State Bank Of India Interest Rates

Checking & Savings Accounts

Deposit Account Type

Required Minimum Balance to Open

Required Balance to Obtain the Interest Rate and APY

Interest Rate

APY1

Basic Business Checking Account

$100

NA

NA

NA

Simple Business Checking Account

$100

NA

NA

NA

Prime Business Checking Account

$1,500

NA

NA

NA

Elite Business Checking Account

$5,000

NA

NA

NA

Interest Business Checking Account

$2,500

$2,500

0.15%

0.15%

Attorney Client Checking Account

$100

$100

0.15%

0.15%

Analysis Business Checking Account

$500

NA

NA

NA

Business Savings Account

$500

$500

0.30%

0.30%

Hi Yield Interest Checking Account

$100

$100

0.50%

0.50%

Easy Checking Account

$250

NA

NA

NA

Senior Checking Account

$100

NA

NA

NA

Student Checking Account

$25

NA

NA

NA

Remittance Registration Checking Account

$10

NA

NA

NA

Regular Personal Savings Account

$100

$100

0.30%

0.30%

State Bank of India (SBI) is well known for its best banking services. SBI from their arsenal of best return investment plan brings you the FD Accounts with revised rates with effect from 30th July 2018. SBI offers great features for which they are well known for like different interest payout options, loan/overdraft facility nomination. State Bank of India (SBI) expects the countrys central bank to hold interest rates as inflation remains elevated, the chairman of Indias largest lender Dinesh Kumar Khara said. Benchmarks Nifty 14,981.75 -137.2.

Hi Yield Advantage Savings
Personal Only

Required Minimum Balance to Open: $500

Tier

Minimum Balance to Open and Obtain APY

Interest Rate

APY1

Savings Balance Tier 1

$500

$4,999.99

0.15%

0.15%

Savings Balance Tier 2

$5,000.00

$9,999.99

0.25%

0.25%

Savings Balance Tier 3

$10,000.00

$100,000.00

0.30%

0.30%

Savings Balance Tier 4

$100,000.01 and above

0.35%

0.35%

Hi Yield Advantage MMDA
Personal and New Money Only

Required Minimum Balance to Open: $500

Tier

Minimum Balance to Open and Obtain APY

Interest Rate

APY1

Savings Balance Tier 1

$500

$4,999.99

0.20%

0.20%

Savings Balance Tier 2

$5,000.00

$74,999.99

0.25%

0.25%

Savings Balance Tier 3

$75,000.00

$149,999.99

0.25%

0.25%

Savings Balance Tier 4

$150,000.00

$250,000.00

0.30%

0.30%

Savings Balance Tier 5

$250,000.01 and above

0.35%

0.35%

Money Market Deposit Account (MMDA)
Personal and Business

Required Minimum Balance to Open: $500

Tier

Minimum Balance to Open and Obtain APY

Interest Rate

APY2

MMDA Balance Tier 1

$500

$49,999.99

0.15%

0.15%

MMDA Balance Tier 2

$50,000.00

$99,999.99

0.25%

0.25%

MMDA Balance Tier 3

$100,000.00

$249,999.99

0.30%

0.30%

MMDA Balance Tier 4

$250,000.00 and above

0.35%

0.35%

Premium Money Market Deposit Account (MMDA)
Personal and Business

Required Minimum Balance to Open: $100,000

Tier

Minimum Balance to Open and Obtain APY

Interest Rate

APY2

MMDA Balance Tier 1

$500

$49,999.99

0.20%

0.20%

MMDA Balance Tier 2

$50,000.00

$99,999.99

0.25%

0.25%

MMDA Balance Tier 3

$100,000.00

$249,999.99

0.30%

0.30%

MMDA Balance Tier 4

$250,000.00

and above

0.35%

0.35%

Certificate of Deposit (CD)

Regular CD
(Required Minimum Balance to open a regular CD: $1,000.00)

