State Bank of India fixed deposit interest rate
6.45%p.a. onwards
Data as of 15 Aug 2026Source: Bank rate cards and published comparisons, August 2026 (deposits below ₹3 crore)Pending issuer verification
Rate, ceiling and fees
Data as of 15 Aug 2026Source: Bank rate cards and published comparisons, August 2026 (deposits below ₹3 crore)Pending issuer verification
What that costs in rupees
On ₹5,00,000 for 5 years, compounded quarterly.
- Interest at 6.45%
- ₹1,88,514
- After tax at the 30% slab
- ₹1,29,698
- Maturity value, post-tax
- ₹6,29,698
Interest is taxed at your slab rate, so this assumes the top slab plus 4% cess. At a lower slab you keep more. TDS applies once interest crosses the annual threshold.
Run your own numbersHow it compares
State Bank of India is the 12th highest of the 12 providers we track — 1.55% below Shivalik Small Finance Bank at 8.00%.
What moves this rate
Public sector bank. Floating retail loans are priced off an external benchmark, so RBI rate cuts pass through within a reset cycle.
Deposit interest is taxed at your slab rate, not concessionally. A headline rate is therefore a gross figure — at the 30% slab plus 4% cess, roughly a third of it goes in tax, and TDS is deducted at source once interest crosses the threshold.
Deposit insurance matters more than the last few basis points. DICGC cover is ₹5 lakh per depositor per bank, principal and interest combined, so a deposit above that at a single bank is uninsured beyond the cap regardless of how good the rate looks.