SBI Bank Fixed Deposit (FD) Interest Rates

About SBI

The State Bank of India is the largest Indian bank with 42 crore customers. It offers a wide list of products and services to customers including savings accounts, fixed deposits, loans and credit cards. It has been ranked as 236th in the Fortune Global 500 list of the world's biggest corporations of 2019. The Fixed Deposit programme by SBI has been rated as FAAA/Stable by CRISIL. This indicates that the FD offering is stable, and it will generate stable and timely returns.

Benefits of SBI Fixed Deposit

• 1. Competitive rate of interest - Investors in SBI fixed deposits can get up to 5.40% rate of interest on their deposits. In case of senior citizens, the interest rate goes up to 6.20%. This rate is comparable to most of the other participants in the market (though it should be said that Bajaj Finance offers rates up to 7.60% for non-senior citizens and 7.85% for senior citizens).
• 2. Auto renewal facility - SBI gives you the option to automatically renew your FD in case you wish to extend the tenure of your deposit. Your deposit gets renewed for the same time period as the original deposit. This feature is available to certain FD schemes.
• 3. Minimum deposit of ₹1000 - The minimum deposit for most FD schemes is only ₹1,000. This makes it easy for most people in the country to invest. In case of SBI Multi Option FD, the minimum investment is ₹10,000 and for SBI annuity scheme, it is ₹25,000.
• 4. Loan facility available - When you open an FD with SBI, you can also get access to loans up to 90% of the FD's outstanding value. This gives you easy access to capital when you require it. The interest on these loans is between 5.5% to 7.1%.