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Principal
Total Interest
Total Interest : ₹49,919
Maturity Amount : ₹1,19,80,558
Deposit Amount : ₹69,80,558
SBI FDs are one of the best investment options available. SBI offers multiple fixed deposits with attractive interest rates and flexible tenures ranging from 7 days to 10 years. You can choose the FD account most suited for you. However, it is ideal to know the maturity value and the interest accrued from a fixed deposit account before investing in it. This will help you plan your investment journey better. The SBI FD Calculator is available for this purpose. If you input the interest rate, monthly investment amount, and the tenure of the deposit, it will give you the maturity amount and the interest earned. So, use the SBI FD Calculator on the CreditMantri website and get precise and instantaneous results.
How to Use the SBI FD Calculator on the CreditMantri Website?
- Step 1 : Input the amount you desire to deposit every month
- Step 2 : Enter the preferred tenure and the interest rate
- Step 3 : The interest accrued, maturity value, and the total investment amount will be computed instantly and shown.
SBI FD Interest Rates 2024
SBI FD interest rates vary across tenures.
For Deposits Below 2 Crores
| Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 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 364 days | 6.00% | 6.50% |
| 1 year to 1 year 364 days | 6.80% | 7.30% |
| 2 years to 2 years 364 days | 7.00% | 7.50% |
| 3 years to 4 years 364 days | 6.75% | 7.25% |
| 5 years to 10 years | 6.50% | 7.50% |
| 400 days (Amrit Kalash Scheme) | 7.10% | 7.60% |
For Deposits Above Rs. 2 Crores
| Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 5.00% | 5.50% |
| 46 days to 179 days | 5.75% | 6.25% |
| 180 days to 210 days | 6.50% | 7.00% |
| 211 days to less than 1 year | 6.75% | 7.25% |
| 1 year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.25% | 6.75% |
| 5 years to 10 years | 6.00% | 6.50% |
Disclaimer : The interest rates given above are as of May when this page was written and are subject to change. For the exact interest rates, please contact the bank or refer to the bank’s website.
Key Highlights of SBI Fixed Deposits
SBI Fixed Deposit terms span from as short as 7 days to as long as 10 years.
The minimum investment amount required to open an SBI FD is Rs. 1000. The maximum amount does not have an upper cap.
Senior citizens are eligible for a higher interest rate of 0.50% extra for amounts over Rs. 10,000
SBI provides a nomination facility. So, the depositor can nominate his or her family members or spouse to collect the maturity amount.
Deposits can be transferred internally among SBI branches.
An investment of Rs. 2 crore or above is regarded as a bulk deposit.
The SBI FD deposit can be auto-renewed.
Failure to submit Form 15G or 15H leads to the deduction of TDS as per income tax rules.
FD interest has to be paid quarterly from the issue date or at maturity along with the principal. But, upon the request of the investor, interest may be paid in monthly, half-yearly, or yearly intervals in the case of term deposits with a duration of 12 months and more.
A loan can be obtained against a fixed deposit. The applicable margin is 10% for deposits with tenure greater than 36 months and up to 60 months. For deposits with tenure greater than 60 months, the applicable margin is 15%. Thus individuals can avail 85% to 90% of the value of the term deposit for loans.
How Does An SBI FD Calculator Work?
The SBI Bank FD Calculator uses the formula below to compute the returns from a fixed deposit. The formula is as follows:
M = P (1 + r/n) ^ n*t
Where M is the maturity value
P is the amount invested monthly
R is the annual rate of interest
N is the number of times the interest is compounded. If the interest is compounded quarterly, n is 4. If the interest is compounded half-yearly, it is 2, and so on.
t is the tenure of the deposit.
Let us take an example: Say you have invested Rs. 7000 in an SBI Bank FD for 2 years at an interest rate of 3% compounded yearly, then,
The maturity value is computed as follows:
Maturity value = 7000 (1 + 3%/1) ^ (1*2)
= 7000 (1 + 0.03)^(2)
= 7000 (1.03)^(2)
= 7000 (1.03)(1.03)
= 7426.3
Principal amount = Rs. 7000
Therefore interest earned = 426.3
Using an SBI FD calculator to compute the FD will give you instantaneous and accurate results.
Note : The values may vary slightly across various online calculators.
Tax on SBI Fixed Deposits
SBI offers a tax saving fixed deposit scheme ‘SBI Tax Savings Scheme, 2006’.
Here, the minimum deposit amount is Rs. 1000 and then in multiples of Rs. 100 thereafter.
The maximum deposit amount limit is Rs. 1.5 lakhs.
This deposit scheme comes with a lock-in period of 5 years and a maximum duration of 10 years.
You cannot withdraw the money from the FD account before the maturity period. But, you can choose to close your account early after 5 years.
All residents of India or undivided Hindu households that have a permanent account number (PAN) are eligible to open an SBI tax-saving fixed deposit.
Senior citizens have the privilege of getting an additional interest rate of 0.5% on the applicable rate. Also, SBI staff and pensioners are eligible for an additional interest rate of 1%.
This scheme provides income tax benefits under Section 80C of the Income Tax Act, 1961. Also, the tax will be deducted at source by the bank in proportion to the interest earned on the FD account. Earlier, the TDS charged was 10% and now it has been decreased to 7.5%.
FAQs on SBI FD Calculator
1. Can you take a loan against an SBI FD?
Yes, you can take a loan against an SBI FD. Individuals can avail up to 85% to 90% of the value of the term deposit for loans.
2. How to calculate FD in SBI?
To calculate FD interest in the SBI, you can use the formula: A = P * (1 + r/n)^(nt)
- A is the maturity amount
- P is the principal amount
- r is the annual interest rate (in decimal)
- n indicates the number of times interest is compounded annually
- t is the time period in years
You can calculate the interest earned and the maturity amount using this formula.
3. How can I calculate the monthly interest on an SBI FD?
To calculate the monthly interest on your SBI FD, you can use the formula: Monthly Interest = (P * r * (30/365)) / 100
where :
- P is the principal amount (the initial deposit)
- r is the annual interest rate
- 30/365 converts the annual rate to a monthly rate based on a 30-day month
You can also use SBI's online FD calculator or visit an SBI branch for precise calculations based on your deposit amount and the prevailing interest rates.
4. What is the highest amount allowed for depositing into an FD account?
There is no limit for the maximum amount of money that can be deposited in an FD account.
5. What is 7.5% interest rate on FD in SBI?
The interest rate offered on SBI WeCare FD is 7.5%. SBI WeCare is a special FD that extends additional interest rates to senior citizens for tenures ranging between 5 to 10 years. Additional interest rates are offered to protect the incomes of senior citizens. The last date to invest in the scheme has been extended to September 30, 2024. Fresh deposits can be made in this FD and it is also available on renewal of maturing deposits.