Knowing the current SBI fixed deposit (FD) interest rates helps you make informed investment decisions and maximise returns. Rates vary based on the deposit amount, tenure and deposit type. Staying updated on the latest rates enables you to choose the term and product that best match your financial goals. Below is a clear summary of current SBI FD offerings and other important details.
Latest Fixed Deposit Interest Rates of SBI
SBI provides a range of FD options, including callable and non-callable FDs, NRE/NRO deposits and FCNR deposits for foreign currency holdings. Popular schemes and their rates are outlined below.
- Callable FDs
- Non-callable FDs (Sarvottam)
- NRE and NRO deposits
- FCNR deposits
- Callable Deposits Under ₹2 crores
| Tenure | Regular investors (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 4.75% | 5.25% |
| 180 days to 210 days | 5.75% | 6.25% |
| 211 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
- Non-Callable (Sarvottam) Deposits Under ₹2 crores
| Tenure | Regular investors (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 1 year | 7.10% | 7.60% |
| 2 years | 7.40% | 7.90% |
- NRE, NRO and FCNR Deposits
For NRE Deposits
| Tenure | Deposits under ₹2 crores (p.a.) | Deposits above ₹2 crores (p.a.) |
|---|---|---|
| 1 year to less than 2 years | 6.80% | 6.80% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.75% |
| 3 years to less than 5 years | 6.75% | 6.25% |
| 5 years to 10 years | 6.50% | 6.00% |
For NRO Deposits
| Tenure | Deposits under ₹2 crores (p.a.) | Deposits above ₹2 crores (p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 5.00% |
| 46 days to 179 days | 4.75% | 5.75% |
| 180 days to 210 days | 5.75% | 6.50% |
| 211 days to less than 1 year | 6.00% | 6.75% |
| 1 year to less than 2 years | 6.80% | 6.80% |
| 400 days (Amrit Kalash) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.75% |
| 3 years to less than 5 years | 6.75% | 6.25% |
| 5 years and up to 10 years | 6.50% | 6.00% |
For FCNR Deposits
FCNR deposits are offered in a range of foreign currencies. Below are sample annual interest rates by tenure and currency.
| Tenure (years) | USD | GBP | EUR | CAD | AUD | JPY |
|---|---|---|---|---|---|---|
| 1 | 5.55 | 5.10 | 4.00 | 4.50 | 4.50 | 0.05 |
| <1 to >2 | 5.55 | 5.10 | 4.00 | 4.50 | 4.50 | 0.05 |
| 2 to >3 | 4.25 | 5.00 | 1.50 | 4.10 | 4.40 | 0.05 |
| 3 to >4 | 3.95 | 4.00 | 1.50 | 3.85 | 4.30 | 0.05 |
| 4 to >5 | 3.85 | 4.00 | 1.50 | 3.90 | 4.20 | 0.05 |
| 5 | 3.90 | 3.90 | 1.50 | 3.95 | 4.10 | 0.05 |
These rates are current as of February 2024 and may change at the bank’s discretion. Always check the bank’s official rate sheet before making a decision.
Why Invest in Fixed Deposits?
Fixed deposits remain a popular choice for conservative investors due to predictable returns and low risk. Key benefits include:
- Diversification: FDs add stability to a broader portfolio and reduce overall risk exposure.
- Capital protection: FDs are not tied to market volatility, providing secure growth for your principal.
- Product flexibility: Multiple FD types, tenures and deposit amounts allow you to align investments with your objectives.
- Insurance cover: Bank FDs are protected up to specified limits by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Competitive returns: Various schemes offer attractive rates for different tenures and investor categories.
- Collateral and liquidity options: Many banks allow you to pledge FDs as security for loans, often up to a high percentage of the deposit value.
If you need funds without breaking an FD, you can often pledge it as collateral to obtain a loan at reasonable interest rates. For borrowers seeking small, unsecured loans, some lenders provide personal loans with flexible repayment and straightforward digital application processes.
FAQs on Fixed Deposit Interest Rates at SBI
What is the FD interest rate for a ₹1 lakh deposit at SBI?
SBI FD rates depend on your chosen tenure. Typical ranges (as of February 2024) are:
- Regular investors: 3.50% to 7.10% per annum.
- Senior citizens: 4.00% to 7.60% per annum.
Which is the best FD scheme at SBI?
The best scheme depends on your investment objective and time horizon. If you do not expect to withdraw prematurely, the Sarvottam FD (non-callable) often provides slightly higher rates. SBI also offers retail term deposits, NRE/NRO and FCNR options to suit different needs.
What are SBI’s FD rates in 2024?
As of February 2024, SBI FD rates are:
- Regular citizens: 3.50% to 7.10% per annum.
- Senior citizens: 4.00% to 7.60% per annum.
What is the senior citizen FD rate at SBI?
Senior citizens receive an additional 0.50% on applicable FD rates, resulting in a range of approximately 4.00% to 7.60% per annum, depending on tenure and scheme.
Is SBI safe for fixed deposits?
Yes. SBI is considered secure for fixed deposits and offers DICGC insurance coverage on eligible deposits. Verify current insurance limits and bank disclosures before investing.