Fixed Deposit Rates (Below Rs. 2 crore)

Here are the tenures and interest rate offered by the bank for senior citizen on deposits below Rs. 2 crore:

Tenure Interest Rates
7 days to 45 days 3.50
46 days to 179 days 5.00
180 days to 210 days 5.88%
211 days to less than 1 year 6.40
1 year to less than 2 year 7.50
2 years to less than 3 years 7.71
3 years to less than 5 years 7.19
5 years and up to 10 years 7.71

@Including additional premium of 50 bps under ”SBI We-care” deposit scheme.

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

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

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 2024

FundNAVNet Assets (Cr)1 MO (%)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
Indiabulls Liquid Fund Growth ₹2,350.22
↑ 0.44
₹2130.61.93.77.35.556.8
Principal Cash Management Fund Growth ₹2,145.65
↑ 0.38
₹5,1490.61.93.77.25.757
PGIM India Insta Cash Fund Growth ₹316.447
↑ 0.06
₹4380.61.93.77.25.75.27
JM Liquid Fund Growth ₹66.3953
↑ 0.01
₹2,2330.61.83.77.25.75.17
Axis Liquid Fund Growth ₹2,705.86
↑ 0.49
₹32,6480.61.93.87.35.75.27.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 18 Jun 24

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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Prabir Kumar Goon, posted on 30 Mar 22 9:11 AM

Which senior citizens investment is better in all sectors.

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