SBM Bank FD Calculator
Fixed Deposit Interest Rates on Domestic & NRO Deposits of up to Rs 15 lakh - General Public
| Tenure | Regular Citizens |
| 7 – 14 days | 4.25 |
| 15 – 30 days | 4.25 |
| 31 – 45 days | 4.25 |
| 46 – 60 days | 4.25 |
| 61 – 90 days | 4.25 |
| 91 – 120 days | 4.3 |
| 121 – 180 days | 4.3 |
| 181 – 210 days | 5.55 |
| 211 – 269 days | 5.55 |
| 270 days – below 1 year | 5.55 |
| 1 year – 366 days | 7.25 |
| 367 days | 7.25 |
| 368 days – 389 days | 7.25 |
| 390 days | 6.4 |
| 391 days – 15 months | 6.4 |
| Above 15 months – 18 months | 6.4 |
| Above 18 months – less than 2 years 3 days | 6.4 |
| 2 years 3 days | 6.6 |
| Above 2 years 3 days – less than 3 years 2 days | 7.25 |
| 3 years 2 days | 6.6 |
| Above 3 years 2 days – 5 years | 6.15 |
| Above 5 years – 10 years | 6.15 |
Note: The FD interest rates are effective as of 20 September 2022
Fixed Deposit Interest Rates on Domestic & NRO Deposits of up to Rs 15 lakh - Senior Citizens
| Tenure | Senior Citizens |
| 7 – 14 days | 4.75 |
| 15 – 30 days | 4.75 |
| 31 – 45 days | 4.75 |
| 46 – 60 days | 4.75 |
| 61 – 90 days | 4.75 |
| 91 – 120 days | 4.8 |
| 121 – 180 days | 4.8 |
| 181 – 210 days | 6.05 |
| 211 – 269 days | 6.05 |
| 270 days – below 1 year | 6.05 |
| 1 year – 366 days | 7.75 |
| 367 days | 7.75 |
| 368 days – 389 days | 7.75 |
| 390 days | 6.9 |
| 391 days – 15 months | 6.9 |
| Above 15 months – 18 months | 6.9 |
| Above 18 months – less than 2 years 3 days | 6.9 |
| 2 years 3 days | 7.1 |
| Above 2 years 3 days – less than 3 years 2 days | 7.75 |
| 3 years 2 days | 7.1 |
| Above 3 years 2 days – 5 years | 6.65 |
| Above 5 years – 10 years | 6.65 |
Note: The FD interest rates are effective as of 20 September 2022
Fixed Deposit Interest Rates on Domestic & NRO Withdrawable Deposits of more than Rs 15 lakh to less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) |
| Callable | |
| 7 – 14 days | 4.25 |
| 15 – 30 days | 4.25 |
| 31 – 45 days | 4.25 |
| 46 – 60 days | 4.25 |
| 61 – 90 days | 4.25 |
| 91 – 120 days | 4.3 |
| 121 – 180 days | 4.3 |
| 181 – 210 days | 5.55 |
| 211 – 269 days | 5.55 |
| 270 days – below 1 year | 5.55 |
| 1 year – 366 days | 7.25 |
| 367 days | 7.25 |
| 368 days – 389 days | 7.25 |
| 390 days | 6.4 |
| 391 days – 15 months | 6.4 |
| Above 15 months – 18 months | 6.4 |
| Above 18 months – less than 2 years 3 days | 6.4 |
| 2 years 3 days | 6.6 |
| Above 2 years 3 days – less than 3 years 2 days | 7.25 |
| 3 years 2 days | 6.6 |
| Above 3 years 2 days – 5 years | 6.15 |
| Above 5 years – 10 years | 6.15 |
Note: The FD interest rates are effective as of 20 September 2022
FCNR(B) Fixed Deposit Interest Rates
| Currencies | 1 year & above to less than 2 years | 2 years & above to less than 3 years | 3 years & above to less than 4 years | 4 years & above to less than 5 years | For 5 years (Maximum) |
| USD | 4.15% | 4.35% | 4.03% | 3.03% | 4.53% |
| GBP | 1.00% | – | – | – | – |
| EUR | 1.05% | 1.05% | – | – | – |
| JPY | 0.01% | 0.01% | 2.35% | 0.01% | 0.01% |
| CAD | – | – | – | – | – |
| AUD | – | – | – | – | – |
Note: The FD interest rates are effective as of 1 September 2022
RFC Fixed Deposit Interest Rates
| Currencies | Less than 29 days | 30 days to less than 3 months | 3 months & 1 day to less than 6 months | 6 months & 1 day to less than 1 year | 1 year to less than 2 years | 2 years to less than 3 years | 3 years only |
| USD | 0.30% | 0.75% | 0.75% | 1.35% | 1.65% | 1.00% | |
| GBP | 0.01% | 0.60% | 0.75% | 1.24% | – | – | |
| EUR | – | – | – | 0.01% | – | – | |
| JPY | – | – | – | – | – | – | |
| CAD | – | – | – | – | – | – | |
| AUD | – | – | – | – | – | – |
