Are you saving your money to earn interest? If yes then it’s very important for you to know the current interest rates on fixed deposits in SBI. Here we give you the latest prevailing interest rate updates in SBI. Check out the various fixed deposit and saving account interest rates.
Tip: Activate the auto sweep facility to your saving account and earn interest on a fixed deposit. Know more.
SBI Interest Rates on saving bank Accounts
Below are the applicable Interest Rates on Savings Bank Deposits w.e.f 15th October 2022
| Savings Bank deposit slabs | Existing Rate of Interest | Revised Rate of Interest w.e.f. 15.10.2022 |
|---|---|---|
| Balances less than Rs. 10 Crore | 2.70% p.a | 2.70% p.a. |
| Balances Rs. 10 Crore & Above | 3.00% p.a. | – |
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Interest rates on fixed deposits in sbi
Here is the chart of revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crores) interest rates revised w.e.f. 15.02.2023. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised. The revised interest rates are as under :
(All figures in % per annum).
| Tenors | Rates w.e.f. 15/02/2023 (General Public) | Annualised Yield#(General Public) | Rates w.e.f. 15/02/2023 (Senior Citizen) | Annualised Yield# (Senior Citizen) |
|---|---|---|---|---|
| 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 |
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Is there a penalty on Pre-mature withdrawal?
Yes, there is a penalty charged by the bank if you withdraw your fixed deposit before its maturity date. Here is the percentage of interest charged by the bank on your fixed deposit withdrawal before its date w.e.f 01.04.2017.
| Sl. No. | Description | Penalty (All Tenors) |
|---|---|---|
| 1 | Retail Term Deposits up to Rs.5.00 lacs | 0.50% |
| 2 | Retail Term Deposits above Rs.5.00 lacs but below Rs.1 Crore | 1% |
The rate of interest shall be 0.50% or 1% below the rate applicable at the time of Deposit. This is for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower. It is also to note that the bank does not pay any interest on Deposits that remain for a period of fewer than 7 days.
About Making FD in SBI bank
State Bank of India’s fixed deposit plan gives you the flexibility to set aside a portion of your salary to achieve your goals and enjoy rates at par with bank FDs.
The SBI bank also offers tax-saving FDs which have a minimum tenor of 5 years. Unlike other FDs, these SBI Fixed Deposits cannot be withdrawn before the completion of the FD tenure. Also, tax-saving FDs cannot be used as collateral for availing of loans.
Similarly, the SBI Tax Saving FDs offer tax benefits up to Rs. 1.5 lacs per annum under Section 80C of the Income Tax Act, 1961. Thus, you can open an SBI fixed deposit account online by logging in to your SBI internet banking account. The best thing is not only you can create online FDS in SBI but also break them whenever there is a need.
Saving Bank Interest Rates for 10 years
| Date | Interest | Balance |
|---|---|---|
| 01.04.2000 | 4.00% | |
| 01.03.2003 | 3.50% | |
| 03.05.2011 | 3.50 % to 4.00 % | |
| 31.07.2017 | 4.00% to 3.50 % | |
| 01.05.2019 | 3.50% | Upto Rs. 1 lakh |
| 3.25% | Above Rs. 1 lakh | |
| 01.07.2019 | 3.50% | Upto Rs. 1 lakh |
| 3.00% | Above Rs. 1 lakh | |
| 01.11.2019 | 3.25% | Upto Rs. 1 lakh |
| 3.00% | Above Rs. 1 lakh | |
| 14.03.2020 | 3.00% | Upto Rs. 1 lakh |
| 3.00% | Above Rs. 1 lakh | |
| 19.04.2020 | 2.75% | Upto Rs. 1 lakh |
| 2.75% | Above Rs. 1 lakh | |
| 31.05.2020 | 2.70% | Upto Rs. 1 lakh |
| 2.70% | Above Rs. 1 lakh | |
| 15.10.2022 | 2.70% | Below ₹ 10 Cr |
| 3.00% | ₹ 10 Cr & above |
SBI Wecare’ Deposit for Senior Citizens
A special ‘SBI Welfare’ deposit for senior citizens has been launched in the retail TD segment. This scheme will carry an additional premium of 30 bps over the current 50 bps i.e. 80 bps over the card rate for the general public (as shown in the table above).
Thus, Senior citizens are paid on their retail TD only for a period of ‘5 years and above. ‘SBI Welfare’ deposit scheme has been extended till March 31, 2023.
The rate of interest payable to SBI Employees and SBI Pensioners will be 1.00% higher than the applicable rate shown in the table above.
Similarly, the Interest rates are applicable for fresh deposits and renewal of maturity deposits. Interest rates on the ‘SBI Tax Savings Scheme 2006(SBITSS)’ retail deposits and NRO deposits will be aligned with domestic retail fixed deposit rates.
However, NRO deposits of employees are not eligible for an additional 1% interest otherwise applicable to household retail deposits of employees. These interest rates are also applicable to domestic fixed deposits in cooperative banks.
Last updated on: 26.11.2022