SBI Fixed Deposit Calculator

State Bank of India (SBI) is one of the leading public sector banks in India. It offers attractive interest rates on FDs up to 6.85%. Senior citizens can earn an additional benefit of 0.5% on SBI FD interest rates. A fixed deposit (FD) 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 in 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.

The maturity of SBI fixed deposit depends on the following factors:

  • Deposit amount
  • Tenure of fixed deposit
  • TDS rate and TDS applicability
  • Interest rate
  • Compounding frequency

SBI FD Interest Rates

Below are the SBI FD interest rates 2020. You can enter the rate in SBI FD calculator to find out the exactly earning.

Tenure Fixed Deposit Interest Rates Maturity Amount for Rs. 1 Lakh
7 days to 45 days 5.75% to 6.25% Rs. 100,110 - Rs.100,771
46 days to 179 days 6.25% to 6.75% Rs. 100,788 - Rs.103,337
180 days to 210 days 6.35% to 6.85% Rs. 103,156 - Rs.103,985
211 days to 364 days 6.40% to 6.90% Rs. 103,739 - Rs.107,061
1 year to 1 year 364 days 6.80% to 7.30% Rs. 106,975 - Rs.115,544
2 years to 2 years 364 days 6.80% to 7.30% Rs. 114,437 - Rs.124,213
5 years to 10 years 6.85% to 7.35% Rs. 140,439 - Rs.207,162
3 years to 4 years 364 days 6.80% to 7.30% Rs. 122,420 - Rs.143,549

SBI FD Rates Calculator

The bank will transfer the earned interest at each interval (for instance, quarterly), to your bank account under a periodic interest payout 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.

FD calculator SBI online helps to calculate the earnings in fixed deposit within no time. Below given is FD rates calculator SBI, which you can use free-of-cost on our website.

SBI FD Interest Rates Calculator

Tax on Fixed Deposit State Bank of India

Banks will deduct TDS on the interest income of fixed deposits, 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 your interest earned does not exceed Rs. 40,000 in a year, then there will be no tax deducted. Prior to 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.
  • 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 taxable income bracket need to submit Form 15G and Form 15H to the State Bank of India in order 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 savings account, recurring deposit, and fixed deposit for senior citizens, is exempted from tax, in a financial year.

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 are higher.
  • FD Tenure: Fixed deposit rates by State Bank of India are lower for deposits with a shorter tenure, and higher for 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.

Disclaimer: All information stated is purely for informational purpose. 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.

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