New SBI Fixed Deposit Interest Rates 2023

The New SBI fixed deposit interest rates ranges from 2.90% to 6.90% p.a. Senior citizens also get additional concession on SBI fixed deposit interest rates.

You can choose flexible tenure from 7 days to 10 years for SBI fixed deposit scheme.

SBI Fixed Deposit Interest Rates on Domestic Term Deposit (Below Rs.2 Crore)

SBI fixed deposit rates range from 2.90% to 6.30% p.a. for domestic term deposits below Rs.2 Crore.

SBI FD Interest Rates (p.a.) (w.e.f 13 August 2022)
TenurePublicSenior Citizen
7 days to 45 days2.90%3.40%
46 days to 179 days3.90%4.40%
180 days to 210 days4.55%4.05%
211 days to less than 1 year4.60%5.10%
1 year to less than 2 year5.45%5.95%
2 years to less than 3 year5.50%6.00%
3 years to less than 5 year5.60%6.10%
5 years to less than 10 year5.65%6.45%

SBI Fixed Deposit Interest Rates on Domestic Term Deposit (Above Rs.2 Crore)

SBI FD interest rates range from 3.50% to 5% p.a. for domestic term deposits above Rs. 2 crores.

SBI FD Interest Rates (p.a.) (w.e.f 13 August 2022)
TenurePublicSenior Citizen
7 days to 45 days3.50%4%
46 days to 179 days4.25%4.75%
180 days to 210 days4.50%5.00%
211 days to less than 1 year5.00%5.50%
1 year to less than 2 year6.00%6.50%
2 years to less than 3 year5.25%5.75%
3 years to less than 5 year5.25%5.75%
5 years to less than 10 year5.00%5.50%
  • The premature penalty for SBI Fixed Deposit above Rs.2 crore is 1%.

SBI Fixed Deposit Interest Rates – Tax Saver FD

SBI FD Interest Rates on Tax Saver FD
TenureRegular CustomerSenior Citizen
5-year to 10 year5.50%6.30%
  • There is a lock-in period of 5 years.

SBI NRE Fixed Deposit Interest Rates

SBI Fixed Deposit Rates – NRE (p.a.) (w.e.f 15 July 2022)
TenureBelow Rs.2 CroreAbove Rs.2 Crore
1 year to less than 2 years5.30%5.25%
2 years to less than 3 years5.35%4.25%
3 years to less than 5 years5.45%4.50%
5 years to 10 year5.50%4.50%
  • No interest is payable if the deposit is withdrawn before one year.
  • Premature Withdrawal:  The interest paid will be 1% below the rate applicable for the period the SBI Fixed Deposit amount has remained with the bank.

SBI NRO Fixed Deposit Interest Rates

SBI Fixed Deposit Rates – NRO (p.a.) (w.e.f 15 July, 2022)
TenureBelow Rs.2 CroreRs.2 Crore & above
7 days to 45 days2.90%3.50%
46 days to 179 days3.90%4%
180 days to 210 days4.40%4.25%
211 days to less than 1 year4.60%4.50%
1 year to less than 2 year5.30%5.25%
2 years to less than 3 year5.35%4.25%
3 years to less than 5 year5.45%4.50%
5 years to less than 10 year5.50%4.50%
  • No interest is payable if the deposit is withdrawn before 7 days.
  • Premature Withdrawal:  The interest paid will be 1% below the rate applicable for the period the SBI Fixed Deposit amount has remained with the bank.

SBI FCNR Fixed Deposit Interest Rate

SBI accepts FCNR fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro (EURO), Canadian Dollar (CAD), Australian Dollar (AUD), and Japanese Yen (JPY).

SBI Fixed Deposit Rates – FCNR (p.a.) (w.e.f 30 July 2022)
TenureUSDGBPEUROCADAUDJPY
 1 year3.50%2%0.01%2.30%1.20%0.02%
1 year to less than 2 year3.50%2%0.01%2.30%1.20%0.02%
2 years to less than 3 year3%2.35%0.01%2.87%1.70%0.05%
3 years to less than 4 year3.10%2.45%0.01%3.12%2.05%0.05%
4 years to less than 5 year3.15%2.45%0.10%3.17%2.30%0.05%
5 year3.25%2.45%0.15%3.17%2.45%0.05%
  • No interest is payable if the deposit is withdrawn before 1 year.
  • Premature Withdrawal:  The interest paid will be 1% below the rate applicable for the period the SBI Fixed Deposit amount has remained with the bank.

SBI RFC Fixed Deposit Interest Rate

SBI accepts FCNR fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro (EURO).

SBI Fixed Deposit Rates – RFC (p.a.) (w.e.f 30 July 2022)
TenureUSDGBPEURO
1 year to less than 2 years3.50%2.00%0.01%
2 years to less than 3 years3.00%2.35%0.01%
3 years to less than 4 years3.10%2.45%0.01%
  • No interest is payable if the deposit is withdrawn before 1 year.
  • Premature Withdrawal: The interest paid will be 1% below the rate applicable for the period the SBI Fixed Deposit amount has remained with the bank.