Note: The FD interest rates are effective as of 1 February 2022
NRE Fixed Deposit Interest Rates on deposits up to Rs 15 lakh
| Tenure | Interest Rates (% p.a.) |
| 1 year – 366 days | 7.25 |
| 367 days | 7.25 |
| 368 days – 389 days | 7.25 |
| 390 days | 6.7 |
| 391 days – 15 months | 6.7 |
| Above 15 months – 18 months | 6.7 |
| Above 18 months – less than 2 years 3 days | 6.7 |
| 2 years 3 days | 7.5 |
| Above 2 years 3 days – less than 3 years 2 days | 7.25 |
| 3 years 2 days | 6.7 |
| Above 3 years 2 days – 5 years | 6.7 |
| Above 5 years – 10 years | 6.7 |
Note: The FD interest rates are effective as of 20 September 2022
NRE Fixed Deposit Interest Rates on deposits of more than Rs 15 lakh to less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) |
| 1 year – 366 days | 7.25 |
| 367 days | 7.25 |
| 368 days – 389 days | 7.25 |
| 390 days | 6.7 |
| 391 days – 15 months | 6.7 |
| Above 15 months – 18 months | 6.7 |
| Above 18 months – less than 2 years 3 days | 6.7 |
| 2 years 3 days | 7.5 |
| Above 2 years 3 days – less than 3 years 2 days | 7.25 |
| 3 years 2 days | 6.7 |
| Above 3 years 2 days – 5 years | 6.7 |
| Above 5 years – 10 years | 6.7 |
Note: The FD interest rates are effective as of 20 September 2022
Features of SBM Bank Fixed Deposit
| Particulars | Details |
| Eligibility | Individual residents, HUFs, partnership firms, private & public limited companies, trusts, etc. |
| Tenure | 7 days – 10 years |
| SBM Bank FD Rates | As per the figures stated in the top table |
| Senior Citizen FD Rates | 0.5% additional FD rates over the regular interest rates (only applicable for deposits of resident Indians) |
| Premature Withdrawal | Allowed |
| Loan against FD | Allowed |
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SBM FD Calculator
The State Bank of Mysore or SBM Bank fixed deposit schemes are applicable for both residents as well as non-resident Indians and offers attractive interest rate. You can invest in SBM fixed deposits to earn stable returns at comparatively lower risk. To make smart investment choices, it is best to calculate the FD returns beforehand.
In this regard opt for an online SBM FD calculator. This online tool will help you to determine the maturity amount and interest accrued accurately.
Let’s find out more about SBM Bank FD calculating tool.
SBM Fixed Deposit (FD) Calculator
The SBM Bank FD rates range between 4.25% p.a. to 7% p.a. for deposits up to less than ₹2 crore and senior citizens can enjoy 0.5% additional benefit (only applicable for deposits for resident Indians). However, these FD rates vary depending on your chosen tenure. If you choose a higher tenure, you can enjoy higher interest rates and returns. Therefore to avail the highest interest rate, you should opt for a longer investment tenure.
For convenient calculations, you can use an online SBM FD calculator before moving ahead with the FD investment plan. Based on the investment tenure, principal amount, and interest rates, you can effortlessly get to know about the maturity amount.
How Does the SBM Bank FD Calculator Works?
SBM FD calculator offers a user-friendly interface and involves no complex procedures. To calculate the maturity amount effortlessly you need to follow the following steps:
1. Enter your deposit amount in the “Total investment” box.
2. Now drag the cursor to draw a purple line until reaching the desired tenure. You can also enter the number of years in the box provided.
3. Finally, enter the interest rate for the FD.
4. Then the right side of the page will display the “Estimated Return” and “Total Value” received against your FD investment.
