SBI is the country’s largest bank which enabling the services, products and lots of benefits. However, the aim of the bank is to make the whole banking easy and avail the best options which can save money as well as help in getting what the people are looking for. Well for that, the bank is now offering the fixed deposit considering different options and groups. The interest rate of the different fixed deposit avails the options so you can choose depending on your own needs. Check SBI Fixed Deposit Interest Rates Schemes, Features and Plan 2019 below.
What are the Features?
There are certain features you get once you open your account with SBI fixed deposit. However, to know more, here are the listed points:
- Here you get the nomination facility
- A facility like premature withdrawal is available
- The minimum deposit you need to do is Rs 1000
- Tenures start after the seven days
- You can convert the converted fixed deposited to special term deposit receipt as well as vice versa.
SBI FD Interest Rate: Term wise Interest Rates
Well to know more about the fixed-rate, there is an important point to
Short term deposit: This is for you if you are looking for something which can meet your short-term requirements. You get quicker returns, and the interest is 5.75% to 6.40% annually. You get the seven days minimum tenure and maximum is less than one year
Medium-term deposit: it is a lock-in a period where you have to wait for one year, so you get the lucrative rate of turn. The interest rate with this one is 6.40% to6.70% annually. Also, you can get more interest rate If the FD of yours is for two years or five years
Long term deposit: if you are looking for something long term then you can choose this one. Here you get the chance to get better return depending on how long your tenure is. You get the tenure around 5 and 10 years with the range of interest rate at 6.75% per annum. You also get the tax-saving benefits as well. However long term deposited comes with 5 to 10 years lock-in period
Read More: SBI Internet Banking Login Guide.
Senior citizen deposit: the rates here are higher as compared to others as the main aim to boost the savings for this age group. Here you get the short as well as long term deposit both. The rate of interest is 6.25% to 7.25% per annum. The rate of interest increases depending on the tenure years. Also, this one is an ideal option if you are retired, and the pension is your source of income.
How to Calculate the SBI Fixed Deposit Interest Rate?
The rate of interest depends on the account and its maturity period. However, to calculate the interest rate, you can use the calculator for that. But before that, here are a few things you are going to enter:
- Principal amount
- Duration of the ed
- Rate of interest
And after that, you can get interest value and the total maturity value.
We know how important for an average person to save the minimum amount of money every month. It is because they can use that saved money later, to buy something big and better for their future. That is the only reason why banks made it easier for the customers. They now get interest in depositing a fixed amount to the bank, and so they can receive an annual and fixed interest rate without affecting the optimum value of SBI fixed deposit amount. In this post, we have mentioned all the latest fixed deposit rates and schemes of state bank of India. You can find out all the details here and still if you want to ask anything else, then you can ask us in the comments section.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.