Fixed Deposit Interest Rates at SBI: Know what they are and whether to invest!
Updated on: 17 August 2023
Published on: 11 August 2023
Knowing the fixed deposit interest rates at SBI will help you make smart investment decisions. Since FD rates remain unaffected by market fluctuations, monitoring them is a key factor in ensuring that you maximise your returns.
Keep in mind that the interest rate on an FD in SBI or other financial institution depends on the term and the type of deposit you choose. So, investing in the kind of FD and tenor that gives you the highest rate makes good sense!
Additionally, FD rates differ across issuers, be it banks or other financial institutions. Being aware of the current FD rates in SBI will help you compare them and choose the best option. So, read on to know the current rate of interest on fixed deposits in SBI.
Latest Fixed Deposit Interest Rates at SBI
The State Bank of India offers numerous fixed deposit options, from cumulative (payout at maturity) retail deposits to options specially curated for Indians residing outside the country. However, the rate of interest on fixed deposits in SBI depends on which FD you choose.
Here’s an overview of interest rates on some popular FD schemes offered by SBI:
- For Callable Deposits Under ₹2 crores
| Tenure | FD rates for regular investors (%p.a.) | FD rates for senior-citizen investors (%p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 3.50% |
| 46 days to 179 days | 4.50% | 5.00% |
| 180 days to 210 days | 5.25% | 5.75% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 Year to less than 2 years | 6.80% | 7.30% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.50% | 7.50% |
- For Non-Callable Deposits Under ₹2 crores
| Tenure | FD rates for regular investors | FD rates for senior-citizen investors |
|---|---|---|
| 1 year | 7.10% per annum | 7.60% per annum |
| 2 years | 7.40% per annum | 7.90% per annum |
- For NR0, NRE and FCNR Deposits
For NRE Deposits
| Tenures | Deposits under ₹2 crores (in p.a.) | Deposits above ₹2 crores (in p.a.) |
|---|---|---|
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 Days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
For NRO Deposits
| Tenures | Deposits under ₹2 crores (in p.a.) | Deposits above ₹2 crores (in p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 4.75% |
| 46 days to 179 days | 4.50% | 5.50% |
| 180 days to 210 days | 5.25% | 6.00% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 Days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years and up to 10 years | 6.50% | 6.00% |
For FCNR Deposits
Currency and interest rates per annum,
| Tenure (in years) | USD | GBP | EURO | CAD | AUD | JPY |
|---|---|---|---|---|---|---|
| 1 | 5.50 | 4.75 | 1.50 | 4.30 | 3.60 | 0.02 |
| <1 to >2 | 5.50 | 4.75 | 1.50 | 4.30 | 3.60 | 0.02 |
| 2 to >3 | 4.20 | 2.35 | 1.50 | 4.10 | 3.50 | 0.05 |
| 3 to >4 | 4.05 | 2.45 | 1.50 | 3.85 | 3.00 | 0.05 |
| 4 to >5 | 4.10 | 2.45 | 1.50 | 3.70 | 3.00 | 0.05 |
The above interest rates for all schemes are current as of July 2023 and are subject to change at the bank’s discretion. As such, be sure to check the latest rates before investing.
Reasons to Invest in Fixed Deposits
Investing in FDs is beneficial for many reasons. Here’s a look into what makes them so popular.
- Helps diversify your investment portfolio and mitigate risks
- Enables you to secure financial growth with minimal risks as an FD is not linked to market fluctuations
- Allows you to tailor your investment to your needs with multiple FD options
- Ensures that your investment is secure with the DICGC insurance covered on bank FDs
- Helps maximise your returns by taking advantage of SBI interest rates on fixed deposits
- Allows you to invest as per your current finances and future goals due to the flexibility in investment mode, amount, and tenure
In addition to the above, you can pledge your fixed deposits as collateral and get immediate funding. Many issuers offer up to 90% of your FD as a loan at affordable interest rates, ensuring you don’t put your financial growth at risk.
However, if you don’t have an FD or are not keen on using it as collateral but need urgent funds, you can get unsecured loans. Fibe offers a collateral-free Personal Loan of up to ₹5 lakhs at an affordable interest rate. You also enjoy flexibility in repayment with a choice of tenures and zero pre-closure charges.
Download our Instant Loan App or register on our website for a hassle-free and entirely digital application process and get money in minutes!
FAQs on Fixed Deposit Interest Rates at SBI
What is the FD rate for ₹1 lakh in SBI?
The FD rates in SBI for deposits of ₹1 lakh or any other amount depending on the tenure for which you invest. SBI allows investments for tenure ranging from 7 days to 10 years, and the current rates range from 3.00% to 7.10% per annum. If you are a senior citizen, the rates range from 3.50% to 7.60% per annum.
Which is the best FD scheme in SBI?
The best FD scheme depends on your investment purpose and time horizon. SBI offers numerous FD schemes, such as retail term deposits, Sarvottam (Non-callable deposits), NRE/NRO/FCNR deposits, and more. However, if there is a lower chance of you making a premature withdrawal, opt for the Sarvottam FD scheme. While it doesn’t allow you to make premature withdrawals, it comes at rates that are slightly higher than regular deposits.
What is the new FD interest rate in SBI in 2023?
The current FD interest rates at SBI range from 3.00% – 7.10% for non-senior citizen investors. Senior citizens can enjoy an additional 0.50% increase in FD rates.
What is the FD rate for senior citizens in SBI?
Senior citizens get an additional 0.50% hike in FD rates ranging from 3.50% to 7.60%.
Is SBI safe for fixed deposits?
Yes, SBI is a safe bank for investing in an FD. As your deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, your funds are secure.
Category : Banking
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