SBI FD Calculator can be used to check the interest and the maturity amount that the depositor will get on the maturity. Fixed Deposits are the most popular and safe investment plans and are risk-free in nature. Depositors can earn attractive interest till the time of maturity. The interest can be calculated monthly, quarterly, semi-annually, and annually. Also, SBI provides high FD Rates to senior citizens as compared to the general public.
Features of SBI Fixed Deposit
Mentioned below are the features of SBI Fixed Deposit:
- Minimum period of deposit – 7 days
- The maximum period of deposit- 10 Years
- Available at all branches
- Minimum deposit amount INR 1,000/-
- Maximum deposit amount: No Upper Limit
- A deposit of INR 2 crore or more is classified as a bulk deposit
- Interest on a Term Deposit is payable to the depositor quarterly from the date of issue or at maturity along with the principal. But on request from the depositor, interest may be paid at monthly, half-yearly, or yearly intervals in case of Term Deposits fixed for a term of twelve months and above.
- Nomination available in favor of individual only
- Transferability allowed among our branches
- TDS is applicable as per Income Tax Rules. Form 15G/15H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
SBI Fixed Deposit Form
A Depositor is required to fill out an SBI Fixed Deposit Form irrespective of the fact whether FD will be availed either online or offline. The details required are as follows:
- Customer status – existing customers or new to the bank
- Applicant’s details
- Co-applicants details
- Funding account details i.e., the account to be debited
- Term of deposit
- Product name or the name of the deposit scheme
- Frequency of interest payable
- Details of the account in which interest is to be credited
- Maturity instructions (tenure of policy, auto-renewal)
- Signature of both customers
SBI Fixed Deposit Interest Rates
- Revision in Interest Rates on Retail Domestic Term Deposits (Below INR 2 crore) W.E.F. 15.02.2023
| General public | Senior Citizens | |||
| Tenors | Rates w.e.f. 15/02/2023 | Annualised Yield# | Rates w.e.f. 15/02/2023 | Annualised Yield# |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.35 | 5.75 | 5.88 |
| 211 days to less than 1 year | 5.75 | 5.88 | 6.25 | 6.40 |
| 1 Year to less than 2 years | 6.80 | 6.98 | 7.30 | 7.50 |
| 2 years to less than 3 years | 7.00 | 7.19 | 7.50 | 7.71 |
| 3 years to less than 5 years | 6.50 | 6.66 | 7.00 | 7.19 |
| 5 years and up to 10 years | 6.50 | 6.66 | 7.50 | 7.71 |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.10 | 7.29 | 7.60 | 7.82 |
- Revision in Interest Rates on Domestic Bulk Term Deposits (INR 2 Crores and above) W.E.F. 15.02.2023
| General public | Senior Citizens | |||
| Tenors | Rates w.e.f. 15/02/2023 | Annualized Yield# | Rates w.e.f. 15/02/2023 | Annualized Yield# |
| 7 days to 45 days | 4.75 | 4.75 | 5.25 | 5.25 |
| 46 days to 179 days | 5.50 | 5.50 | 6.00 | 6.00 |
| 180 days to 210 days | 6.00 | 6.14 | 6.50 | 6.66 |
| 211 days to less than 1 year | 6.25 | 6.40 | 6.75 | 6.92 |
| 1 Year to less than 2 years | 6.75 | 6.92 | 7.25 | 7.45 |
| 2 years to less than 3 years | 6.50 | 6.66 | 7.00 | 7.19 |
| 3 years to less than 5 years | 6.00 | 6.14 | 6.50 | 6.66 |
| 5 years and up to 10 years | 6.00 | 6.14 | 6.50 | 6.66 |
Different Ways to Invest in SBI FD?
Mentioned below are the different ways to invest in SBI Fixed Deposit:
A) Via Internet Banking:
Mentioned below are the steps to open an FD via SBI Internet Banking:
- Log in to the SBI net Banking Account.
- Click on the tab “Deposit Scheme” and under that click on “Term Deposits”.
- Select the type of Fixed Deposit.
- Then click on “Proceed” to continue.
- Provide the details of the nominee.
- Accept the “Terms & Conditions” by clicking on it.
- Click on “Submit” to complete the SBI Fixed Deposit process.
B) Via Mobile App:
Mentioned below are the steps to open an FD via SBI Mobile Banking:
- Download the SBI YONO App and make a login.
- Select the “Fixed Deposit” option.
- Provide the details of the nominee.
- Accept the “Terms & Conditions” by clicking on it.
- Click on “Submit” to complete the SBI Fixed Deposit process.
C) By Visiting Bank:
Mentioned below are the steps to open an FD by visiting the SBI Branch:
- Visit any nearest SBI branch during SBI Bank Timings.
- Fill out the Fixed Deposit Application Form.
- Submit the form along with the amount to be invested.
- A receipt will be provided by the bank on completion of the successful processing of the application.
Eligibility Criteria to open a SBI FD Account
Mentioned below are the eligibility criteria to open a SBI FD Account:
- Indian Resident Individuals
- Partnership Firms
- Public and Private Limited Companies
- Societies
- Trusts
- HUFs
- Non-Resident Indians (NRIs) and PIOs (Persons of Indian Origin)
Benefits of Using the SBI FD Calculator
Mentioned below are the benefits of using the SBI Fixed Deposit Calculator:
- It allows depositors to know the maturity value that could be received if the funds are invested in SBI FD now.
- One can plan their investment portfolio in a hassle-free manner.
- The depositor can also compare different FD’s with SBI as well as of the different banks and select the FD in which the amount can be invested.
- The SBI FD Calculator is quite simple to use and can be easily used by anyone.
- As it is an online tool, it is accessible anytime and anywhere.
- It is available free of cost.
How does an SBI FD Calculator Work?
The formula used by the SBI FD Calculator to calculate the maturity amount is as mentioned below:
A= P (1+r/n)^n*t
Where ‘A’ refers to the maturity amount that you get at the end of the FD tenure,
‘P’ refers to the investment amount,
‘r’ refers to the applicable SBI FD rate of interest,
‘n’ refers to the frequency of interest calculation or the number of times the interest is calculated and
‘t’ refers to the FD tenure.
Please note that the value of ‘n’ is ‘1’ if the interest is compounded annually, ‘2’ if compounded half-yearly, ‘4’ if compounded quarterly, and ‘12’ if compounded monthly.