SBI FD Calculator is for calculating the maturity amount of Fixed Deposit invested in SBI bank for a specified period.
FD is a deposit of a fixed sum of money for a fixed period of time, which can vary anything from a few days to a few years at a fixed interest rate known at the beginning of the investment.
This FD Calculator for SBI requires some data like – your principal deposit amount, rate of interest, period (in the number of months), and interest compounding frequency. After calculation, you will get the maturity amount after maturity period and effective yield in %.
What is the SBI FD Calculator?
The SBI FD Calculator is for calculating the maturity amount of Fixed Deposit invested in SBI bank for a specified period. Using this online FD calculator for SBI, you can easily calculate the FD return value. This Online FD calculator is a versatile tool and can be used for any FD account opened in any banks such as PNB FD Calculator, Post Office FD Calculator, or HDFC FD Calculator.
How to use FD Calculator for the SBI account?
This SBI FD calculator requires some data for calculation of the maturity value. You have to enter the correct values for input parameters for the exact calculation. FD Interest Calculator for SBI Bank requires the following input value for the following parameters:
- Deposit Principal amount
- Rate of interest
- FD tenure or Periods in months
- Compounding frequency
After calculation by this FD calculator, you will get the Maturity Amount after the maturity period and Effective yield in %.
SBI FD Interest Rates:
FD rates of banks are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand. Comparative FD interest rates in SBI are tabulated below. Here FD rates range is given for different deposit tenure from 7 days – 10 years:
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| SBI | 7 days to 45 days | 3.5 | 4 | 2024-09-09 |
| SBI | 46 days to 179 days | 5.5 | 6 | 2024-09-09 |
| SBI | 180 days to 210 days | 6.25 | 6.75 | 2024-09-09 |
| SBI | 211 days to less than 1 year | 6.5 | 7 | 2024-09-09 |
| SBI | 1 year to <2 year | 6.8 | 7.3 | 2024-09-09 |
| SBI | 2 years to <3 years | 7 | 7.5 | 2024-09-09 |
| SBI | 3 years to <5 years | 6.75 | 7.25 | 2024-09-09 |
| SBI | 5 years to 10 years | 6.5 | 7.5 | 2024-09-09 |
What is a Fixed Deposit (FD) or Term Deposit in SBI?
A fixed deposit (FD) is an investment instrument offered by SBI bank, where you can deposit surplus money for a higher rate of interest than savings accounts. FD is a deposit of a fixed sum of money for a fixed period of time – which can vary anything from 7 days to 10 years in SBI – at a fixed interest rate known at the beginning of the investment.
Putting money into an SBI FD is like giving a loan to the SBI, in return for which the bank pays you interest. This interest may be payable at regular intervals during the term of the deposit or on withdrawal. The date of maturity of the SBI FD is established when the contract is concluded.
Features of SBI FD (Fixed Deposit) or Term Deposit:
- Minimum Deposit: Rs 1000.
- Maximum Deposit: No Limit
- Tenure: SBI offers Fixed Deposit in flexible tenures ranging from 7 days to 10 years.
- Payment of Interest:
- Interest at Monthly/ Quarterly/ Calendar quarter basis as per your requirement.
- Payment of Monthly interest will be at a discounted rate. Interest will be paid at the contracted rate irrespective of change in the rates thereafter.
- Senior Citizens get a 0.25% extra interest rate for the amount above Rs 10,000/-.
- Premature Withdrawal: Available.
- Nomination facility: Available
- TDS: TDS at the prevalent rate is deducted at source if Form 15G/15H not submitted.
Premature Withdrawal of SBI FD:
The premature withdrawal facility is available in SBI FD account with some terms, like:
- For Retail Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
- For Retail Term Deposits above Rs 5.00 lacs but below Rs 1 crore, the applicable penalty will be 1% (all tenors).
- The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
- However, no interest will be paid on Deposits which remain for a period of fewer than 7 days.
Advantages of SBI Fixed Deposit (FD) Account:
- Interest rates on SBI FD: Interest rates on FDs are fixed when you open the deposit and the rate depends on the term that you wish to hold it for. The interest rate offered on fixed deposits by SBI is higher than that on the savings account. It is also a safe form of investment where returns are guaranteed.
- Secure investment: A fixed deposit in SBI offers guaranteed returns. Unlike market-led investments where returns fluctuate over time, the returns on an FD are fixed when you open the account. Even if interest rates fall after you open a fixed deposit, you will continue to receive the interest decided at the start. SBI FDs are considered much safer than investments in other assets like equity.
- Return on investment: Your return on an SBI fixed deposit will depend on the interest rate and the type of deposit you choose. You can opt for a monthly or quarterly pay-out of interest or the reinvestment option, which will give you the benefit of compounding. You can calculate your return of your SBI FD by using the above SBI Fixed Deposit (FD) Calculator.
- Flexible Tenures: SBI Bank offers Fixed Deposit in flexible tenures ranging from 7 days to 10 years.
- Loan against FD: While FDs are fixed for an agreed tenure, you can take a loan against it when you need funds. SBI offers loans against FD in the form of an overdraft, and you can get up to 90% of your FD amount. The benefit is that your FD continues to earn interest; you don’t have to prematurely withdraw your SBI FD and end up paying a penalty.
Disadvantages of SBI Fixed Deposit (FD) Account:
While SBI Fixed Deposits offer various advantages in terms of guaranteed returns, they also have a few disadvantages, including:
- Low returns: While FD returns are guaranteed, they are also low as compared to other short-term market-linked investments.
- Liquidity: Withdrawing your FD before the date of maturity leads to a penalty charge. You may also get a lower interest on the total investment when you break your FD.
For Retail Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors). For Retail Term Deposits above Rs 5.00 lacs but below Rs 1 crore, the applicable penalty will be 1% (all tenors).
How to open a Fixed Deposit account in SBI?
Park your lump sum amount in an SBI Term Deposit and avail of features like guaranteed returns, choice of interest payout, liquidity through OD, or premature withdrawal.
Open an account with any of SBI branches, all of them are fully computerized, and realise the advantage of a vast network. Place funds in Multi Option Deposit Scheme, a term deposit which is not fixed at all and comes with a unique break-up facility which provides you full liquidity as well as benefits of higher rates of returns, through your savings bank account/ Current account.
You can also open an FD in SBI online. For opening the SBI FD account online you have to access of online portal of SBI i.e. onlinesbi.com. Hereafter login you will be able to open the SBI Fixed Deposit account online.
You are here for searching:
- SBI FD Calculator
- Calculate SBI FD Maturity value
- SBI Fixed Deposit Calculator
- SBI FD interest Calculator
How to Calculate the maturity of FD using SBI FD Calculator?
If you want to know the exact interest rate that is applicable to SBI FDs then it is advisable that you should visit the SBI website for the current interest rate here.
FD calculator for SBI will help you in finding out how much you earn through an FD. It will also help you in choosing the investment amount and the tenure of investment.
Furthermore, you can know that total interest earned and the maturity value of your FD with the help of an online SBI FD Calculator above. To know the maturity amount, simply enter your Principal Deposit Amount, Rate of Interest, Period (in No. of Months), and interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
