SBI FD Premature Withdrawal Penalty calculator, Fixed Deposit Closure Penalty

If you close your State Bank of India’s Fixed Deposit before the agreed time, you will have to pay a penalty. Our SBI FD Premature Withdrawal Penalty calculator helps you to evaluate how much penalty is levied in your case.

To accurately calculate, you need to provide a few details, these are:

After providing these details, click on the “Calculate” button after entering the required details to find out the penalty for closing an SBI FD before maturity. Also, you will know the amount payable to you after deducting the penalty amount.

How SBI Premature FD Closure Calculator Works?

This calculator works as per the rules set by State Bank of India for Premature FD Withdrawal.

Here are the rules set by SBI for premature withdrawal of fixed deposits:

Additional Points:

• Interest Rates: Interest rates vary depending on the tenure of the deposit, ranging from 2.9% for short-term deposits (7-45 days) to 5.4% for long-term deposits (5-10 years).
• No interest will be paid for deposits of less than 7 days.

Examples:

For Deposits up to ₹5 lakh:

If the contracted interest rate is 6% and the applicable rate for the period the deposit remained with the bank is 5%, the effective rate will be the lower of:

6% - 0.50% = 5.5%

5% - 0.50% = 4.5%

So, the effective rate is 4.5%.

For Deposits above ₹5 lakh but below ₹1 crore:

If the contracted interest rate is 7% and the applicable rate for the period the deposit remained with the bank is 6%, the effective rate will be the lower of:

7% - 1% = 6%

6% - 1% = 5%

So, the effective rate is 5%.

Don't Miss:

SBI FD Premature Withdrawal Calculation : FAQs

Quick Links