Regular Deposits

Institutional Deposits

Term

Minimum Balance to Open and Obtain APY

Interest Rate

APY2

Interest Rate

APY2

8 days to less than
3 months

$1,000.00

0.15%

0.15%

0.15%

0.15%

3 months to less
than 6 months

$1,000.00

0.25%

0.25%

0.25%

0.25%

6 months to less
than 1 year

$1,000.00

Low wagering slots no deposit. 0.35%

0.35%

0.35%

0.35%

1 year to less
than 2 years

$1,000.00

0.50%

0.50%

0.50%

0.50%

2 years to less
than 3 years

$1,000.00

0.50%

0.50%

0.50%

0.50%

3 years to less
than 4 years

$1,000.00

0.50%

0.50%

0.50%

0.50%

4 years to less
than 5 years

$1,000.00

0.50%

0.50%

0.50%

0.50%

5 Years +

$1,000.00

0.50%

0.50%

0.50%

0.50%

IRA Certificates of Deposit
(We offer Traditional and Roth IRA CD accounts)
TermMinimum Balance to Open and Obtain APYInterest
Rate
APY2

1 Year

$1,000.000.50% 0.50%

2 Years

$1,000.000.50% 0.50%

3 Years

$1,000.000.50% 0.50%

4 Years

$1,000.000.50% 0.50%
$1,000.000.50% 0.50%

1APY refers to Annual Percentage Yield and is accurate as of 12/22/2020. Interest is compounded daily and paid monthly. Interest is calculated and accrued daily based on the daily collected balances in the account. The account requires a minimum opening deposit based on tier and APY and is listed above. Rates may change at any time without prior notice, before or after the account is opened. Fees could reduce earnings on the account.

2APY refers to Annual Percentage Yield and assumes interest remains on deposit until maturity. APY is accurate as of 12/22/2020. Rates are fixed for the term of CD. Interest is compounded quarterly and interest may be paid monthly, quarterly, annually or at maturity. The account requires a minimum opening deposit based on term and APY and is listed above. Interest begins to accrue on the business day you make your deposit. CD rates are subject to change at any time and are not guaranteed until CD is opened. A penalty may be imposed for early withdrawal. Fees could reduce earnings on the account.

For further information about terms and conditions, see the Personal Banking Schedule of Fees and Charges and Consumer Deposit Account Disclosure, call toll-free 1.877.707.1995, or visit a location near you.

Bank Fixed Deposits (FDs) are the safest forms of investment. They are not only risk-free but also flexible as banks allow you to withdraw the amount prematurely when in need. There are different types of FDs in the banks such as the short-term deposits and long-term deposits. The short-term deposits are usually for periods less than six months where the banks give you simple interest on the principal investments. The long-term deposits are re-investment kind of deposits where the bank pays you interest on compound basis.

Bank

Calculating the compound interest is a complex mathematical operation. The process is extremely difficult and time-consuming. Plus, the results so derived are prone to human calculation errors. Thus, you can use an FD Calculator to determine the interest you receive on maturity of such deposits. One such user-friendly calculator is the SBI fixed deposit calculator. SBI FD Calculator allows you to calculate the total interest you’ll receive upon maturity of your deposit and plan your investment accordingly.

Features and Benefits of SBI FD Calculator

State Bank of India (SBI) offers two kinds of fixed deposits: non-cumulative FD and cumulative FD. The periodic interest payment option is the first one whereas the second category is the reinvestment option. Calculating the interest payment in the periodical option category is easy because SBI uses the simple interest calculation formula. However, you will need the help of the SBI FD calculator to arrive at the maturity amount in the reinvestment category. Let us now look at the features and benefits of the SBI fixed deposit calculator.

The formula for calculating the maturity amount with compound interest is a challenging one to understand and determine. The SBI FD calculator makes your job easy.

SBI Fixed Deposits Interest Rates

State Bank of India is the largest public sector bank in India. It offers various fixed deposit products to its customers at attractive rates of interest. The SBI interest rates change at frequent intervals. Similarly, they have different rates of interest depending on the principal deposit amount. This interest rate table will make things clear.

