As of June 2026, State Bank of India (SBI) maintains its Benchmark Prime Lending Rate (BPLR) at 14.65% p.a. And its Base Rate at 9.90% p.a. These rates influence the interest charged on various loans disbursed before the MCLR regime. For new borrowers, the Marginal Cost of Funds Based Lending Rate (MCLR) is the primary benchmark, with the 1-year MCLR at 8.65% p.a. As of January 2026.
Understanding these benchmark rates is crucial for borrowers, as they directly impact the interest rates on personal loans, home loans, and other credit products from SBI. The bank periodically revises these rates based on RBI policies and market conditions.
| Parameter | Rate (p.a.) | Effective Date |
|---|---|---|
| Benchmark Prime Lending Rate (BPLR) | 14.65% p.a. | 15.06.2026 |
| Base Rate | 9.90% p.a. | 15.06.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – Overnight | 7.85% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 1 Month | 8.00% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 3 Month | 8.15% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 6 Month | 8.45% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 1 Year | 8.65% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 2 Year | 8.75% p.a. | 15.01.2026 |
| Marginal Cost Of Funds Based Lending Rate (MCLR) – 3 Year | 8.80% p.a. | 15.01.2026 |
| Interest Rate on Loan (SBI Floating Rate Bulk Term Deposit) | 1.50% p.a. Above the floating rate | June 2026 |
| Personal Loan (Defence/Para-military/Indian Coast Guard Salaried) | Starts from 10.05% p.a. | 2026 |
| Car Loan | 8.70% to 15.60% p.a. | 2026 |
| Gold Loan | Starts from 8.70% p.a. | 2026 |
| Home Loan (lowest floating interest card rate) | 7.25% p.a. | 2026 |
SBI Lending Rates by Parameter
The MCLR, effective from June 15, 2026, serves as the internal benchmark for most new floating-rate loans, ensuring transparency in interest rate calculations. Borrowers can compare these rates to assess their home loan interest calculator options.
SBI Fixed Deposit Rates 2026 (Below ₹3 Cr)
SBI Fixed Deposit (FD) rates for deposits below ₹3 crore range from 3.05% to 6.40% p.a. For the general public, as of June 2026. Senior citizens receive an additional 0.50% p.a., with rates up to 7.05% p.a. On specific tenures (Source: SBI Bank, June 2026).
These rates are effective from December 15, 2025, and January 15, 2026, for various tenures, subject to change by the bank.
| Tenure | General Public (%) | Senior Citizens (%) |
|---|---|---|
| 7 days to 45 days | 3.05% (June 2026) | 3.55% (June 2026) |
| 46 days to 179 days | 4.90% (June 2026) | 5.40% (June 2026) |
| 180 days to 210 days | 5.65% (June 2026) | 6.15% (June 2026) |
| 211 days to less than 1 year | 5.90% (June 2026) | 6.40% (June 2026) |
| 1 year | 6.25% (May 2026) | 6.75% (May 2026) |
| 1 year to less than 2 years | 6.25% (March 2026) | 6.75% (March 2026) |
| 2 years to less than 3 years | 6.40% (June 2026) | 6.90% (June 2026) |
| 3 years to less than 5 years | 6.25% (June 2026) | 6.75% (June 2026) |
| 5 years to 10 years | 6.25% (June 2026) | 7.05% (May 2026) |
| 444 days (Amrit Vrishti Scheme) | 6.45% (June 2026) | 6.95% (June 2026) |
| 2222 days | 5.95% (May 2026) | 6.95% (May 2026) |
SBI Fixed Deposit Rates by Tenure and Customer Type
The highest FD rate for the general public is 6.40% p.a., while senior citizens can earn up to 7.05% p.a. On specific tenures. For a detailed comparison of loan options, you can use a home loan interest calculator.
SBI Recurring Deposit Rates 2026
SBI Recurring Deposit (RD) rates for the general public range from 4.50% to 7.00% p.a., as of June 15, 2026. Senior citizens receive an additional interest rate, with their RD rates ranging from 5.00% to 7.50% p.a. During the same period. These rates apply to deposits below ₹2 crore, with tenures between 12 months and 10 years.
The minimum deposit amount for an SBI Recurring Deposit account is ₹100, making IT accessible for regular savings. Interest earned on SBI RDs is subject to TDS if IT exceeds ₹40,000 for regular citizens or ₹50,000 for senior citizens in a financial year (Source: SBI Bank, 2026).
SBI Savings Account Interest Rate
As of 2026, SBI offers a uniform interest rate of 2.50% p.a. Across all savings account balances, calculated daily and paid quarterly (Source: SBI Bank). This rate applies to all account types, including Basic Savings Bank Deposit Small Accounts and Minor Accounts.
