SBI Fixed Deposit

SBI Fixed Deposit
SBI Fixed Deposits can be availed for various purposes such as construction, renovation or extension of your house. Attractive interest rates, higher eligibility, and longerDeposit tenures make SBI Fixed Deposits one of the most popularDeposit products.

8.90% - 9.10%
Floating
0.25% (max. ₹11,800)
One time fee

₹5L - ₹10Crs3-30 Years
8.90% - 9.10%
Floating
0.25% (max. ₹11,800)
One time fee

₹5L - ₹10Crs3-30 Years

SBI Fixed Deposit is Rated as “Great!” by 2498 Users
SBI bank is a nationalised bank that has its robust network spread throughout the country. Its network makes it easier for customers to educate themselves about the quality products that the bank has to offer. One of the most renowned products of theirs is their Fixed Deposit products. Equipped with competitive rates of interest and processing fee, a SBI Fixed Deposit is preferred by severalDeposit customers all across the nation.

SBI Bank Fixed Deposit Interest Rates
Updated on 07 Jan 2019

Loan Details
Interest Rate8.90% to 9.10%
Processing Fees0.25% of the loan amount (Maximum Rs. 11,800)
Loan Tenure3 year to 30 years
Partial pre-payment ChargesNil
Pre-closure ChargesNil
Guarantor Requirement No Guarantor Required

SBI Bank Fixed Deposit
The practical aspects of buying, constructing or renovating a house involves immense responsibility, impeccable research and thorough planning. For most of us, getting the right Fixed Deposit scheme (which perfectly suits our needs) and repaying it with an interest can be a mammoth task, or maybe quite impossible. Though some people settle for a mortgage, it may not be the wisest option. In this scenario, the best thing to opt for is a comprehensive Fixed Deposit plan. Most leading banks extend financial assistance to customers in the form of Fixed Deposits, with the purpose of helping them to buy a house.SBI Bank is one on of India’s largest private sector banks.

Some of the Best Features Provided By SBI Bank Fixed Deposit are as follows:

It is a really a very quick and easy process to get a Fixed Deposit from SBI Bank.
With a higher eligibility, the bank also offers lower EMIs at affordable and attractive rates of interest.
Keeping up evolving technology, SBI bank has introduced a new system by which you can go through the application process Tablet and Smart phone. This ensures faster processing and quick disbursal of theDeposit.
You can avail Fixed Deposit from SBI to buy your dream house (of your choice), or from SBI bank’s approved projects.
They also offers pre-approved Fixed Deposits to selected customers, and existing customers get to enjoy reduced documentation process.

Features and benefits of SBI bank Fixed Deposit
Affordable interest rates and both floating and fixed options
The Fixed Deposit can be sanctioned before selecting the property
A really smooth simplified documentation process and even faster documentation process for existing customers
You get the freedom of enjoying a longer tenure with lower EMIs
The ‘Balance Transfer’ feature allows you to transfer your existing Fixed Deposit availed from any other bank, to SBI Bank. This is for you to enjoy long term savings.
With the Balance Transfer feature, you can enjoy up to additional top upDeposit amount. This can be up to 100% of the original Fixed Deposit.
The bank’s Fixed Deposit page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the Fixed Deposit amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards theDeposit.
Selected customers can enjoy pre-approved Fixed Deposits.
Up to 30 years ofDeposit tenure available
Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
SBI Fixed Deposit eligibility criteria:
Applicants must be at least 21 years old when theDeposit is sanctioned.
The entireDeposit must be repaid at or before the age of 65 years.
Applicant must be self-employed or salaried with a regular income source.
The co-applicant’s age must be at least 18 years.
SBI bank Fixed Deposit interest rates
Before we get into the absolute numbers, it is essential to know how the interest rates are actually calculated. Like other Fixed Deposits available from other banks in India, SBI Bank Fixed Deposits also offer an MLCR based interest rate calculation. It is essential to understand that the SBI Bank floating rate Fixed Deposit is benchmarked to I-MCLR-1Y. Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.55%. But the interest rates are calculated differently for different groups based on demographics.

SBI Fixed Deposit interest rate for self employed borrower (Floating Interest Rate)

Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.15% I-MCLR-1Y + 0.50%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%

SBI Fixed Deposit interest rate for salaried borrower (Floating Interest Rate)

Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%

SBI Fixed Deposit interest rate for women borrower- self employed (Floating Interest Rate)

Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%

SBI Fixed Deposit interest rate for women borrower- salaried (Floating Interest Rate)

Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.05% I-MCLR-1Y + 0.40%
Above 75 lacs9.20%I-MCLR-1Y + 0.45%

SBI bank Fixed Deposit EMI calculator
SBI Bank offers unique and dynamic tools like EMI calculator and Eligibility calculator to help customers with choosing the right Fixed Deposit. With the use of the eligibility calculator you can find the Fixed Deposit amount you are eligible to avail for, by entering certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you need to make towards theDeposit. For this you need to enter basic details like theDeposit tenure andDeposit amount. Make use of these tools to get the best deal. Pradhan mantri awas yojana by SBI bank
The CLSS or Credit Linked Subsidy Scheme has been announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS under PMAY, everyone will have a house by 2022.

