SBI Bank FD Calculator

SBI Bank Fixed Deposit Calculator 

State Bank of India (SBI) is the largest public sector bank in India, known for its wide range of banking services and strong customer base of over 42 crores. One of its most popular offerings is Fixed Deposits (FDs), which provide customers with a safe and steady investment option.

SBI FD Interest Rates

• General Citizens: 3.00% to 6.50%

• Senior Citizens: 4.00% to 7.50%

These rates vary depending on the tenure and amount of the deposit. For senior citizens, SBI offers an additional 0.50% interest rate over regular citizens.

Features of SBI Fixed Deposits

• Tenure Range: 7 days to 10 years

• Minimum Deposit: Rs. 1,000 (no maximum limit)

• Auto-renewal and loan against FD options are available

• Tax Deducted at Source (TDS) is applicable unless Form 15G/15H is submitted

• SBI FDs are rated FAAA/Stable by CRISIL, reflecting high stability and guaranteed returns

SBI also offers a new 444-day deposit scheme with an attractive interest rate of 7.25%.

How to Open an SBI FD Account?

You can open an SBI FD account both online (through internet banking or mobile app) and offline (by visiting a branch).

1. Online via Internet Banking:

• Log in to your SBI NetBanking account.

• Select the 'Term Deposits' option and choose the FD type.

• Enter deposit details, accept terms, and submit the application.

2. Mobile Application:

• Download and log in to the SBI Yono app.

• Follow similar steps as internet banking to open an FD.

3. Offline at a Branch:

• Visit an SBI branch, fill out the FD application form, and submit it along with the deposit amount.

Eligibility for SBI Fixed Deposits

• Resident Indian citizens

• NRIs with NRE/NRO accounts

• Partnership firms, HUFs, societies, and clubs

Documents Required for Opening an FD Account

• Duly filled FD application form

• Identity proof (PAN, Aadhaar, Voter ID, etc.)

• Address proof

• Four passport-sized photographs

• Proof of age (for senior citizens)

• Bank account details (account number, IFSC, etc.)

SBI Tax Saving Fixed Deposit Scheme

SBI offers a tax-saving FD scheme under Section 80C with a 5-year lock-in period. The minimum deposit is Rs. 1,000, and the maximum is Rs. 1.5 lakh.\

How to Apply for SBI Tax Saving FD Online:

• Log in to SBI Online Banking.
• Navigate to e-fixed deposit.
• Choose e-TDR/e-STDR under the Income Tax Saving Scheme.
• Select the account, enter the FD amount, and submit.

Terms and Conditions of SBI Tax Saving Scheme

• No premature withdrawal before 5 years.
• After 5 years, premature closure is allowed under certain conditions.
• In case of the account holder's death, nominees or legal heirs can withdraw the deposit.

Loan Against SBI FD

SBI allows depositors to avail a loan up to 95% of the FD value.

Premature Withdrawal

• For deposits less than Rs. 5 lakh, a 0.50% penalty is charged.

• For deposits above Rs. 5 lakh, the penalty is 1%.

State Bank of India FD Calculator

An SBI FD calculator can be used to determine the maturity amount based on the deposit amount, interest rate, and tenure. The formula used is:

• A = P (1 + r/n) ^ n*t, where:

• A = Maturity amount

• P = Principal amount

• r = Interest rate

• n = Compounding frequency

• t = Tenure

For example, a Rs. 10,000 investment at 7% interest for 5 years will grow to Rs. 14,148.

Using the SBI FD calculator helps plan short-term and long-term investment goals effectively.