SBI Fixed Deposit

SBI Fixed Deposit: A Form That Could Deliver You High Returns

Nowadays, the popular modes of investment are either in real estate or stocks. In both cases, you need to be wealthy enough to risk those options or want a lump sum amount right now.

You may also talk to several banks or private financial institutions for such options. There are plenty of options in the market for savings and investments. However, the safest place for your long-term, high-return funds is with a Fixed Deposit (FD).

Cautious investors worried about market volatility, but with FD they can now invest their money with an assured return. State Bank of India (SBI), the country’s largest lender, offers you a wide range of deposit products to choose from.

The tenure or time period for which you can choose to deposit your funds in SBI FD will determine the interest rates and other benefits and features available to you. Whether you’re looking forward to a vacation, a child’s wedding, or putting your child through college, SBI Fixed Deposit would be perfect for all your long-term goals.


With SBI Fixed Deposits, you can earn steady returns while protecting your hard-saved money. Well, If you’ve already made up your mind to invest in the SBI Fixed Deposit but have no idea how to navigate your way through all the bits such as interest rates and other details, you’ve come to the right place.

Types of SBI Fixed Deposit

SBI Term Deposit

Term deposits are one of the safest investments. They are regular deposits that you can have with SBI, ranging from a period of time of 7 to 10 years. You can withdraw the amount prematurely but will have to pay a fee depending on when you close the account.

SBI Tax Savings Scheme

The SBI Tax Saving Fixed Deposit Scheme can be opened for tax exemption purposes. This scheme offers you the opportunity to earn interest on your deposits and also get a deduction on eligible deposits under Section 80C of the Income Tax Act.

SBI Fixed Deposit Reinvestment Plan

This scheme is one of the most effective methods to earn interest on your fixed deposits. As an SBI fixed deposits customer, you can add the scheduled quarterly interest to the principal amount and thus increase your initial deposit amount.

SBI Annuity Deposit Scheme

This is a Fixed Deposit Plan where you are offered to invest your Retirement Funds which will be paid to you in monthly installments. This is a great way to plan for your retirement, as the sum will be paid in Equated Monthly Installments (EMIs). 

SBI WeCare

SBI We Care offers unique features and benefits to create a protective cover for senior citizens. SBI WeCare is a comprehensive single window service for senior citizens that covers a wide range of financial needs. The scheme was applicable from 12 May 2020 to 30 September 2022, it’s not active anymore. 

Interest Rates of SBI Fixed Deposit

At SBI, you have the advantage of choosing from our wide array of deposit products to suit your short-term and long-term requirements. SBI offers varying interest rates for different deposits, which gives you the flexibility to choose a product that best meets your needs. The interest rates for the general public range from 2.90% p.a. to 6.10% p.a., while different rates will be applicable depending on the category and type of account. Interest rates are subject to change with or without any prior notice. 

Documents Required for SBI Fixed Deposit

For applying for the fixed deposit you can apply from ReferLoan

 

FAQs

Yes. All existing customers of SBI can open an FD account by simply logging in to their internet banking account through a password and username. 

For a term deposit of up to Rs.5 lakh, you’ll be charged a penalty of 0.50% if you withdraw your money before maturity.

The minimum deposit amount for SBI Fixed Deposit is Rs. 1000

The maximum period of deposit for SBI Fixed Deposit is 10 years. 

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