Under the Fixed Deposit for all by 2022 scheme, interest subsidy can be availed by the customers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for improvement, extension, construction and purchase of houses.

Features of PMAY schemes:
In case of MIG categories, the beneficiary family’s Aadhaar numbers are mandatory.
The interest subsidy benefit can be availed on the outstanding principal.
The subsidy can be availed for maximum tenure of 20 years or the tenure availed by the customer, whichever is lower.
No cap is there on the property’s cost or the amount ofDeposit.
The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
Any additionalDeposit above the specified cap, will come with a non-subsidized rate.
Eligibility for applying PMAY scheme:
In order to be eligible for this scheme, the beneficiary family must not have received any central assistance under Fixed Deposit of all by 2022.
Beneficiaries under PMAY scheme:
This particular scheme is offered to the families comprising of wife, husband and unmarried kids. Any adult member earning for himself/herself, irrespective of his/her marital status, will be treated as separate household under the Middle Income Group category.
The beneficiary family should not have a pucca house in any part of India. Even the family members cannot own a pucca house anywhere in India

SBI Fixed Deposit balance transfer SBI bank gives the privilege of lowering the EMI burden to its customers, and allows them to make savings by transferring their current Fixed Deposit scheme from any other Bank to SBI bank. The balance transfer feature is very innovative and a very thoughtful gesture on the bank’s part.

FAQs on SBI Fixed Deposit
I have opted for the floating interest rate option on my SBI bank Fixed Deposit. If there is a change in the rate, will it affect me? If so, then how?This depends on what your Fixed Deposit is linked to. If yourDeposit is linked to FRR and PLR your rate of interest will reduce by 0.05%. This will happen due to the change in the FRR/PLR on June 26, 2015. Please note that this change will also correspondingly have an impact upon your EMI orDeposit tenor.
I am a Fixed Deposit customer with an Initial /Renewable fixed rate of interest. What happens when the fixed rate tenure expires?As per the fixed rate Fixed Deposit, theDeposit is fixed for a stipulated period of time. The same would have been intimidated to you in theDeposit sanction letter. After the fixed rate period is over, your interest category of theDeposit would convert to floating rate. The applicable floating rate is decided based on a certain factor. This is the benchmark rate which is prevailing during the completion of fixed rate period.
Do I have the freedom to choose the category of interest rate (fixed or floating) on my SBI bank Fixed Deposit?With SBI bank Fixed Deposits, borrowers can enjoy fixed interest rate for the first 10 years, and thereafter avail a choice of fixed or floating interest rates. The rate of interest varies according to certain factors like theDeposit amount, category of borrower, period of theDeposit and fixed or floating rate of interest.
Is there any special concession on the Fixed Deposit interest rates offered by SBI bank, for women borrowers?Yes, for women borrowers the starting rate of interest from Fixed Deposit is from 8.35% to 8.80%. The woman borrower needs to be the main applicant of theDeposit, or a co-owner in the financed property to avail the following rates of interest-
The floating rate of interest ranges from 8.65% to 8.80%.
The fixed rate of interest (for 5 years, 10 years) ranges from 8.70% to 8.90%
The full tenor fixed interest rate ranges from 9.70% to 10.05%
If I want to close my Fixed Deposit, are there any charges on prepaying theDeposit?If the Fixed Deposit is availed on floating rate of interest, then there are no charges for this. If theDeposit has been availed on fixed rate of interest, then you need to pay 2% (plus applicable taxes) on the outstanding principal.

Why You Should Choose SBI Fixed Deposit ?
Choosing a Fixed Deposit provider is challenging. Building a new Fixed Depositis a dream to many, choosing the right bank takes you one step closer to make your dream come true. Many leading banks offer excellent Fixed Deposits with attractive features. SBI Bank is one such bank that offers Fixed Deposits that is specially designed keeping their customers in mind.

Excellent Fixed DepositImprovementDeposits From SBI
People often require funds and opt forDeposits to renovate their existing home. To help homeowners refurbish their house, SBI Bank is now offering Fixed DepositimprovementDeposits with attractive features.

Fixed DepositEquityDeposit Offered By SBI Bank
Fixed DepositequityDeposit is trending these days. This type ofDeposit is when a borrower uses the equity of the house as collateral. Many people opt for Fixed DepositequityDeposits to take care of other expenses like Fixed Depositrenovations, medical expenses, or for higher education. One of the most popular Fixed DepositequityDeposits in India is SBI Bank Fixed DepositEquityDeposit.