Fixed deposits from SBI are among the safest investment options available. Customers may invest their money in one of six different types of fixed deposit schemes offered by the bank. These schemes offer attractive SBI FD interest rates, allowing investors to earn significant returns.
- For regular residents, SBI FD interest rates range from 2.90 percent to 5.40 percent. This scale begins at 3.40 percent and ends at 6.20 percent for senior citizens.
- Depositors will receive 4.40 percent on deposits maturing in 180 days or less than a year, with senior citizens earning a 0.50 percent higher rate of 4.90 percent.
- Investors should expect returns of up to 5.10 percent for tenures ranging from one year to less than three years (up to 5.60 percent for senior citizens)
- Deposits maturing in 5 years to 10 years will gain interest at 5.40 percent, while FDs maturing in 3 years to less than 5 years will earn 5.30 percent (5.80 percent for senior citizens) (6.20 percent for senior citizens)
- The SBI WCare Deposit Scheme gives senior citizens an additional 0.30 percent on deposits maturing in 5 to 10 years.
- SBI WeCare for senior citizens (60 years and older) has been extended until March 31, 2021.
SBI Fixed Deposit Rates for NRIs
SBI offers Non-Resident Indians (NRIs) four different types of accounts from which they can open a fixed deposit (FD). These are the following:
- SBI Non-Residential External (NRE) FD Account Rates
SBI offers NRIs NRE FD accounts so that they can save their money and gain interest without having to worry about market risks. The funds can be deposited in any foreign currency, which will be translated into INR at the time of deposit. Withdrawals are rendered in Indian Rupee as a result.
- SBI Non-Residential Ordinary (NRO) FD Interest Rates Keep track of your finances
NRIs will open NRO FD accounts (Non-Resident Indians). NRIs may deposit their savings in Indian currency in this form of account (INR). In India, both the principal and the interest received are taxable. The account can be opened in partnership with a resident of India.
- SBI Non-Resident Foreign Currency Interest Rates (FCNR) Interest Rates on Savings Accounts
FCNR accounts are a form of fixed deposit designed specifically for non-resident Indians. SBI fixed Deposits may be made in any of the mentioned foreign currencies, including the US dollar, the British pound, the Canadian dollar, the Australian dollar, and the Japanese yen. The fee, as well as the principal, is not taxable in India but rather in the foreign country in question. Individuals or groups of two or more NRI account holders may open this account.
- SBI Resident Foreign Currency Account FD Rates (RFC)
The RFC FD, or Resident Foreign Currency Fixed Deposit, is savings account available to Indian residents who have returned from a foreign country with funds in any of the mentioned foreign currencies: USD, GBP, or EURO. Interest and deposit amounts are charged in foreign currency, i.e. the currency in which the money was originally deposited.
Who should start investing in an SBI fixed deposit?
SBI Fixed Deposits provide the highest level of security as well as consistent returns. SBI FD is right for you if you want full protection for your investments as well as a modest but assured interest income.
If you’re trying to save up a certain amount for a potential need or simply want to maximize your returns, go with the cumulative interest payment option. If you’re looking for a steady stream of interest, the non-cumulative choice is the best bet. You will be charged interest on a monthly basis here.
If you’re 60 years old or older, we recommend investing in SBI We Care, a special senior citizen FD scheme.
SBI Fixed Deposit calculator
The SBI Fixed Deposit Calculator can be used to figure out how much interest and how much money the depositor will get at maturity. Since SBI FD interest rates fluctuate, it’s a good idea to double-check the maturity sum against current interest rates before investing in a fixed deposit.
The tool only needs a few pieces of details, such as the deposit sum and the term under which it is to be deposited. Customers must also provide the rate of interest for which the maturity amount will be measured in addition to these two inputs.
Aside from stable returns, SBI also offers the option of taking a loan against a fixed deposit. This is useful in times of financial stress. The bank provides the option of borrowing up to 90% of the total balance in the FD. In the event that the depositor is unable to repay the loan, the bank will use FD to recover the funds.
