SBI FD Interest Rates 2023 | SBI Fixed Deposit interest rates 2023

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Last updated on November 2nd, 2023 at 11:46 pm

Find out the State Bank of India bank Fixed Deposit (FD) interest rates in 2023, as well as the interest rates on fixed deposits offered to Senior Citizens.

State Bank Of India offers several deposit schemes for its customers and SBI Fixed deposit schemes offer a very competitive interest rate. So SBI FD is considered one of the safest investment schemes available in the market.

In addition to offering competitive interest rates on fixed deposits for terms ranging from seven days to ten years, the State Bank of India also offers a variety of enticing features and perks. Senior citizens are eligible for an additional interest rate of up to 0.8 per cent on their deposits.

The interest rates available to the general public range between 2.90 per cent per annum and 5.40 per cent per annum.

SBI revised Fixed Deposit interest rates on 1st March 2022. Find below the latest SBI FD interest rates.

SBI FD Interest Rates (p.a.) w.e.f. 15.02.2022 (Below Rs. 2 Crore)

Tenure Regular Citizens FD rates Senior Citizens FD rates
7 days to 45 days 2.90 3.40
46 days to 179 days 3.90 4.40
180 days to 210 days 4.40 4.90
211 days to less than 1 year 4.40 4.90
1 year to less than 2 years 5.10 5.60
2 years to less than 3 years 5.10 5.60
3 years to less than 5 years 5.30 5.80
5 years and up to 10 years 5.40 6.20

The above SBI Fixed deposit rate was revised on 1st March 2022 and may change at any time without prior notice.

SBI offers a special interest rate for its staff and pensioners. They will get an additional 1% interest rate on their FD.

 SBI FD interest Rates for sr Citizens

Customers of the State Bank of India who are 60 years old or older are eligible to participate in the Senior Citizen Saving Scheme, which is a form of fixed deposit.

The customer has the option of making a fixed deposit of at least Rs. 1,000 for a period of up to 5 years through this Senior Citizen Fixed Deposit Scheme.

SBI resident Indian senior citizen Pensioners will get 1.5% additional interest than the regular Indian Citizen


 The Key Features of the SBI Senior Citizen Fixed Deposit Scheme

  • The following is a list of some of the benefits that come with the SBI Senior Citizen Fixed Deposit Scheme:
  • Minimum deposit of one thousand rupees, either individually or jointly
  • Tenure: At a minimum, five years, Maximum: 8 years
  • Availability of the nomination facility
  • Availability of an Automatic Renewal System
  • Early account termination is permitted, but there is a fee associated with it.
  • Several instances of withdrawal Not available

 SBI Fixed Deposit interest rates - Term wise

  • For regular Citizens – SBI FD interest rates range from 2.90% to 4.40% p.a for deposits with a tenure of 7 days to less than 365 days.
  • For Senior Citizens – It ranges from 3.40% to 4.90% p.a. (with a tenure of 7 days to less than 365 days.)
  • For 1 year to less than 5 years – SBI regular citizens will get an interest rate of 5.10% to 5.30% p.a Whereas Senior Citizens will get 5.60% to 5.80% p.a
  • 5 years and up to 10 years tenure, regular citizens will get 5.40% p.a Whereas Senior Citizens will get 6.20% p.a


 SBI Non-Resident External (NRE) FD Interest Rate

By using SBI’s NRE Fixed Deposit account, NRIs can deposit their savings and earn a good interest p.a without any risk.

 Non Resident External (NRE) FD interest rates 2020

SBI FD Interest Rates (p.a.)

Tenure Below Rs.2 Crore Rs.2 Crore & above
1 to (less than) 2 years 5.10% 2.90%
2 years to less than 3 years 5.10% 3.00%
3 years to less than 5 years 5.30% 3.00%
5 years and up to 10 years 5.40% 3.00%

If you withdraw your deposit before 1 year, you will not get any interest.

Also note that these interest rates may change at any time without prior notice.

 Fixed Deposits from SBI - Advantages.

  1. SBI fixed deposits include several customer-friendly features, including the following:
  2. SBI FD Interest payments are made on a calendar quarterly, and monthly basis, as appropriate.
  3. There is a nomination facility provided. The Account Holder can suggest a Nominee for their deposits
  4. Tenure ranging from seven days to ten years is possible.
  5. The minimum deposit is Rs.1,000 only, and there is no upper limit on the maximum amount.
  6. It is possible to take out an overdraft of up to 90% of the principal amount against the fixed deposit.
  7. You can convert your term deposit with a regular interest payout to a term deposit with a cumulative interest payout and vice versa.
  8. Loans in the amount of up to 90 per cent of the principal amount can be obtained against a fixed deposit.


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