State Bank of India Fixed Deposit Interest Rate: State Bank of India FD interest rate increased

SBI Fixed Deposit Interest Rate 2023 : State Bank of India is a multinational, public sector bank. Which was established in 1806 under the name of Bank of Calcutta! Today, the institution is headquartered in Mumbai, Maharashtra and is the largest operational bank in India in terms of total assets and market capitalisation. State Bank of India Fixed Deposit Interest Rate operates over 24,000 branches, with new outlets opening almost every day! Apart from the country, State Bank of India has a presence in 36 other countries across the world.

SBI Fixed Deposit Interest Rate 2023

SBI Fixed Deposit Interest Rate 2023

SBI Fixed Deposit Interest Rate 2023

Millions of consumers of State Bank of India Fixed Deposit Interest Rate keep State Bank of India Savings Account with the bank! However, for higher interest income on surplus money, you can opt for SBI Fixed Deposit Investment!

These schemes do not pose any potential risk to your deposit! SBI Fixed Deposit offers an interest rate between 4.50% and 5.80% per annum on investments held between 7 days and 365 days. Senior citizens, on the other hand, are liable to get rates ranging from 5.00% to 6.30% per annum!

Complete information about State Bank of India Fixed Deposit interest rate

For long term deposits (5-10 years), the interest rate is 6.10% and 6.60% for non-senior and senior citizen investors respectively.

tenure Non-Senior Citizen & NRO FD (%) Senior Citizen FD (%)
7-45 days 4.50% 5.00%
46-179 days 5.50% 6.00%
6-12 months 5.80% 6.30%
1-5 years 6.10% 6.60%
5-10 years 6.10% 6.60%

Different Types of SBI Fixed Deposit Schemes

The following schemes are available to investors under SBI Fixed Deposit schemes.

  1. SBI Term Deposit Scheme – (SBI Term Deposit Scheme -) Investors can freely choose the maturity period from 7 days to 10 years! Loans against minimum investment Rs.1,000 FD and early withdrawal options are available!
  2. Tax Saving SBI Fixed Deposit Plan – (Tax Saving SBI Fixed Deposit Plan) Here, the investment tenure is fixed for 5 years! Maximum investment amount Rs.1.5 Lakh. However, loan against FD and premature withdrawal facility is not available!
  3. SBI Fixed Deposit Reinvestment Plan – (SBI Fixed Deposit Reinvestment Plan) The maturity period of this plan is between 6 months to 10 years! Investors can start with a deposit of just Rs. 1,000 interest earned through this State Bank of India Fixed Deposit Interest Rate is reinvested in the same scheme for higher interest generation! Foreclosure & FD Loans Available!

State Bank of India Fixed Deposit Interest Rate

  1. SBI Multi Option Deposit – (SBI Multi Option Deposit) This is a combination of savings account and FD! Investors can partially withdraw the amount, while the remaining amount continues to earn interest. Tenure ranges between 1 to 5 years with a minimum investment requirement of Rs.10,000
  2. SBI Annuity Deposit – (SBI Annuity Deposit) A lump sum amount is invested, but the payment is made through Equated Monthly Installments! Tenure options include 36, 60, 84 and 120 months. The minimum investment under this scheme is Rs.25,000. Early withdrawal is possible only after the death of the investor.

Eligibility Criteria for SBI Fixed Deposit

To invest in SBI FD, individuals or groups must fulfill the following characteristics –

  1. resident person
  2. NRI with NRE / NRO account
  3. Minor with parent or guardian as co-signer
  4. partnership firm
  5. member of hindu undivided family
  6. Societies, Clubs and Agencies
  7. sole proprietorship business
  8. educational and charitable
  9. Institute

Benefits of choosing SBI Fixed Deposit

The following features of Fixed Deposit offered by State Bank of India make it a profitable approach for many people. Investors can earn interest in the form of a lump sum after FD maturity!

State Bank of India Fixed Deposit Interest Rate

Individuals can nominate their spouse or children as beneficiaries of the State Bank of India Fixed Deposit Interest Rate! Competitive rate of interest on FD! Auto-renewal facility is available on applicable FD schemes. Senior citizens are liable to earn additional interest on their fixed deposit investments.

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