SBI NRI Fixed Deposit Calculator
Calculate Maturity for NRE, NRO, and FCNR Deposits
Understanding SBI NRI Fixed Deposits
State Bank of India (SBI) offers specialized fixed deposit schemes for Non-Resident Indians (NRIs) to park their foreign earnings or Indian income with competitive yields. Using an SBI NRI Fixed Deposit Rates Calculator helps you plan your financial goals by estimating the maturity value based on current tenure-specific yields.
Types of NRI Deposits at SBI
- NRE (Non-Resident External): Ideal for parking foreign earnings in Indian Rupees. The principal and interest are fully repatriable, and the interest earned is 100% tax-free in India. Minimum tenure is 1 year.
- NRO (Non-Resident Ordinary): Best for managing income earned in India (like rent or pension). Interest is taxable at 30% plus surcharge (TDS), though DTAA benefits may apply.
- FCNR (B): Foreign Currency Non-Repatriable deposits allow you to hold money in currencies like USD, GBP, or EUR, eliminating exchange rate risks.
How Maturity is Calculated
SBI typically uses quarterly compounding for NRI Fixed Deposits. The formula used by this tool is:
Where P is the deposit amount, r is the annual yield rate, n is the compounding frequency per year, and t is the total duration in years.
Illustrative SBI NRI Return Examples
| Tenure | Assumed Yield | Deposit (₹) | Approx. Maturity (₹) |
|---|---|---|---|
| 1 Year | 6.80% | 1,00,000 | 1,06,975 |
| 3 Years | 7.00% | 1,00,000 | 1,23,144 |
| 5 Years | 6.50% | 1,00,000 | 1,38,042 |
Frequently Asked Questions
1. Is NRE interest taxable?
No, interest earned on NRE Fixed Deposits is exempt from income tax in India.
2. Can I withdraw early?
Yes, SBI allows premature withdrawal, but usually with a 1% penalty on the applicable rate for the period the deposit remained with the bank.
3. What is the minimum period for NRE FDs?
The minimum tenure for an NRE Fixed Deposit at SBI is 1 year. No interest is paid if the deposit is closed before completing 12 months.