Latest SBI Fixed Deposit Rates in Dec-2018

SBI Fixed Deposit Rates in India - Dec-2018Latest SBI Fixed Deposit Rates in Dec-2018


Recent resignations of 3 Senior Executives / Directors one by one in YES Bank is creating some fear among the investors. Many of us would still believe public sector banks are safer compared to private banks if there is a crisis. If you are a conservative investor, you might be thinking of investing in fixed deposit schemes. India’s largest public sector bank, State Bank of India offers various fixed deposit schemes. Few days back, they have revised the interest rates after long time. While some of the SBI Fixed Deposit Interest Rates are low, it would offer high safety. What are SBI Fixed Deposit Rates looking like in Dec-2018? What are SBI FD Rates for Non Resident Indians in NRO, NRE, FCNR and RFC Account?

Also read: Top 6 Largecap-Midcap Mutual Funds to invest in India

Which are various Fixed Deposit Schemes offered by SBI?


Like any other bank, SBI offers below fixed deposit schemes.

a) Domestic Term deposits – Where resident Indians can invest in these FD schemes. Recurring Deposit rates are almost same as term deposit rates, hence not covering separately. Also, SBI FD Rates for Senior Citizens are 0.5% higher than the normal investor. We have covered separately on this.

b) NRO Term Deposits – Non Resident Indians can open a Non Resident Ordinary Rupee (NRO) in India and FDs can be made.

c) NRE Term Deposit – Non Resident Indians can open a Non Resident Rupee (NRE) in India and FDs can be made.

d) FCNR Term Deposits – Investors can keep deposits in foreign currency remitted from outside India

f) RFC Term Deposits – NRIs can open this account who is returning to India for permanent settlement.

Latest SBI Fixed Deposit Rates in Dec-2018


Now let us look at the SBI Fixed Deposit Rates in Dec-2018.

A) Domestic Term Deposits Rates and its features


1) You can do FD for Rs 1,000 minimum and in multiples of Rs 10 thereof. There is no maximum FD limit.

2) These deposits are between 7 days to 10 years time frame

3) Payment of interest is monthly/quarterly/yearly or as per your calendar.

4) Interest rates would be paid based on what is agreed on opening the FD rates irrespective whether these are reduced or increased at later point of time

5) Premature withdrawals are allowed with a 0.5 % penalty for deposits below Rs 5 Lakhs. For above Rs 5 Lakhs, the penalty is 1% of FD amount.

6) Loan facility is available on such FD schemes. You can take a loan up to 90% of your FD as loan amount. There is no processing fees and the interest rate would be 1% above the SBI FD Rates.

7) If you do not submit Form 15H/15G, necessary TDS would be deducted as per bank rules.

8) The highest among the SBI Fixed Deposit rates are at 6.85% for 5 to 10 years.

9) The FD rates are same for below Rs 1 Crore or Rs 1 Crore to Rs 10 Crore or above Rs 10 Crores. Here are the SBI Fixed Deposit Rates for general  investors.

SBI Fixed Deposit Rates in India - Dec-2018 - Domestic Term deposits-Revised

 10) The highest interest rates offered for Sr. Citizens are 7.35% for 5 to 10 years FD schemes. Here are the SBI FD interest Rates for Senior Citizens. Apart from separate FD Interest Rates for Sr. Citizens, premature withdrawals rules and other features remain same.

SBI Fixed Deposit Rates in India - Dec-2018 - Domestic Term deposits for Senior citizens-Revised

B) SBI NRO Fixed Deposit Rates and details


1) This FD scheme can be opened to park funds remitted from overseas to India or funds from Indian sources.

2) The accounted is maintained in Indian Rupees

3) One can open FD for 7 days to 10 years tenure.

4) Minimum FD should be Rs 1,000

5) The principal amount deposit is repatriable by NRIs up to USD 1 Million.

6) Interest earned on such FD schemes is a repatriable subject to TDS in India.

7) Income earned on the NRO FD scheme is taxable in India based on individual income tax slab.

Here are the SBI Fixed Deposit Rates for NROs


SBI NRO Fixed Deposit Rates in India - Dec-2018-Revised

C) SBI NRE Fixed Deposit Rates and details


1) This FD scheme can be opened to park funds remitted from overseas to India.

2) The accounted is maintained in Indian Rupees

3) One can open FD for 1 year to 10 years tenure.

4) Minimum FD should be Rs 1,000

5) The principal amount deposited is freely repatriable.

6) Interest earned on such FD schemes is a repatriable.

7) Interest earned on NRE FD Scheme is tax free in India.

Here are the SBI FD Rates for NRE


SBI NRE Fixed Deposit Rates in India - Dec-2018-Revised

D) SBI FCNR (B) Fixed Deposit Rates and details


1) This FD scheme can be opened to park funds, in foreign currency, remitted from overseas to India.

2) The accounted is maintained in foreign currencies like USD, GBP, EURO, CAD, JPY and AUD

3) One can open FD for 1 year to 5 years tenure.

4) Minimum FD should be 1,000 in any currency.

5) The principal amount deposited is freely repatriable.

6) Interest earned on such FD schemes is repatriable.

7) Interest earned on FCNR FD Scheme is tax free in India.

Here are the SBI FCNR Fixed Deposit Rates


SBI FCNR Fixed Deposit Rates in India - Dec-2018

E) SBI RFC Fixed Deposit Rates and details


1) This FD scheme can be opened to park funds for returning Indians (for permanent settlement).

2) The accounted is maintained in foreign currencies like USD, GBP, EURO.

3) One can open FD for 1 year to 3 years tenure.

4) Minimum FD should be 1,000 in any currency.

5) The principal amount deposited is freely repatriable.

6) Interest earned on such FD schemes is repatriable.

7) Interest earned on RFC FD Scheme is tax free in India till the time account holder status changes.

You may like: PayTM FD Scheme offers 8% interest rates – Should you opt?

Here are the SBI Fixed Deposit Interest Rates for RFC account


SBI RFC Fixed Deposit Rates in India - Dec-2018-Revised

This article is for information purpose. Once you know where to invest, you can check online by logging in to your internet banking. These rates can change anytime without notice.

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Suresh

Latest SBI Fixed Deposit Rates in Dec-2018

The Author

Suresh KP

Suresh KP i.e. me have written 1,800+ articles on this blog. I love doing analysis on various Best Investment Plans like mutual funds, Stocks, IPO's, NCD Bonds, Insurance products. If you like our blog, you can share some of the good articles on your Facebook or Twitter. This would be the BIGGEST gift which you would be giving to us.

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