SBI FD Review for Indian Residents and NRIs| North Loop Official Blog
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04 Sep 2020

SBI FD Review for Indian Residents and NRIs

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SBI background and Overview-

State Bank Of India (SBI) is one of the biggest public sector banks in India, with its headquarters in Mumbai, Maharashtra. SBI, being a multinational bank, currently has over 24,000 branches across the length and breadth of India and has over 190 offices in 35 other countries across the world.
With branches covering almost all parts of India, SBI is easily one of the most accessible and reliable banks.

SBI caters to residents of India as well as NRIs, offering various services such as Fixed Deposits, Savings Accounts, Portfolio Investment Schemes, Home Loans, Overseas Education Loans, etc.

SBI Fixed Deposit Rates-

Before dwelling deeper into the SBI FD interest rates, let us first understand the definition of Fixed Deposits. Fixed Deposit is an investment instrument/scheme where customers would be able to deposit a lump-sum amount of money with their financer, after which they’d be able to choose a tenure or lock-in period ranging between 1 year and 10 years. Upon choosing their preferred tenure, there would be a fixed interest rate on the deposit, assuring returns on a periodic basis or at maturity.
Given Below are the SBI fixed deposit rates for Indian residents and Non-Resident Indians(NRI)s-
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SBI Fixed Deposit Interest Rates for Indian Residents-

For Indian residents, the Fixed Deposit tenures range from just 7 days up to 45 days and go all the way up to 5 years up to 10 years.
The revised and updated Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) are as follows-

The revised and updated Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore)
(All figures in % per annum)
TenorRevised Rates For Public w.e.f. 27.05.2020Revised Rates for Senior Citizens w.e.f. 27.05.2020
7 days to 45 days2.93.4
46 days to 179 days3.94.4
180 days to 210 days4.44.9
211 days to less than 1 year4.44.9
1 year to less than 2 year5.15.6
2 years to less than 3 years5.15.6
3 years to less than 5 years5.35.8
5 years and up to 10 years5.46.2

For short, tenures ranging from 3 years to less than 5 years have a fixed interest rate of 5.30% and tenures ranging from 5 years to less than 10 years have a fixed rate of interest of 5.40%.

SBI Fixed Deposit Interest Rates for Non-Resident Indians - (NRIs)

For Indian residents, the Fixed Deposit tenures range from 1 - 2 years and go all the way up to 5-10 years.
The revised and updated interest rates On Non-Resident External (NRE) Account Deposits (above and below Rs.2 Crore) are given below-

RATES OF INTEREST ON NON-RESIDENT EXTERNAL (NRE) ACCOUNT DEPOSITS W.E.F 27.05.2020*
TenorsBelow Rs.2 CroreRs.2 Crore & above
1 year less than 2 years5.10%2.90%
2 years to less than 3 years5.10%3.00%
3 years to less than 5 years5.30%3.00%
5 years and upto 10 years5.40%3.00%

The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower. On premature withdrawal of the deposit (after completion of 1 year), interest will be paid at the applicable rate for the period the deposit has actually remained with the Bank or contracted rate less Premature Penalty of 1%, whichever is lower.

SBI Bank FD- Eligibility Criteria-

NRI: You are eligible if you are a non-resident individual of Indian nationality or of Indian origin.

Below are the individuals and groups eligible for a Regular Fixed Deposit-
Resident individuals, Hindu undivided family members, Societies, clubs and agencies, Sole proprietorship business, Educational and charitable institutes.

SBI Bank FD - Documentation

Indian Residents-
  • Photo identification document (Aadhaar card, Passport, Voter ID, Driving license, etc.)
  • Resident proof document (Aadhaar card, Passport, Utility bills, Driving license, etc.)
  • Age proof for senior citizens and minor investors (Birth certificate, matriculation certificate, senior citizen ID, etc.)
  • Bank account details with a cheque
  • Passport size photographs


NRI-

  • Photo ID proof (ex. Voter’s ID Card)
  • Residence proof (ex. Passport)
  • PAN Card
  • Passport-size photographs

SBI FD Rates- Reviews

Given are the compiled list of user reviews of the Fixed Deposit schemes offered by SBI-
What can be inferred from the reviews is that a lot of people choose SBI out of sheer reliability, trust, and assurance. SBI also provides competitive rates on FDs but again, there are a few banks that may provide higher interest rates but the risk factor too would be more.

North Loop provides seamless investment services pertaining to Fixed Deposits and a whole lot more. North Loop offers competitive interest rates for Indian Residents and Industry-leading interest rates for NRIs with bare minimal documentation, swift and seamless account opening procedure, minimal and transparent fees, and an option of overdraft up to 80%. So what are you waiting for? Grow your wealth with North Loop and realize that dream of yours! Sign up today.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.