Fixed Deposit Interest Rates SBI: Complete Guide
Fixed deposit interest rates SBI currently range from 3.05% to 6.45% p.a. for general citizens and 3.55% to 6.95% p.a. for senior citizens on domestic retail deposits below ₹3 crore, effective from May 15, 2026. The highest regular rate sits in the 444-day Amrit Vrishti scheme, and the exact rate you get depends entirely on your chosen tenure. If you’re deciding where to park your savings, this guide breaks down every tenure, the senior citizen premium, and — further down — a maturity calculation on ₹1 lakh that most rate-chart articles skip entirely.
What Fixed Deposit Interest Rates Actually Mean
A fixed deposit (FD) is a lump-sum investment held with a bank for a set period at a pre-agreed interest rate. Fixed deposit interest rates SBI refers specifically to the rates the State Bank of India — India’s largest public sector bank — offers across its various FD products, from short 7-day deposits to long 10-year term deposits. Unlike a savings account, the rate doesn’t change once you’ve booked the FD; it stays locked for that tenure unless you close it early and take a penalty.
SBI revises these rates periodically based on RBI’s repo rate movements and its own liquidity position, which is why the numbers you see today may differ from what was published even a few months ago.
Who Should Care About This
- Retirees and senior citizens looking for a safe, guaranteed-return instrument with a rate premium over regular depositors
- Salaried professionals parking emergency funds or short-term savings for 6 months to 2 years
- Tax-saving investors using the 5-year SBI Tax Saving FD to claim deductions under the Income-tax Act, 2025
- NRIs comparing NRE/NRO/FCNR deposit options against domestic rates
- Anyone renewing an existing FD who needs to check whether the new rate is better or worse than their maturing one
If you’re chasing the absolute highest FD rate in the market, note that several small finance banks currently offer noticeably higher rates than SBI — worth knowing before you assume SBI is automatically your best option (more on that below).
Step-by-Step: Current SBI FD Rates by Tenure
Here is the full rate chart for domestic retail term deposits below ₹3 crore, effective May 15, 2026:
| Tenure | General Citizens | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 3.05% | 3.55% |
| 46 days to 179 days | 4.90% | 5.40% |
| 180 days to 210 days | 5.65% | 6.15% |
| 211 days to 364 days | 5.90% | 6.40% |
| 1 year to less than 2 years | 6.25% | 6.75% |
| 444 days (Amrit Vrishti) | 6.45% | 6.95% |
| 2 years to less than 3 years | 6.15% | 6.65% |
| 3 years to less than 5 years | 6.00% | 6.50% |
| 5 years to 10 years | 6.00% | 6.50% |
To actually book a fixed deposit at these rates:
- Log in to SBI NetBanking or the YONO app. Go to Fixed Deposit / Term Deposit, then select “Open FD.”
- Choose your deposit type — cumulative (interest paid at maturity) or non-cumulative (monthly/quarterly payout).
- Enter the deposit amount — minimum ₹1,000, no upper limit for retail deposits.
- Select your tenure based on the chart above; the portal auto-fills the applicable rate.
- Set your preferences — auto-renewal, payout frequency, and nominee details.
- Review, accept terms, and submit. You’ll receive an e-Term Deposit Receipt (e-TDR) instantly.
- Offline alternative: visit any SBI branch with PAN/Aadhaar and fill the physical Term Deposit form if you prefer not to use the app.
Common Mistakes and Misconceptions
- Assuming the senior citizen rate applies automatically. You need to open the FD under the correct customer category and provide age proof; it doesn’t apply retroactively to existing accounts unless flagged correctly.
- Confusing the Amrit Vrishti rate with the standard 1-year rate. The 444-day scheme (6.45%/6.95%) is a separate special product, not the same as the 211-364 day slab (5.90%/6.40%) or the 1-2 year slab (6.25%/6.75%).
- Not accounting for TDS. If your annual FD interest exceeds ₹50,000 (₹1,00,000 for senior citizens), SBI deducts 10% TDS unless you submit the applicable exemption form.
- Breaking an FD early without checking the penalty. Premature closure costs 0.5% for deposits up to ₹5 lakh and 1% for deposits above that — this can meaningfully cut into your actual returns if you exit early.
- Assuming SBI always has the best rate. As shown in the comparison further below, several banks and NBFCs currently beat SBI’s headline rate by a wide margin.
