SBI Fixed Deposit Calculator 2025
The tenure of the FD account offered by SBI ranges between 7 days and 10 years. Certain FD accounts come with tax benefits under Section 80C of the Income Tax Act.
Investing in a Fixed Deposit (FD) account does not come with any risks as they are not linked to the market. State Bank of India (SBI) offers several FD accounts at attractive interest rates.
The SBI FD Calculator can be used to know the maturing amount and the interest that you will earn. You can also use the FD calculator offered by BankBazaar to calculate the maturity amount. Apart from being easy to use, the calculator helps in saving time.
Process to Use BankBazaar's FD Calculator
The procedure to use BankBazaar's FD Calculator is mentioned below:
- Visit - https://www.bankbazaar.com/fixed-deposit/fd-calculator.html.
- Enter the deposit amount, tenure, interest rate, and the type of fixed deposit.
- Click on 'Calculate'.
- The maturity amount and the total interest that is earned will be displayed immediately.
SBI Domestic Term Deposit Rates (Below Rs.2 crore)
Tenors | Interest Rates for Public | Interest Rates for Senior Citizens |
7 days to 45 days | 3.50% | 4.00% |
46 days to 179 days | 5.50% | 6.00% |
180 days to 210 days | 6.00% | 6.50% |
211 days to less than 1 year | 6.25% | 6.75% |
1 year to less than 2 years | 6.80% | 7.30% |
2 years to less than 3 years | 7.00% | 7.50% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years and up to 10 years | 6.50% | 7.50% |
Note: The above-mentioned interest rates are effective from 15 May 2024. SBI can change the interest rates without prior notice.
How an SBI FD Calculator Can Help You
The interest rate on fixed deposits varies based on the deposit term. If you choose a longer lock-in period, the interest rates are higher. Therefore, it is essential to calculate your returns using an SBI FD calculator. The advantages of using an SBI FD calculator are as follows:
- Aids in figuring out the ideal investment tenure.
- Facilitates the planning of your short-term as well as long-term investing goals.
- Displays precise outcomes in contrast to manual computation.
Formula to Determine SBI FD Returns
Here is how the SBI FD calculator determines the FD returns:
A = P (1 + r/n) ^ n*t
- Here A is the amount you get when you reach maturity.
- P is the sum of your investment.
- R stands for the interest rate per year.
- n represents the number of times interest is compounded. (monthly compounding: n = 12, half-yearly compounding: n = 2, quarterly compounding: n = 4)
- T is the investment tenure.
Benefits of the SBI FD Calculator
The main benefits of the SBI FD Calculator are mentioned below:
- It helps in saving time.
- You can plan long-term and short-term investment goals with the help of the calculator.
- The results are accurate for the results that are entered.
- Can help choose the investment you would like to make.
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FAQs on SBI FD Calculator
- What is the minimum deposit required to open an FD account?
The minimum deposit that must be made to open an FD account is Rs.1,000.
- What is the maximum deposit that can be made towards an FD account?
There is no limit to the amount of money that can be deposited towards an FD account.
- Can I add nominees to the FD account?
Yes, you can add nominees to an FD account.
- Can I take a loan against the money available in the FD account?
Up to 90% of the money available in the FD account can be availed as a loan.
- Does SBI provide a premature withdrawal facility for its FD account?
Yes, the premature withdrawal facility is provided by SBI.
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