The interest on SBI savings accounts is credited to your account every quarter, provided the interest amount exceeds ₹1. For Basic Savings Bank Deposit Small Accounts, the maximum balance limit is ₹50,000, while Minor Accounts can hold up to ₹10 lakh. Most SBI savings account variants do not require a minimum balance.
Opening an SBI savings account is straightforward, with both online and offline options available. You can apply through the official SBI website or YONO app, completing a Video KYC for full online account opening. Alternatively, visit an SBI branch with your KYC documents like Aadhaar Card and PAN card to complete the process.
Special SBI FD Schemes & Rates
State Bank of India offers various specialized Fixed Deposit (FD) schemes tailored to different investor needs, providing unique features beyond standard FDs. These schemes include options like the Annuity Deposit Scheme and the Green Rupee Term Deposit, each with specific interest rates and tenures. As of 2026, SBI also provides special benefits for senior citizens across many of its deposit products.
- SBI Annuity Deposit Scheme: This scheme allows a single lump sum deposit, followed by fixed monthly payments to the depositor over the chosen tenure. Interest rates are effective from January 15, 2026, and align with prevailing FD rates for the deposit period.
- SBI Tax Savings Scheme, 2006: This FD scheme offers a tax deduction benefit up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961. IT has a maturity period ranging from 5 to 10 years, with an interest rate of 6.05% p.a. As of 2026.
- SBI Floating Rate Bulk Term Deposit (FRBTD): Designed for high-net-worth individuals and corporates, this scheme offers an interest rate that adjusts with market conditions, unlike traditional fixed-rate FDs. An overdraft facility is available against FRBTD, with an interest rate of 1.50% p.a. Above the floating rate.
- SBI Green Rupee Term Deposit: Introduced to support green finance, this unique FD scheme invests funds in environment-friendly projects. IT offers specific tenors of 1111, 1777, and 2222 days, with rates effective from May 1, 2026.
- SBI WeCare Deposit Scheme: This special FD for senior citizens offers an additional premium of 50 basis points (bps) over the existing 50 bps for regular senior citizen FDs, specifically for tenures of 5 years and above.
- SBI Amrit Vrishti Scheme (444 days): Also known as the SBI 444-day scheme, IT offers a specific interest rate for a fixed tenure of 444 days. As of May 2026, the rate for general citizens is 6.45% p.a. And for senior citizens, IT is 6.95% p.a.
- Non-Callable Term Deposits: These FDs offer slightly higher interest rates because premature withdrawal is not permitted. SBI introduced non-callable term deposits with rates effective from December 15, 2025.
These specialized FD schemes cater to diverse financial goals, from regular income streams to tax savings and support for green initiatives, with varying interest rates and terms as of 2026.
Loans Against SBI Fixed Deposits
SBI offers loans against your fixed deposits, allowing you to access funds without breaking your FD. As of 2026, you can borrow up to 90% of your fixed deposit amount, with loan values ranging from ₹5,000 to ₹5 crore (Source: SBI Bank).
The interest rate on these loans is typically 1% higher than the interest rate your underlying fixed deposit earns. This facility provides liquidity while your FD continues to accrue interest.
- Loan Amount: You can avail a loan of up to 90% of your SBI Fixed Deposit value. The minimum loan amount is ₹5,000, and the maximum is ₹5 crore for online overdraft against FD.
- Interest Rate: The interest charged on a loan against an SBI FD is 1% p.a. Above the interest rate of the specific fixed deposit. For example, if your FD earns 6.40% p.a., your loan rate would be 7.40% p.a.
- No Processing Charges: As of 2026, SBI does not levy any processing charges for loans against fixed deposits, making IT a cost-effective borrowing option.
- Overdraft Facility: Loans against FD can be availed as an overdraft facility, with interest calculated on a daily reducing balance. This means you only pay interest on the amount utilized.
- No Prepayment Penalties: There are no prepayment penalties for closing your loan against FD early, offering flexibility in repayment.
- Eligibility: Any SBI customer with an existing fixed deposit can apply for this loan. NRE and NRO depositors are also eligible for loans against their respective FDs.
This loan option is suitable for short-term financial needs, leveraging your existing savings without premature withdrawal penalties on the FD itself.
