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SBI FD Calculator 2023

Calculating your SBI FD maturity amount manually is a complex process and may leave room for errors. As a better alternative, you can use the SBI FD calculator to find out your fixed deposit maturity amount and estimated returns, that too in a quick and accurate manner. Using the SBI fixed deposit calculator is extremely easy. All you need to do is select the investment amount, investment duration and interest rate. Once done, you will be able to check the returns on your FD investment along with the total amount you will receive upon maturity. The entire process hardly takes a few seconds!

Total Investment

Rate of Interest (P.a)

%

Time Period (Years)

Invested Amount

0

Est. Returns

Total Value

How to Use SBI Fixed Deposit Calculator?

The SBI FD return calculator is designed to help you find out the returns on your fixed deposit investments in a simple and hassle-free manner, so that you can better plan your investments. The tool is extremely easy to use. All you need to do is follow the 3 easy steps given below to check your SBI FD returns.

  • Step 1 : Select the total investment amount
  • Step 2 : Select the applicable interest rate
  • Step 3 : Select your investment duration

Once done, you will be able to check the estimated returns along with the maturity amount.

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SBI FD Interest and Maturity Amount Calculation Formula

SBI FD interest rate and maturity amount can be calculated via two methods – the simple interest method and the compound interest method.

The formula for the simple interest calculation is:

Simple Interest = (P * R * T)/100

Where, P = Principal amount invested, R = Rate of interest (%) and T = Tenure

Now, let’s understand this with an example. Let’s say you have invested Rs.1 lakh for a tenure of 5 years at 7% p.a. Interest rate. In this case, P = Rs.1 lakh, R = 7% and T = 5 years.

Simple Interest = (1,00,000 * 7 * 5) /100 = Rs.35,000

Maturity Amount  = Principal Amount + Simple Interest = Rs.1,00,000 + Rs.35,000

So, at the time of your FD maturity, you will get Rs.1,35,000

The other method is calculation of FD maturity via compound interest method. The formula is:

A = P (1+r/n) ^ (n * t)

Where, A = Maturity Amount, P = Principal amount invested, r = Rate of Interest, n = Number of compounding in a year and t = Tenure

Let’s say you have invested Rs.1,00,000 for 10 years at an interest rate of 6.5% p.a. compounded half-yearly

In this case, P = Rs.100,000, Interest Rate = 6.5%, Number of compounding in a year is 2, Tenure = 10 years

A = 1,00,000 (1+0.065/2) ^ (2*10)

Maturity Amount = Rs.1,89,564

Interest amount = Rs.1,89,564 – Rs.1,00,000 = Rs.89,564

Benefits of Using SBI Fixed Deposit Interest Calculator

SBI FD interest calculator has several benefits. Some of them are explained below:

Gives Quick and Accurate Results

SBI fixed deposit interest calculator is designed to provide fast and accurate results in a few seconds. Select the necessary details like investment amount, tenure and interest rate and you will be able to check your maturity amount and interest earned in no time.

Helps Better Plan Your Investments

Compare different FD rates and tenure to plan your investments better. For instance, mid-duration FDs may give you better rates, however, if you’re a long-term investor, maybe a longer tenure would be more suitable for you. Use the SBI bank FD calculator to quickly figure out what works for you.

Completely Free

You don’t have to pay a single penny to use the online calculator. It’s absolutely free and accessible for all. All you need to ensure is that you’re selecting the correct values. Add to that - the user-friendly interface elevates the overall functionality of the calculator.

Frequently asked questions

You can calculate SBI FD interest rate via simple interest calculation method and compound interest calculation method. However, manual calculations are taxing. As a better alternative, use SBI FD return calculator to get quick and accurate results in seconds.
Your SBI FD interest also depends on the prevailing interest rate for that particular tenure. Let’s say the interest rate is 6.5% compounded annually, upon calculation, your total interest earned would be Rs.87,714. The total maturity amount would be Rs.1,87,814.
You can use our SBI FD calculator. Alternatively, you can go to SBI’s official website and use their FD calculator. Both calculators would give you quick and accurate results.
You can withdraw your SBI FD amount before the maturity period, however a penalty charge would be levied. For fixed deposits up to Rs.5 lakh, the penalty for premature withdrawal will be 0.50%. For FDs above Rs.5 lakh, applicable penalty will be 1%). No penalty is charged if you withdraw the amount within 7 days after the date of opening the account.
Senior citizens having an SBI FD account are eligible for 0.5% higher interest rate than the normal FD rate. So, if the normal rate for a particular tenure is 7%, senior citizens would get an interest rate of 7.50% for the same period.
Disclaimer : Navi does not guarantee accuracy, completeness, or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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What is SBI Fixed Deposit Interest Rate in 2023?

