| TENURE | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 year to less than 2 year | 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% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 444 days (Amrit Vrishti) | 7.25% | 7.75% |
SBI Tax Savings Scheme
The SBI Tax Savings Scheme is a fixed deposit (FD) product offered by the State Bank of India (SBI) that helps individuals save on taxes while earning interest. It is designed under the guidelines of Section 80C of the Income Tax Act, 1961, allowing depositors to claim tax deductions on their investment.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
- Home
- FD Interest Rates
- SBI FD Interest Rates
- SBI Tax Savings Scheme
SBI FD Interest Rates
SBI FD Interest Rates 2024 (Yearly Slabs) Highlights (September 2024)
| Tenure | SBI FD Interest Rates 2024 (in % p.a.) |
| For 400 days | 7.10% p.a. (highest slab rate) |
| For 1 year | 6.80% p.a. |
| For 2 years | 7.00% p.a. |
| For 3 years | 6.75% p.a. |
| For 4 years | 6.75% p.a. |
| For 5 years | 6.50% p.a. |
| Tax-Saving FDs | 6.50% p.a. |
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
What is SBI Tax Savings Scheme?
The SBI Tax Savings Scheme is a fixed-term deposit account designed to offer tax benefits to Indian residents. This scheme is specifically structured for individuals or Hindu Undivided Families (HUFs) looking to save taxes while earning a fixed interest rate.
Features of SBI Tax Savings Scheme
Below are the features of SBI Tax Savings Scheme:
-
Tenor: The minimum investment period is 5 years, and it can be extended up to 10 years.
-
Interest: Interest is compounded quarterly, providing regular growth to your investment.
-
Lock-in Period: There's a mandatory lock-in period of 5 years. This means you cannot withdraw your funds before the completion of 5 years.
-
No Loans or Advances: During the lock-in period, you cannot obtain loans or advances against your deposit.
-
No Pledging: The deposit cannot be used as security for a loan or any other asset.
-
Pre-mature Withdrawal: Pre-mature withdrawal is generally not allowed before the expiry of 5 years. However, in case of the depositor's death, early withdrawal may be permitted.
-
Eligibility: Resident Indians, both individuals and HUFs, can open this account.
-
Interest Rate: The interest rate is applicable to Term Deposits (TD) and is subject to change.
-
Minimum and Maximum Deposit: The minimum deposit is Rs. 1,000 or multiples thereof, while the maximum deposit per year is limited to Rs. 1,50,000.
-
Account Type: The account will be classified as a Term Deposit (TD) or Special Term Deposit (STD).
-
Nomination: Nomination facility is available for the deposit.
-
Joint Accounts: In case of joint accounts, if the first account holder dies, the surviving holder can encash the deposit before maturity or within the lock-in period.
-
Transfer: The deposit can be transferred between branches of SBI, but not to another bank.
-
Deposit Advice: The bank will issue a Deposit Advice on A4 size paper, requiring the depositor's signature.
FD interest rates India have fallen consistently over the last 12 years.
SBI FD Interest Rates 2024 on Retail Domestic Term Deposits (Below Rs. 3 crore) as of 24 September 2024
| Tenor | Interest Rates for General Citizens (in % p.a.) | Interest Rates for Senior Citizens (in % p.a.) |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 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% |
SBI FD Interest Rates 2024 on Domestic Bulk Term Deposit of Rs. 2 Crore and above as of 10 October 2024
| Tenure | Regular Customers Interest Rates (p.a.) | Senior Citizens Interest Rates (p.a.) |
| 7 days to 45 days | 5.25% | 5.75% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.60% | 7.10% |
| 211 days to less than 1 year | 6.75% | 7.25% |
| 1 year to less than 2 years | 7.00% | 7.50% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.25% | 6.75% |
Bank FD Interest Rates
Bank FD Calculator
NRI-NRE FD Rates
Allahabad Bank FD Interest Rates
Andhra Bank FD Interest Rates
Assam Gramin Vikash Bank FD Interest Rates
AU Small Finance Bank FD Interest Rates
Axis Bank FD Rates
Bajaj Finance FD Interest Rates
Bandhan Bank FD Interest Rates
Bangiya Gramin Vikash Bank FD Interest Rates
Bank of Baroda FD Interest Rates
Bank of Ceylon FD Interest Rates
Bank of India FD Interest Rates
Bank of Maharashtra FD Interest Rates
Expand
Allahabad Bank FD Calculator
Andhra Bank FD Calculator
AU Bank FD Calculator
Axis Bank FD Calculator
Bajaj Finance FD Calculator
Bandhan Bank FD Calculator
Bank of Baroda FD Calculator
Bank of India FD Calculator
Bank of Maharashtra FD Calculator
Canara Bank FD Calculator
Central Bank FD Calculator
Corporation Bank FD Calculator
Expand
FAQs
-
What is the tenor of the SBI Tax Savings Scheme?
The minimum tenor for this scheme is 5 years, and the maximum is 10 years. -
Is the interest compounded?
Yes, the interest is compounded quarterly. -
What is the lock-in period for this scheme?
There is a mandatory lock-in period of 5 years, during which the deposit cannot be prematurely withdrawn, except in the case of the depositor's death. -
Can I take a loan against my deposit?
No, loans or advances against the deposit are not allowed during the lock-in period. The deposit also cannot be pledged as security for a loan. -
Is premature withdrawal allowed?
Premature withdrawal is not permitted before the completion of 5 years, except in the event of the depositor’s death.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
FD Calculator
Interest Earned
Maturity AmountFD Rates articles
Recent Articles
Popular Articles
24 Dec 2024
The SBI Multi Option Deposit Scheme (MOD) is an innovative
24 Dec 2024
The SBI Annuity Deposit Scheme is a financial product offered by
24 Dec 2024
The SBI Sarvottam (Non-Callable) Term Deposit Scheme is a
24 Dec 2024
The State Bank of India (SBI) offers a Recurring Deposit (RD)
24 Dec 2024
The SBI Green Rupee Term Deposit (SGRTD) is a new savings scheme