Below ₹ 1 Crore w.e.f. 28.11.2018

Deposit TenureGeneralSenior Citizen
7 to 45 days5.75%6.25%
46 to 179 days6.25%6.75%
180 to 210 days6.35%6.85%
211 days to < 1 year6.40%6.90%
1 year to < 2 years6.80%7.30%
2 years to < 3 years6.80%7.30%
3 years to < 5 years6.80%7.30%
5 years to 10 years6.85%7.35%

Bulk Term Deposits between ₹ 1 Crore and ₹ 10 Crores w.e.f. 30.07.2018

Deposit TenureGeneralSenior Citizen
7 to 45 days5.75%6.25%
46 to 179 days6.25%6.75%
180 to 210 days6.35%6.85%
211 days to < 1 year6.40%6.90%
1 year to < 2 years6.70%7.20%
2 years to < 3 years6.75%7.25%
3 years to < 5 years6.80%7.30%
5 years to 10 years6.85%7.85%

State Bank Of India Interest Rates 2019

Bulk Term Deposits above ₹ 10 Crores w.e.f. 30.07.2018

Deposit TenureGeneralSenior Citizen
7 to 45 days5.75%6.25%
46 to 179 days6.25%6.75%
180 to 210 days6.35%6.85%
211 days to < 1 year6.40%6.90%
1 year to < 2 years6.70%7.20%
2 years to < 3 years6.75%7.25%
3 years to < 5 years6.80%7.30%
5 years to 10 years6.85%7.35%

Important points to note

  • NRO and NRE deposits have a different rate structure.
  • There is a premature withdrawal penalty of 1% for the bulk term deposits.
  • Staff members and ex-staff of State Bank of India get an additional interest of 1% on all fixed deposits.

How to calculate the interest with Online SBI FD Calculator

Calculating the applicable interest is a complicated process. It is best to use the SBI Fixed Deposit Calculator to determine the maturity amount and the interest you earn from the deposit. Here is the process explained in a few steps.

State Bank Of India Interest Rates Home Loan

  • Enter the principal amount, the rate of interest, and the deposit tenure.
  • The next step is to choose the interest frequency options. The available options are simple, monthly, quarterly, half-yearly, and annually.
  • On clicking the ‘Calculate’ button, you get the maturity amount and the amount of interest.

Tax on SBI Fixed Deposit

The interest received on bank FDs is taxable. You have to include the interest as a part of your income while preparing your Income Tax returns. The income tax rate depends on the slab you fit into while computing your taxable income.

The Income Tax Act 1961 stipulates that banks and other financial institutions should deduct tax at source while paying interest on fixed deposits placed with them if the amount of interest paid to the individual depositor is more than ₹ 10,000 in a financial year. All branches of a bank constitute a single identity. The TDS rate is as follows.

  • 10% if you update the PAN details in your account
  • Otherwise, the rate is 20%

The banks are under an obligation to deposit the TDS amount to the Income Tax department at fixed intervals. Consequently, the banks furnish the details of the TDS deposited with the IT Department to the depositor vide Form 15G and 15H. You can use these details while preparing your IT returns and claim refunds if applicable.

If your annual income does not come in the tax bracket, you can submit Form 15G (General Public) or 15H (Senior Citizen) along with your PAN details to the banks. The banks do not deduct TDS under such circumstances.

Eligibility Criteria for SBI Fixed Deposits

State bank of India has the most extensive network of branches in India. You are never far away from a State Bank of India branch wherever you are in India. Hence, a significant proportion of the Indian population prefers to open fixed deposit accounts with the SBI. The following categories of entities can open fixed deposits with SBI.

  • Individuals – Resident as well as Non-Resident Indians can open FDs in SBI in single or joint names.
  • Non-individuals like sole proprietorship, partnership firms, companies, Government departments, clubs, societies, trusts, and associations

One should compulsorily satisfy KYC norms while opening FD in SBI. It is also advisable to avail the nomination facility for your convenience. Ensure to update your PAN details and submit the necessary 15G/H forms if you do not come in the tax bracket.

Use the SBI FD calculator to determine the maturity amount and the interest you earn on your deposit.

State Bank Of India Interest Rates On Nri Account