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.
The maturity of SBI fixed deposit depends on the following factors:
Here are features of SBI FD Interest Rates and FD Calculator:
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.
The SBI FD rate is influenced by the following factors.
Whenever you use the FD interest rate calculator SBI, keep in mind the above-mentioned factors.
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.
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
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:
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.
Subscribe to our newsletter
Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705