SBI Fixed Deposit Interest Rates 2024 | sbi fixed deposit interest
Fixed deposits are a popular investment option for those who want to earn a fixed rate of interest on their savings. State Bank of India (SBI) is one of the most trusted banks in India and offers a range of fixed deposit schemes to suit the needs of different customers. In this article, we will discuss the various fixed deposit schemes offered by SBI and their interest rates.
SBI Fixed Deposit Schemes
SBI offers the following fixed deposit schemes:
- SBI Regular Fixed Deposit: This is a standard fixed deposit scheme that offers a fixed rate of interest for a fixed tenure. The minimum deposit amount is Rs. 1,000 and the maximum deposit amount is Rs. 2 crore. The tenure ranges from 7 days to 10 years. The interest rate for this scheme ranges from 3.00% to 7.10% per annum for the general public and 3.50% to 7.50% per annum for senior citizens.
- SBI Tax Saving Fixed Deposit: This is a fixed deposit scheme that offers tax benefits under Section 80C of the Income Tax Act, 1961. The minimum deposit amount is Rs. 1,000 and the maximum deposit amount is Rs. 1.5 lakh. The tenure for this scheme is 5 years. The interest rate for this scheme is 6.50% per annum.
- SBI Annuity Deposit Scheme: This is a fixed deposit scheme that offers regular income to the depositor. The minimum deposit amount is Rs. 25,000 and there is no maximum limit. The tenure for this scheme ranges from 3 years to 10 years. The interest rate for this scheme ranges from 5.90% to 6.50% per annum.
- SBI Reinvestment Plan: This is a fixed deposit scheme that offers the option of reinvesting the interest earned. The minimum deposit amount is Rs. 1,000 and there is no maximum limit. The tenure for this scheme ranges from 6 months to 10 years. The interest rate for this scheme ranges from 3.50% to 7.10% per annum for the general public and 4.00% to 7.50% per annum for senior citizens.
SBI Fixed Deposit Interest Rates Table 2024
Here is a table of SBI fixed deposit interest rates for 2024:
| Scheme | Tenure | Interest Rate (General Public) | Interest Rate (Senior Citizens) |
|---|---|---|---|
| Regular Fixed Deposit | 7 days to 10 years | 3.50% to 7.10% p.a. | 4.00% to 7.60% p.a. |
| Tax Saving Fixed Deposit | 5 years | 6.50% p.a. | 6.50% p.a. |
| Annuity Deposit Scheme | 3 years to 10 years | 5.90% to 6.50% p.a. | 5.90% to 6.50% |
FAQs
Here are some frequently asked questions about fixed deposits:
Q. What is a fixed deposit? A. A fixed deposit is a type of investment where you deposit a lump sum of money for a fixed period of time and earn a fixed rate of interest on it.
Q. Which bank has the highest interest rate for fixed deposit? A. The interest rates for fixed deposits vary from bank to bank and depend on the tenure of the deposit. Currently, IDFC First Bank offers the highest interest rate of 7.50% per annum for a 5-year fixed deposit for the general public and 8.00% per annum for senior citizens 1. Read more
Q. What is the minimum deposit amount for SBI fixed deposit schemes? A. The minimum deposit amount for SBI fixed deposit schemes is Rs. 1,000 2.
Q. What is the maximum deposit amount for SBI fixed deposit schemes? A. The maximum deposit amount for SBI fixed deposit schemes is Rs. 2 crore 2.
Q. What is the tenure range for SBI fixed deposit schemes? A. The tenure range for SBI fixed deposit schemes is from 7 days to 10 years 2.Q. What is the interest rate range for SBI fixed deposit schemes? A. The interest rate range for SBI fixed deposit schemes is from 3.50% to 7.10% per annum for the general public and 4.00% to 7.60% per annum for senior citizens 2.
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