The Calculation Most Rate-Chart Articles Skip
Almost every SBI FD article publishes the rate table and stops there. What it doesn’t usually show is what that rate actually turns into in your account — because SBI compounds FD interest quarterly, the effective return is higher than the quoted annual rate suggests. Here’s the maturity value on a ₹1,00,000 deposit at today’s rates, calculated with quarterly compounding:
| Tenure | Rate (General) | Maturity Value | Rate (Senior) | Maturity Value |
|---|---|---|---|---|
| 1 year | 6.25% | ₹1,06,398 | 6.75% | ₹1,06,923 |
| 5 years | 6.00% | ₹1,34,675 | 6.50% | ₹1,38,039 |
In other words, a senior citizen locking in ₹1 lakh for 5 years earns roughly ₹3,364 more than a general citizen over the same period, purely from the 0.50% rate premium compounding quarterly. This gap widens further with larger deposit amounts, which is worth factoring in if you’re deciding whether to book the FD in a senior family member’s name.
How SBI Compares to Other Banks Right Now
SBI’s headline range (3.05%–6.45% for general citizens) is respectable but not the market leader. As of the current rate cycle:
| Bank | Highest General Citizen Rate |
|---|---|
| SBI | 6.45% |
| ICICI Bank | 6.5% |
| Kotak Mahindra Bank | 6.7% |
| Canara Bank | 7.25% |
| RBL Bank | 7.2% |
| Small finance banks (AU, Suryoday, ESAF, etc.) | 7.1%–8.1% |
Small finance banks routinely offer 1–2 percentage points more than SBI, though they carry different risk profiles (still DICGC-insured up to ₹5 lakh per depositor, same as SBI). If maximum yield is your only priority, it’s worth comparing before you default to SBI purely on brand familiarity.
Official Source
All rates in this article are sourced from SBI’s official interest rate disclosures effective May 15, 2026 (domestic retail term deposits, general public, deposits below ₹3 crore) and the Amrit Vrishti scheme rates effective December 15, 2025. Always verify the current rate on SBI’s official site (sbi.co.in) or the YONO app before booking, since rates are revised periodically.
Frequently Asked Questions
1. What are the current fixed deposit interest rates SBI offers in 2026?
SBI offers 3.05% to 6.45% p.a. for general citizens and 3.55% to 6.95% p.a. for senior citizens across tenures from 7 days to 10 years, effective May 15, 2026.
2. What is the highest SBI FD interest rate right now?
The 444-day Amrit Vrishti scheme offers the highest regular rate — 6.45% for general citizens and 6.95% for senior citizens.
3. How much extra interest do senior citizens get on SBI FDs?
Senior citizens generally get an additional 0.50% p.a. over the standard rate, and eligible super senior citizens (80+) can get a further 0.10% under the SBI Patrons scheme.
4. Is SBI FD interest taxable?
Yes. FD interest is added to your taxable income, and SBI deducts 10% TDS if annual interest exceeds ₹50,000 (₹1,00,000 for senior citizens), unless an exemption form is submitted.
5. What is the penalty for breaking an SBI FD early?
0.5% for deposits up to ₹5 lakh and 1% for deposits above ₹5 lakh, calculated on the applicable rate for the period the deposit was actually held.
6. Is SBI’s FD rate better than other banks?
Not always. Several banks and small finance banks currently offer higher rates than SBI — SBI’s advantage is stability and brand trust rather than the highest yield.
7. Can I open an SBI FD online?
Yes, through SBI NetBanking or the YONO app, with a minimum deposit of ₹1,000 and instant e-TDR generation.
Conclusion
Fixed deposit interest rates SBI offers today reward longer tenures and senior citizens the most, with the 444-day Amrit Vrishti scheme currently standing out as the best regular option. But as the comparison table above shows, SBI isn’t always the highest payer in the market — so it’s worth checking your specific tenure and amount against a couple of alternatives before you lock your money in for years.
Shruti Singh is a passionate writer having 6 years of writing and editing experience. Through her articles on news2world, she explores the connection between people, planet, and everyday choices, translating complex information and issues into clear, engaging, and practical insights. Her work aims to inspire readers to adopt eco-friendly habits, think critically, and contribute meaningfully to a more comfortable future.
