SBI FD Interest Rates: Complete Guide for Investors

Key Takeaways
 

• SBI offers guaranteed returns on FDs from 3.05% to 6.60% interest rates.
• Senior citizens get 0.50% extra interest on all deposits.
• Premature withdrawal attracts penalty charges based on deposit amounts.

Smart investors choose fixed deposits for guaranteed capital protection today. SBI Fixed Deposit delivers competitive rates with flexible tenure options. Millions trust SBI for secure wealth building and retirement planning. 

This investment requires minimal documentation with maximum safety assurance. SBI Fixed Deposit remains India's preferred low-risk investment choice. This comprehensive guide covers everything you need to know about SBI Fixed Deposit investments.

SBI Fixed Deposit Interest Rate

The interest rate starts at 3.05% for short tenures. It goes up to 6.60% for the 444-day scheme. Senior citizens earn between 3.55% and 7.35% interest. Standard long-term deposits give 6.05% to 7.05% returns. SBI Fixed Deposit offers tenures from 7 days to 10 years.

Read More – HDFC Bank FD Interest Rates

Types of SBI Fixed Deposit Schemes

SBI Fixed Deposit offers various schemes for different investment needs. The schemes are:

• Regular Fixed Deposit: This scheme provides fixed returns for a specific time period.
• SBI Multi-Option Deposit: This deposit allows a partial withdrawal facility during the term period.
• SBI Tax Savings Scheme, 2006: This scheme offers tax benefits under Section 80C provisions.
• Sarvottam' (Non-Callable) Term Deposit: This deposit cannot be withdrawn before the maturity date arrives.
• Annuity Deposit Scheme: This scheme provides a regular monthly income after the deposit matures.

SBI Fixed Deposit schemes cater to diverse financial goals effectively.

Features and Benefits of SBI Fixed Deposit

SBI Fixed Deposit provides excellent features for secure investment opportunities.

• Minimum period of deposit: 7 days
• Maximum period of deposit: 10 Years
• Available at all branches
• Minimum deposit amount Rs. 1,000/-
• Maximum deposit amount: No Upper Limit
• A deposit of Rs. 2 crore or more is classified as a bulk deposit

SBI Fixed Deposit offers a secure investment with attractive returns.

Comparison of SBI FD Rates with Other Banks

Compare SBI Fixed Deposit rates with other major banks:
 

SBI Fixed Deposit rates remain competitive with other banks.

Eligibility Criteria & Required Documents for SBI FD Interest Rates

SBI Fixed Deposit accepts applications from various eligible customer categories.

Eligibility Criteria

1. Indian resident individuals
2. Hindu Undivided Families (HUFs)
3. Non-resident Indians and Persons of Indian Origin

Required Documents

1. Completed the SBI FD account opening form
2. Four passport-sized photographs
3. Identity proof documents (PAN, Aadhaar, voter ID, driving licence, passport)
4. Address proof documents (PAN, Aadhaar, voter ID, passport, driving licence)
5. Age proof (birth certificate or educational certificates)
6. PAN card or income tax declaration forms

SBI Fixed Deposit opening requires standard KYC documentation only.

Tax Implications on SBI Fixed Deposit

Understanding the tax implications on SBI Fixed Deposits is essential, as interest earnings may attract TDS based on eligibility, documentation, and annual income limits.

TDS Rates

Senior citizens (60+ years) get an exemption of up to ₹50,000 annually. Non-senior citizens receive an exemption of up to ₹40,000 per year. TDS rate is 10% above these exemption limits.

TDS Rules

Banks deduct TDS when interest gets credited to accounts. Without a PAN card, the TDS rate increases to 20% automatically. Banks provide a TDS certificate (Form 16A) for records.