SBI FD interest rate ranges from 3.50% to 7.50% (including senior citizen scheme). The applicable interest rate varies depending on the tenure you choose. Here are some of the highlights of SBI FD interest rate:
  • Interest Rate: 3.5% to 7.5%
  • Tenure: 7 days to 10 years
  • Minimum Deposit: Rs.1,000
  • Maximum Deposit: No Upper Limit
  • Lock-in Period: NA (5 years for Tax Saver FD)

Ways to Calculate SBI Fixed Deposit Interest and Maturity Amount

There are two ways to calculate SBI FD interest and maturity amount –

  1. Simple Interest Method
  2. Compound Interest Method

The formula for SBI FD calculation via simple interest method is:

Simple Interest = (P * R * T)/100

Where, P = Principal amount invested, R = Rate of interest (%) and T = Tenure

Now, let’s understand this with an example. Let’s say you have invested Rs.1 lakh for a tenure of 10 years at 7% p.a. interest rate. In this case, P = Rs.1 lakh, R = 7% and T = 10 years.

Simple Interest = (1,00,000 * 7 * 10) /100 = Rs.70,000

Maturity Amount  = Principal Amount + Simple Interest = Rs.1,00,000 + Rs.70,000

So, at the time of your FD maturity, you will get Rs.1,70,000

The other method is calculation of FD maturity via compound interest method. The formula is:

A = P (1+r/n) ^ (n * t)

Where, A = Maturity Amount, P = Principal amount invested, r = Rate of Interest, n = Number of compounding in a year and t = Tenure

Let’s say you have invested Rs.1,00,000 for 5 years at an interest rate of 6.5% p.a. compounded half-yearly

In this case, P = Rs.100,000, Interest Rate = 6.5%, Number of compounding in a year is 2, Tenure = 5 years

A = 1,00,000 (1+0.065/2) ^ (2*5)

Maturity Amount = Rs.1,37,689

Interest amount = Rs.1,37,689 – Rs.1,00,000 = Rs.37,689

How Can SBI FD Calculator Help You?

  • Easy to Use: The SBI FD interest calculator carries a user-friendly interface. The functionality is extremely simple – all you need to do is enter the necessary details to check your maturity and return amount.
  • Gives Quick and Error-free Results: Zero waiting time. Select the investment amount, tenure and interest rate and get the desired result in seconds. Also, no human errors – you get accurate results every time you use SBI fixed interest rate calculator.
  • Investment Planning:Use the SBI FD calculator to better plan your investments. Select the tenure, investment amount and applicable interest rate to figure out what amount or tenure is more aligned with your investment goals.

Factors that Can Affect SBI Fixed Deposit Maturity Amount Calculation

Your maturity amount and interest earned on your SBI FD investments could depend on the following factors:
  • Interest Rate: SBI FD rates vary based on scheme and tenure. For instance, senior citizens are eligible for 0.50% higher FD rates compared to normal rates.
  • Tenure: Your investment duration or tenure can also have an impact on the maturity amount, primarily because SBI FD rates are co-related to investment tenure.
  • Investment Amount:If you have invested a nominal amount, your maturity amount would also be at the lower end. So, factor in your investment objective and goals and invest the amount that’s aligned with your financial goals.
Use our SBI FD calculator to check your FD returns on maturity. The calculator is extremely user-friendly and designed to give fast and accurate results.r maturity and return amount.
  • Gives Quick and Error-free Results: Zero waiting time. Select the investment amount, tenure and interest rate and get the desired result in seconds. Also, no human errors – you get accurate results every time you use SBI fixed interest rate calculator.
  • Investment Planning:Use the SBI FD calculator to better plan your investments. Select the tenure, investment amount and applicable interest rate to figure out what amount or tenure is more aligned with your investment goals.
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