SBI Fixed Deposit Calculator
| Tenure | Maturity Amount for Rs. 1 Lakh | Fixed Deposit Interest Rates |
|---|---|---|
| 7 days to 45 days | Rs. 1,00,056 - Rs. 1,00,419 | 2.90% to 3.40% |
| 46 days to 179 days | Rs. 1,00,492 – Rs. 1,02,169 | 3.90% to 4.40% |
| 180 days to 210 days | Rs. 1,02,181 – Rs. 1,02,842 | 4.40% to 4.90% |
| 211 days to 364 days | Rs. 1,02,562 – Rs. 1,04,977 | 4.40% to 4.90% |
| 1 year to 1 year 364 days | Rs. 1,04,991 – Rs. 1,11,527 | 4.90% to 5.50% |
| 2 years to 2 years 364 days | Rs. 1,10,667 – Rs. 1,18,137 | 5.10% to 5.60% |
| 5 years to 10 years | Rs. 1,30,760 – Rs. 1,85,011 | 5.40% to 6.20% |
| 3 years to 4 years 364 days | Rs. 1,17,111 – Rs. 1,33,344 | 5.30% to 5.80% |
State Bank of India (SBI) is one of the leading public sector banks in India. It offers attractive interest rates on Fixed Deposit (FD) up to 6.20%. Senior citizens can earn an additional benefit of 0.5% on SBI FD interest rates. A fixed deposit offered by SBI is a deposit account. It is for a fixed period and applies a fixed rate of interest. You can deposit a fixed amount in this account. The deposit has to be done at one-time during the account’s opening. After the FD matures, the earned interest with the principal amount is credited to your bank account.
On Loanbaba, you can utilize the fixed deposit rates calculator SBI to understand the total income on your FD with the bank. In the post below, we will discuss factors that affect the maturity of SBI FD, State Bank FD interest rates and FD rate calculator, factors that impact FD rate of interest, tax on fixed deposit, and FAQs.
Factors that Influence the SBI FD Maturity Amount
The maturity of SBI fixed deposit depends on the following factors:
- Deposit Amount: This is the amount you deposit initially in the FD. For larger deposits, the bank may offer a higher rate of interest. You can deposit an amount starting from Rs. 1,000 to as much as you want.
- Tenure: State Bank of India gives a lower rate of interest for FDs on shorter tenures. It may offer a higher interest rate for deposits of longer tenures. For instance, the rate on an FD of 5 years is 2.90% onward. But the rate for a 10-year fixed deposit is 5.40%.
- SBI FD Interest Rate: The rate of interest applied by the bank is higher for a longer tenure and larger deposits, and vice-versa. For instance, the rate is 5.40% to 6.20% for tenures 2 years to 2 years 364 days, on deposit amount below Rs. 1 crore.
- Compounding Frequency of Interest: This is the number of times at which the interest is compounded by the bank. The frequency of the same can be annual, half-yearly, quarterly, or monthly.
- TDS Applicability and TDS Rate: This is the tax deducted at the source. A certain percentage of tax will be deducted on the maturity/interest earned. You can choose SBI tax-saving fixed deposits to save maximum tax.
SBI Fixed Deposit Calculator and Interest Rates
Here are features of SBI FD Interest Rates and FD Calculator:
- The bank will transfer the earned interest at each interval (for instance, quarterly), to your bank account under a periodic interest pay-out option.
- The interest rate will be the same till the account’s maturity.
- After maturity, the amount will be transferred to your bank account, unless the deposit is renewed.
- For State Bank of India’s cumulative deposit scheme, you will get a credit of the interest earned net of TDS and the principal amount, at maturity.
The SBI FD rate calculator online helps to calculate the earnings in a fixed deposit within no time. Below given is the FD rates calculator SBI, which you can use free-of-cost on our website.
Illustration: For instance, you open a fixed deposit of Rs. 1 lakh. The tenure you choose is of 7 days. The rate of interest applicable is 2.90%. For such a scenario, you will receive a maturity amount of Rs. 1,00,671 at the end of 7 days. This amount combined the interest income of Rs. 671 and the principal deposit amount of Rs. 1 lakh. This way you can calculate the interest earned and the final maturity tenure for different deposit amounts and tenure using the SBI FD calculator.