SBI Bulk Term Deposit Rate Hikes
State Bank of India (SBI) revised interest rates on domestic bulk term deposits (₹3 crore and above) effective May 15, 2026. The bank reduced rates by 0.25% across four of nine available tenors. This adjustment primarily impacts high-value institutional and individual savers, not standard retail depositors.
| Tenure | Old Rate (%) | New Rate (%) | Effective Date |
|---|---|---|---|
| 46 days to 179 days (General Public) | 5.10% | 5.35% | March 15, 2026 |
| 180 days to less than one year (General Public) | 5.60% | 5.85% | March 15, 2026 |
| One year to less than two years (General Public) | 6.25% | 6.50% | March 15, 2026 |
| 46 days to 179 days (Senior Citizens) | 5.60% | 5.85% | March 15, 2026 |
| 180 days to less than one year (Senior Citizens) | 6.10% | 6.35% | March 15, 2026 |
| One year to less than two years (Senior Citizens) | 6.75% | 7.00% | March 15, 2026 |
| 2222 days (Deposits above ₹3 Cr) | Not specified | 5.90% (General), 6.40% (Senior Citizens) | May 01, 2026 |
SBI Fixed Deposit Rate Changes (Old vs. New)
These rate adjustments reflect SBI’s strategy for managing liquidity and attracting large-scale deposits in 2026. Investors should verify current rates on the SBI Bank website before making investment decisions.
Taxation on SBI RD Interest Income
Interest earned on SBI Recurring Deposits (RDs) is taxable based on your individual income tax slab rates, as per Income Tax Act, 1961 rules for 2026. This income must be declared under ‘Income from Other Sources’ when filing your income tax returns. SBI deducts Tax Deducted at Source (TDS) if the annual interest income crosses specific thresholds.
For regular citizens, SBI deducts 10% TDS if the RD interest income exceeds ₹40,000 in a financial year, provided PAN details are available. Senior citizens receive a higher threshold, with TDS applicable at 10% only if their annual RD interest income surpasses ₹50,000. If PAN details are not provided to the bank, the TDS rate increases to 20% for any interest income exceeding these limits (Source: SBI Bank, 2026).
To avoid TDS deduction, eligible individuals can submit Form 15G (for regular citizens) or Form 15H (for senior citizens) to SBI, declaring that their total income for the financial year falls below the taxable limit. This ensures that no TDS is deducted on their RD interest. You can use an online interest calculator to estimate your potential RD earnings and tax liability.
Key Takeaways
- SBI RD interest income is taxable per your income tax slab rates for 2026.
- TDS of 10% applies if RD interest exceeds ₹40,000 for regular citizens or ₹50,000 for senior citizens (with PAN).
- A 20% TDS is levied if PAN details are not provided to SBI and interest crosses the threshold.
Review your projected RD interest income and submit Form 15G/15H to SBI if applicable, to manage your tax deductions effectively.
Frequently Asked Questions (FAQs)
What are the latest SBI FD interest rates for 2026?
As of June 15, 2026, SBI offers FD interest rates ranging from 3.05% to 6.40% p.a. for the general public on domestic deposits below ₹3 crore. Senior citizens receive an additional 0.50% p.a., with rates up to 7.05% p.a. on specific tenures. These rates apply to various tenures, including special schemes like the Amrit Vrishti 444-day scheme.
What is the SBI Amrit Vrishti 444-day scheme interest rate in 2026?
The SBI Amrit Vrishti 444-day scheme is a special fixed deposit offering specific interest rates for a 444-day tenure. As of May 2026, the interest rate for general citizens on this scheme is 7.10% p.a., while senior citizens receive 7.60% p.a. This scheme is designed for a fixed short-to-medium term investment.
How much interest does SBI offer on savings accounts in 2026?
As of June 2026, SBI offers 2.70% p.a. interest on savings account balances below ₹10 lakh. For balances of ₹10 lakh and above, the interest rate is 3.00% p.a. These rates are subject to change based on RBI’s monetary policy and SBI’s internal reviews.
What is the SBI MCLR as of June 2026?
The Marginal Cost of Funds Based Lending Rate (MCLR) for SBI was revised effective June 15, 2026. The 1-year MCLR, which is a benchmark for many retail loans, stands at 8.70% p.a. Other MCLR tenures, from overnight to 3 years, also saw revisions on this date.
What are the SBI home loan interest rates in 2026?
As of June 2026, SBI home loan interest rates typically start from 8.50% p.a. for eligible borrowers with a strong CIBIL score. The final rate depends on factors like your credit score, loan amount, and employment type. SBI often offers competitive rates for women borrowers and under specific schemes.
Can I get a loan against my SBI Fixed Deposit?
Yes, you can avail a loan or overdraft facility against your SBI Fixed Deposit. SBI typically offers loans up to 90% of the FD value. The interest rate on such loans is usually 1.00% to 1.50% p.a. above the FD interest rate, as of June 2026.
What is the minimum balance required for an SBI savings account in 2026?
As of 2026, SBI does not require a minimum balance for most of its regular savings accounts. This policy was implemented to promote financial inclusion. However, certain specialized accounts or corporate salary accounts might have specific average monthly balance requirements.
