Fixed deposit is one of the oldest yet popular investment option. SBI is one of the most trusted and leading banks in India. Therefore, it has a large number of customers opting to invest in fixed deposit accounts of SBI. Hence, a brief knowledge about fixed deposit in SBI can be beneficial.
SBI FD rates 2020
- According to the recently revised rates, SBI offers 4% to 5% interest rate on short term Fixed deposits (7 days to 179 days). However, for long term fixed deposits, the interest rate ranges from 5.5% to 5.9%.
- SBi, however, provides different interest rates for senior citizens. It offers 4.5% to 5.5% interest rates for fixed deposit having tenure less than 1 year. Moreover, it offers an interest rate ranging from 6% to 6.4% for long term fixed deposit.
SBI FD calculator
SBI FD calculator helps you to know the maturity amount of fixed deposit. In addition, you can use it online anytime. To use the SBI calculator, fill in the following details.
- Amount to be deposited
- Period of fixed deposit
The SBI calculator uses its current interest rate. Thus, it displays the maturity amount within a few seconds.
SBI interest rates on savings account
SBI offers an interest rate of 3.25% p.a on its saving accounts. However, for saving deposits balance above Rs. 1 lakh, the interest rate is 3% p.a.
SBI tax-saving FD interest rate 2020
General depositors of SBI tax-saving FD can get 6.85% p.a. as interest. However, the interest rate for senior citizens is 7.35% p.a.
SBI yearly deposit scheme
- The minimum amount for SBI yearly deposit scheme is Rs. 5000.
- The maximum amount for SBI yearly deposit scheme Rs. 50000
- Period of the SBI yearly scheme is 5 years to 7 years
- Interest rate: 6.25% for the general public and up to 7% for senior citizens.
SBI FD TDS
Tax Deducted at Source (TDS) is deducted from your account only if the interest due to you exceeds Rs. 10000 per annum.
SBI FD minimum duration
The minimum duration for a Fixed deposit in SBI is 7 days.