Features of SBI Fixed Deposit

  • Fixed Deposit Term: You can invest your money from a minimum of 7 days to a maximum of 10 years.
  • Minimum Deposit Amount: You can open an SBI Fixed Deposit with Rs.1000 only.
  • Maximum Deposit Amount: No upper limit.
  • Interest Receiving Frequency: Interest is payable to the customers on a monthly, quarterly, half-yearly, or yearly basis.
  • Nomination: The nomination facility is also available in SBI FD Scheme.
  • Loan against FD: Customers can avail of a loan of up to 90% of the principal amount.

Documents Required for SBI Fixed Deposit

  • PAN card
  • Application form
  • Aadhar card
  • Passport size photograph
  • Driving License

Eligibility for SBI Fixed Deposit

  • Resident
  • NRIs
  • Hindu Undivided Family Member
  • Societies, Agencies
  • Partnership Firms

SBI FD Loan (Loan against FD)

Features of Loan against FD SBI

  • Up to 95% of SBI Fixed Deposit
  • Zero processing fee
  • No prepayment penalties
  • The loan amount ranges from a minimum of Rs.5000 and a maximum of Rs.5 crore.

Eligibility for SBI FD Loan

SBI customers (Single/Joint account holders) having Fixed Deposits with SBI can avail of a loan against the FD of SBI.

Repayment

Repayment ranges from 3 years to 5 years.

Loan Against FD Interest Rates

1% above the relative time deposit rate.

A loan against FD of SBI is allowed with the following margin.

 

Residual tenure of SBI Fixed Deposit as on date of availing loan facilityMargin
Up to 36 months5%
Greater than 36 months and up to 60 months10%
Greater than 60 months15%

Compare with Other Lenders

Bank NameInterest Rate (p.a.)Tenure
Axis BankAxis Bank2.50%-5.85%7 days to 10 year
Bank LogoAU Small Finance Bank3.75%-7.25%7 days to 10 year
Bajaj Finance Ltd.Bajaj Finance6.03%-7.40%1 year to 5 year
Bank of BarodaBank of Baroda2.75%-6.35%7 days to 10 year
Bank LogoBandhan Bank3%-7.25%7 days to 10 year
Canara BankCanara Bank2.90%-6.40%7 days to 10 year
Citibank — StoryCiti Bank1.85%-3.50%7 days to 3 year
HDFC BankHDFC Bank2.75%-6.50%7 days to 10 year
ICICI BankICICI Bank2.75%-5.75%7 days to 10 year
IDBI BankIDBI Bank2.70%-6.50%7 days to 20 year
IDFC BankIDFC Bank3.50%-6.55%7 days to 10 year
Indian BankIndian Bank2.75%-2.90%7 days to 10 year
IndusInd BankIndusInd Bank3.25%-7%7 days to 5 year
Jana Small Finance Bank gets Sebi's nod to float IPO | Markets News – India TVJana Small Finance Bank2.50%-8.15%7 days to 10 year
Savings Accounts, Personal Loans and Credit Cards - Kotak Mahindra BankKotak Mahindra Bank2.50%-6.40%7 days to 10 year
Punjab national bank LogosPNB3%-5.60%7 days to 10 year
RBL Bank Logo and Tagline -RBL Bank3.25%-6.80%7 days to 10 year
File:SBI-logo.svg - Wikimedia CommonsSBI Bank2.90%-6.30%7 days to 10 year
Ujjivan Small Finance Bank receives final license from RBI - GKTodayUjjivan Small Finance Bank2.90%-7.20%7 days to 10 year
Union Bank of India Logo and Tagline -Union Bank3%-5.80%7 days to 10 year
Yes Bank3.25%-7.45%7 days to 10 year

SBI Fixed Deposit FAQs

How much FD interest in SBI?

SBI FD interest rate 2022 ranges from 2.90% to 6.30% per annum.

For detailed FD interest rat, see the table on the top of this page.

What is best FD in SBI?

From an interest rate perspective, SBI fixed deposits for senior citizens will be best. 

SBI FD interest rates 2022 for senior citizens is 6.20%.

For Individuals, a higher rate of interest is 5.40%

How can I double my money in SBI?

With the SBI Special Term Deposit Scheme, you may double your money in 10 years.

Can I get monthly interest on FD?

Yes, Interest on SBI fixed deposit is paid on a monthly, quarterly, or annually basis.

Is FD tax free?

When interest earned on an FD exceeds Rs.40,000 within a financial year, then a 10% TDS will be deducted from the interest amount.

Which bank FD interest is higher?

Bajaj Finance provides a 6.03% to 7.40% per annum interest rate on Fixed Deposits.

HDFC FD Interest Rates
Home Loan with HDFC Bank

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