Want to get your saving plans in action for 2019 with a Fixed Deposit account? Check out SBI’s 2019 rates for FD schemes!
If a Fixed Deposit is on your mind, it’s always good to stay updated with the rates at which these accounts are being offered. The State Bank of India is known for its FD schemes. Here are the main features of SBI Fixed Deposit schemes:
- SBI FD schemes offer a wide range of tenure periods starting from as short as 7 days to as long as a decade, ie, 10 years.
- The minimum deposit amount is a humble Rs. 1,000.
- As a customer, you can choose how to pay out your interest – either on a monthly, quarterly or yearly basis.
- Premature withdrawals cost a penal interest of 0.5% for deposits below Rs. 5 lakhs and 1% for deposits above Rs. 5 lakhs.
- Overdraft facility and loans can be availed against the deposit – up to 90% of your deposit value.
- Your interest earned will be taxable under Tax Deducted at Source (TDS)
Here are the rates offered by State Bank of India (as of October 2018).
Deposits below 1 crore
These can be either on a short-term, medium-term or long-term basis. Interest rates vary accordingly, and of course, senior citizens enjoy better rates of interest. Refer to this table for more information:
| Maturity Period | General Public FD interest rate (per annum) | Senior citizen FD interest rate (per annum) |
| 7-45 days | 5.75% | 6.25% |
| 46-179 days | 6.25% | 6.75% |
| 6 months-7 months | 6.35% | 6.85% |
| 7 months 1 day to 12 months | 6.40% | 6.90% |
| 12 months to 24 months | 6.70% | 7.20% |
| 24 months to 36 months | 6.75% | 7.25% |
| 36 months to 60 months | 6.80% | 7.30% |
| 60 months-120 months | 6.85% | 7.35% |
Additional Reading: 5 Simple Tips To Manage Multiple Fixed Deposits
Deposits between Rs. 1 crore and Rs. 10 crores
For deposits larger than Rs. 1 crore and within Rs. 10 crores, interest rates offered are different from the above rates:
| Maturity Period | General Public FD interest rate (per annum) | Senior citizen FD interest rate (per annum) |
| 7-45 days | 5.75% | 6.25% |
| 46-179 days | 6.25% | 6.75% |
| 6 months-7 months | 6.35% | 6.85% |
| 7 months 1 day to 12 months | 6.40% | 6.90% |
| 12 months to 24 months | 6.70% | 7.20% |
| 24 months to 36 months | 6.75% | 7.25% |
| 36 months to 60 months | 6.80% | 7.30% |
| 60 months-120 months | 6.85% | 7.35% |
How do I determine my maturity amount?
To get a rough idea of how much you can expect to earn from your FD investment, you can consider the key factors listed below:
- Your principal deposit amount
- Rate of interest
- Tenure
- Frequency of interest computation
- Tax
Additional Reading: Answering All FAQs On Fixed Deposits
Luckily for you, we have a user-friendly FD calculator that will do the job for you. Click here to try it now!
Digitally Enabled Premature Closure
Now, SBI customers can close Fixed Deposit online before it matures. Here’s all you need to know if you plan to close your SBI FD account online:
- Login to the website
- You should see a list of all the FD accounts in your name
- Once you’re in, choose the specific account you wish to close and click ‘proceed’
- Select ‘close account prematurely’
- You’ll be prompted to enter a one-time password sent to your registered mobile phone
- Confirm your decision with this password – and you’re done!
Additional Reading: Should You Break That Fixed Deposit
Now that you know what’s in store for you, here are some reviews posted by customers just like you – click here to read them!