Factors Influencing the FD Rates in SBI
The SBI FD rate is influenced by the following factors.
- Deposit Amount: Fixed deposit rates in SBI are lower on bulk deposits of an amount of more than Rs. 1 crore. For deposits, less than Rs. 1 crore, the rate of interest is higher.
- FD Tenure: Fixed deposit rates by the State Bank of India are lower for deposits with a shorter tenure, and higher for the tenure of up to 10 years.
- Type of Depositor: Fixed deposit rates in all bank including SBI is higher for senior rates (of 60 years and above). The rate earned is more than that by regular depositors, by a margin of 0.25% to 0.75%.
Whenever you use the FD interest rate calculator SBI, keep in mind the above-mentioned factors.
Tax on Fixed Deposit State Bank of India
Banks will deduct TDS (tax deducted on the source) on the interest income of fixed deposits. TDS is deducted when the entire amount is disbursed after maturity. TDS is calculated at the end of each financial year. The FD interest calculator SBI takes into account the TDS when calculating the maturity amount.
- If the interest earned does not exceed Rs. 40,000 in a year, then there will be no tax deducted. Before the Interim Budget of 2019, the limit of TDS on earned interest was Rs. 10,000.
- 10% TDS will be applicable if the earned interest is more than Rs. 40,000 in a financial year. The calculation is done considering all the FDs you may have with the bank.
- If you do not provide PAN information to the bank, then a TDS of 20% is applicable.
- TDS is deducted if your total income is below the minimum taxable slab i.e., Rs. 2,50,000 for all individuals and Rs. 3,00,000 for senior citizens.
- Those who do not fall under the taxable income bracket need to submit Form 15G and Form 15H to the State Bank of India to avail the benefit of no tax applicable on earned interest.
- Due to an amendment in Finance Act 2018, earned interest of up to Rs. 50,000 on the savings account, recurring deposit, and fixed deposit for senior citizens, are exempted from tax in a financial year.
Frequently Asked Questions about SBI Fixed Deposit Calculation
Here are FAQs on the State Bank of India FD calculator:
You can use the online FD calculator to know the SBI maturity amount on fixed deposits. But you can also manually calculate the interest earned and maturity sum using the below-mentioned formula:
A = P (1 + r/n) ^ n*t
- A – Maturity amount
- P – Amount of deposit
- r – Annual rate of interest
- n – Frequency of compounding the interest
- t – Investment tenure
The lowest rate of interest is 2.90% to 3.40% for tenure 7 days to 45 days. The highest interest rate is 5.40% to 6.20% for tenure 5 years to 10 years. This is for deposits under Rs. 1 crore.
The bank will transfer the earned interest as per the chosen interest pay-out option. This is done quarterly. Remember, the interest is fixed and it will be the same throughout the chosen tenure. You will get the maturity amount of the fixed deposit to the bank account. But if you renew the deposit, then the maturity value will carry forward to the new scheme. If you select the SBI cumulative deposit, then after maturity you will receive a credit of the interest earned net of TDS and the principal.
The fixed deposit calculator allows you to calculate the maturity value of the deposited amount. It takes into consideration the rate offered. The frequency of compounding is quarterly. The deposit amount, rate of interest, compounding frequency, and tenure together will tell you the maturity amount. There are several advantages of using the online SBI FD calculator:
- The calculator is easy to understand and use
- This financial tool helps to plan investments in a matter of few seconds
- It calculates the maturity value of the FD considering the TDS
- The results are realistic and accurate
- You can input different variations and understand which FD scheme is the most lucrative
On investing Rs. 1 lakh in FD for 5 years tenure, the rate of interest is 5.40% for those below 60 years of age. For senior citizens, the rate is 6.20% for the same amount of deposit and tenure. The maturity amount is Rs. 1,30,760 for those below 60 years of age. The earned interest is Rs. 30,760 in this case. But the total interest earned is Rs. 36,019 for senior citizens. The maturity amount for senior citizens is Rs. 1,36,019.
Disclaimer: All information stated is purely for informational purposes. The fixed deposit schemes and rates may change with a change in RBI policies and the bank’s policies. You can keep a check on SBI’s official website for current information.