SBI FD Interest Rates 2024, SBI Fixed Deposit Scheme, SBI FD Interest Rates for Senior Citizens And More

SBI FD Interest Rates 2024

In 2024, State Bank of India (SBI) offers a range of fixed deposit (FD) interest rates to suit different needs. For general customers, the rates vary from 3.50% to 7.10% per annum depending on the tenure of the deposit, while senior citizens enjoy slightly higher rates, ranging from 4.00% to 7.60%.

SBI provides options for FDs with tenures ranging from as short as 7 days to as long as 10 years. Special schemes like the Amrit Kalash FD offer competitive rates of up to 7.10% for general customers and 7.60% for senior citizens, with additional benefits like tax-saving options and guaranteed returns.

Here’s a table summarizing the SBI FD interest rates for 2024:

SBI FD Interest Rates 2024 Senior Citizens

Here's a table showing the SBI FD interest rates for senior citizens in 2024:

SBI Fixed Deposit Scheme

Here's an overview of the SBI Fixed Deposit (FD) Scheme:

1. Types of FDs:

• Regular Fixed Deposit: Traditional FD with fixed tenure and interest rate.
• Tax Saving FD: FD eligible for tax deductions under Section 80C of the Income Tax Act.
• SBI Multi Option Deposit (MOD): Combines FD with a savings account, offering flexible withdrawals.
• SBI Pension FD: Special FD for pensioners with higher interest rates.

2. Tenure:

• Ranges from 7 days to 10 years.

3. Interest Rates:

• Interest rates vary based on the tenure and type of FD. Senior citizens often receive higher rates.

4. Minimum Deposit Amount:

• Typically starts at ₹1,000. Minimum amounts may vary by scheme.

5. Interest Payment Options:

• Interest can be paid out monthly, quarterly, or annually, or it can be compounded.

6. Premature Withdrawal:

• Allowed with penalties. Interest is reduced, and some schemes may impose additional charges.

7. Loan Against FD:

• You can take a loan against your FD with a maximum of 90% of the FD amount.

8. Taxation:

• Interest earned is taxable under the Income Tax Act. Tax-saving FDs offer tax benefits up to ₹1.5 lakh.

9. Renewal:

• Automatic renewal of FD at maturity unless otherwise specified.

10. Application:

• Available at SBI branches or through online banking.

State Bank of India

The State Bank of India (SBI) is India's largest and oldest bank, with a history that dates back to 1806. It offers a wide range of banking services, including savings and checking accounts, loans, fixed deposits, and investment options.

SBI has a strong presence both in India and internationally, with branches and ATMs spread across the country and in various other countries. The bank is known for its reliable services and customer-friendly approach, making it a popular choice for individuals and businesses alike.