Additionally, you can adjust the values and get to choose an FD scheme that perfectly meets your financial needs.
Fixed deposit interest is calculated in two different ways depending on the type of interest provided. You can either opt for compound interest FD or simple interest FD. Let’s understand it in detail:
Compound Interest
In this case interest will be accumulated on the principal amount and previous year’s interest. The formula for compound interest is
A = P (1+r/n) ^ (n * t)
Where,
A stands for the maturity amount
P denotes the principal amount
n represents the number of compounding in a year
t represents a number of years
r stands for rate of interest.
To understand this formula clearly let’s consider an example:
Suppose you ₹10,000 is invested for 5 years at an annual interest rate of 7% p.a., then the maturity value will be:
A = 10,000 (1 + 7%/1) ^ 1×5
A = ₹14,148.
So the interest amount is A – P = 14,148-10,000 = ₹4,148.
Simple Interest
In this case, interest is calculated only on the principal amount. The formula used here is:
M = P+ (PXRXT/100)
In this given formula, M is the maturity amount, T is tenure of investment, P is the investment amount, and R is rate of interest.
Benefits of an Online SBM Bank Fixed Deposit (FD) Calculator
The online SBM Bank FD calculator offers several essential benefits. Check out some of the benefits of using this online calculator:
- Accurate and Swift
Manual calculations always run the risk of errors, leading to flawed investment decisions. This online calculator ensures accuracy as it is completely automated. In addition, manual calculations are time-consuming and lengthy. Whereas this calculating tool presents the required value instantly, saving your valuable time. - Enables Better Financial Planning
Having an estimation of the returns from the FD investment enables you to look at the bigger picture. You can instantaneously map out other investment opportunities to enhance returns. - Enables Comparison of FDs
Another notable benefit of using this calculating device is that you can compare the returns from various fixed deposit schemes offered by banks and other financial institutions. Therefore it becomes possible to ascertain which scheme delivers the best returns over the specified tenure that can suit your financial plans. - Free and Unrestricted Access
Alongside all the other perks extended by this calculator, it is free of charge. This tool is readily accessible on multiple websites and they do not require any login or sign-up. You can simply visit the website to access them. Additionally, there is no restriction on its usage. You can do FD-related calculations as many times as you want.
Investing in SBM Bank fixed deposit schemes allows you to earn higher returns. So if you are looking for a risk-free investment scheme, offering higher interest income, you can opt for FDs. Also, using the Upstox SBM Bank FD calculator helps you to get accurate maturity estimations without breaking a sweat.
Frequently Asked Questions
In how many years has FD doubled in SBM Bank?
To calculate the number of years it will need to double SBM fixed deposit amount, use the rule of 72. As per this simple rule, you need to divide 72 by the annual interest rate. For instance, if you invest 10,000 at 8% p.a it will take (72/8) = 9 years to double up your money.
What is the highest interest rate offered by SBM Bank?
SBM offers the highest interest rate of 7.5% for general citizens for deposit between ₹2 crore and up to ₹5 crore.
Does SBM Bank have a premature withdrawal facility?
Yes, SBM Bank allows a premature withdrawal facility applicable to deposits but not before 5 years. This financial institution may levy a penalty for pre-mature withdrawal.
What is the penalty for early withdrawal in SBM Bank FD?
In case your deposit amount lies between ₹1 crore and ₹10 crore and you go for premature withdrawal the interest paid is going to be 1% less than the applicable rates. For larger deposits above ₹10 crore, the penalty will be an interest rate 2% below the applicable rate. Also, there would be no premature withdrawal charges for schemes withdrawn between 7-15 days.
Can I deposit an extra amount into an already existing FD?
No, you cannot add or invest more money into an already existing FD in SBM.
Who are eligible to open an SBM Bank fixed deposit account?
Individuals’ residents, trusts, HUFs, private and public limited companies, specified associates, etc., are eligible to open the SBM Bank FD account.
What is the lock-in period for tax-saving schemes?
The lock-in period of tax saving scheme is 5 years.
Are there any special interest rates for senior citizens?
Yes, SBM offers a special interest rate of 0.5% to their senior customers.
Does SBM Bank offer an auto-renewal facility for fixed deposits?
Yes, this financial institution offers an auto-renewal facility if you wish to extend the deposit tenure.
Can a customer close an SBM fixed deposit account online?
A customer can close his/her SBM fixed deposit online.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.