State Bank of India, SBI is a Fortune 500 company. SBI is the largest bank in India by Total Assets. Investing in SBI’s Fixed Deposit scheme is a good way to save and grow your money. In this article, we are helping you to calculate your Fixed Deposit Maturity Amount using the SBI FD Calculator. The calculations are based on the latest SBI FD Interest rates.
Update : SBI has increased FD Interest Rates from 15 May 2024 onwards. With this SBI FD Calculator, you can accurately estimate the maturity amount based on the most recently updated interest rates.
Before we get started with the State Bank of India Fixed Deposit Calculator, kindly note these things:
- The minimum period of deposit is 7 days while the maximum period is 10 years.
- The minimum amount to start your fixed deposit with SBI is Rs. 1000.
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The State Bank of India (SBI) offers a Term Deposit account for customers to invest money and earn fixed returns. The account offers features such as choice of interest payout, liquidity through overdraft or premature withdrawal. Interest can be paid on a monthly basis or on a calendar quarter basis. TDS is deducted at the prevalent income tax rate if Form 15G/15H is not submitted. Customers can invest in this account through online or by visiting the nearest SBI branch. The page also provides information on other types of term deposits offered by SBI.
below is the SBI Fixed deposit calculator, as per the latest 15 May 2024 interest rates.
SBI Fixed Deposit Calculator
Calculate Your FD
The calculator below helps you find the SBI FD Maturity amount based on your inputs. To calculate the maturity amount, provide the amount, indicate if you are a senior citizen, and specify the tenure.
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SBI Fixed Deposit Interest Rates 2024
These are the old interest rates ! SBI has increased the Fixed Deposit interest rates from 15 May 2024 onwards.
| Deposit Tenure | Applicable Interest Rate (General Public) | Applicable Interest Rate (Senior Citizen) |
|---|---|---|
| 7 days to 45 days | 3.50 | 4.00 |
| 46 days to 179 days | 4.75 | 5.25 |
| 180 days to 210 days | 5.75 | 6.25 |
| 211 days to less than 1 year | 6.00 | 6.50 |
| 1 year to less than 2 years | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.75 | 7.25 |
| 5 years and up to 10 years | 6.50 | 7.50* |
👆 These are the old interest rates ! SBI has increased the Fixed Deposit interest rates from 15 May 2024 onwards.
Here are the revised interest rates from 15 May 2024 onwards :
| Tenure | General Public | Senior Citizen |
| 7 days to 45 days | 3.50 | 4.00 |
| 46 days to 179 days | 5.50 | 6.00 |
| 180 days to 210 days | 6.00 | 6.50 |
| 211 days to less than 1 year | 6.25 | 6.75 |
| 1 Year to less than 2 years | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.75 | 7.25 |
| 5 years and up to 10 years | 6.50 | 7.50 |
An SBI Fixed Deposit acts as a secure vault for your funds within the bank. It helps you save and grow your money without worrying about the ups and downs of the stock market. You can choose how long you want to keep your money locked in, which can be short or long term.
The good thing about SBI FD is that it's safe and steady. Your money stays safe and grows steadily over time. It's like planting a seed and watching it grow into a tree.
SBI FD also helps you be smart with your money. It encourages you to save regularly and plan for the future. This way, you're prepared for any unexpected expenses or emergencies that might come up.
Overall, SBI Fixed Deposit is a simple and reliable way to save and grow your money. It's like having a trustworthy friend who looks after your savings while you focus on your life.
How Does the SBI Fixed Deposit Calculator Work?
The SBI Fixed Deposit Calculator calculates interest based on the investment amount, if the user is a senior citizen, and the investment duration.
Here's how it works step by step:
- The user enters how much they want to invest, indicates whether they are a senior citizen, and selects the investment period from a list.
- The calculator validates the input amount to ensure it falls within the acceptable range (Rs. 1000 to Rs. 2 Crores). If the amount is invalid, an error message is displayed.
- The calculator determines the interest rate based on the chosen time period and if the user is a senior citizen, according to a preset interest rate table.
- The calculator uses the investment amount, tenure, and interest rate to calculate the simple interest earned over the investment period. It then adds this interest to the initial investment amount to calculate the total amount at maturity.
- The calculated total amount at maturity is displayed to the user, along with the applicable interest rate.
The SBI Fixed Deposit Calculator helps users accurately calculate their earnings from fixed deposits based on the information they provide.
SBI's Fixed Deposit allows customers to save their money safely, offering guaranteed returns, options for interest payment, and easy access to funds through overdraft or early withdrawal. The deposit period ranges from 7 days to 10 years, with a minimum deposit of Rs. 1,000 and no maximum limit. Interest on the deposit can be paid quarterly, monthly, half-yearly, or yearly, depending on the depositor's preference. The deposit is transferable among SBI branches, and TDS is applicable as per Income Tax Rules.
Frequently Asked Questions
What is an SBI Fixed Deposit scheme?
SBI Fixed Deposits provide a one-time investment that earns more interest than a savings account and allows you to choose the investment period. Returns are low-risk, guaranteed, and insured by DICGC.
How can the SBI FD Calculator help customers?
The SBI FD Calculator helps plan finances by comparing different durations to see how much interest and the final amount you'll earn from a fixed deposit, making it easier to choose the best investment option.
What is the minimum and maximum period for an SBI Fixed Deposit?
The minimum period is 7 days while the maximum period is 10 years.
QUICK LINKS
| SBI Official Website | Visit Now |
| SBI Fixed Deposit Details | Click Here |