SBI FD Premature Withdrawal Penalty Calculator

The SBI Fixed Deposit (FD) Premature Withdrawal Penalty Calculator will help you calculate the Penalty applicable during pre-closure. It is an excel based tool which can also advise whether you will have benefit in case you renew or extend your SBI Fixed Deposit at higher interest rates.

An Overview of SBI FD

Fixed Deposit (FD) is a type of term deposit offered by State Bank of India (SBI), India’s leading bank, that allows customers to park their lump sum amount and earn guaranteed returns at a fixed rate of interest.

You can choose the period of deposit from 7 days to 10 years, the amount of deposit from ₹1000 to no upper limit, and the frequency of interest payout from quarterly to yearly. SBI FDs can be opened online through OnlineSBI or YONO app or by visiting the nearest branch.

Loan and overdraft facility is also available against the Fixed Deposits for up to 90% of the deposit amount with applicable margin and interest rate. Customers can also opt for tax-saving FD scheme that has a lock-in period of 5 years and offers tax exemption under Section 80C of the Income Tax Act.

SBI offers different interest rates for FD depending on the tenure, amount, and customer category. The current interest rates range from 2.9% to 5.4% for general public and from 3.4% to 6.2% for senior citizens.

How SBI FD Premature Withdrawal Penalty Calculator Works?

SBI FD Premature Withdrawal Penalty Calculator is a one of a kind excel based tool developed by EPM that helps you to calculate the penalty amount and the revised interest rate that you will get if you withdraw your fixed deposit before maturity.

The penalty charges applicable in case of premature withdrawal of SBI FD are –

• For Term Deposits up to Rs 5 lakh, the penalty charged will be 0.50% for all tenures.
• For Term Deposits above Rs 5 lakh, the penalty charged will be 1% for all tenures.
• No interest is payable on deposits that remain for less than 7 days.

The excel based calculator has 3 Sections to enter the data related to your SBI FD:

• Original FD Details – This is the section to add details about your Original SBI Fixed Deposit which are planning to prematurely withdraw. You will have all the details to be filled in this section available in your FD receipt.
• Pre-Closure Details – This section comprises of the details around premature withdrawal of your SBI Fixed Deposit.
• Revised Details – This section is to be used in case you are planning to open a new Fixed Deposit after prematurely withdrawing previous one. Typical case this happens is when the interest rates are increasing.

Do you know that opening a Special Duration Fixed Deposit (400 Days, 666 Days etc.) is not always beneficial?

Once you enter all the details, the SBI FD premature withdrawal calculator automatically performs calculations in excel. It then gives you a very detailed information around each of the section for which data is entered as shown below.

SBI FD Premature Withdrawal Excel Calculator also provides you a summarized view of Penalty being levied. It also shows Overall Benefit or Loss you will incur in case you choose to renew this FD to a new higher rate Fixed Deposit.

Please note that this Excel based calculator is designed for for Cumulative Deposits. There is a separate calculator for Non-Cumulative Deposits which provides penalty details for Fixed Deposits with Monthly and Quarterly payouts.

Benefits:

This SBI FD Premature Withdrawal Penalty Calculator comes as a very easy to use Excel utility which can be used to compare the benefits and costs of premature withdrawal of your FD and helps make an informed decision.

It gives you accurate, error-free information in an easy to understand format. Some other key benefits of using the SBI FD Premature Withdrawal Penalty Calculator are:

• It helps you take decision.
• It helps in saving money eliminating confusion.
• It gives you a reasonable accurate result.
• It helps in running various scenarios.
• It is a first of a kind calculator which is also being used by bank staff as well as other financial influencers.

How this Excel Calculator can Help?

The Fixed Deposit interest rates on bank FDs are can occasionally change based on the current interest rate environment. However, the interest rate for fixed deposits that have been booked remain constant for the duration of the deposit. In case if the depositor decides to redeem the fixed deposit before the maturity date, a penalty can be applicable as per the bank’s policy.

SBI FD Premature Withdrawal Penalty Calculator Excel Utility can help in giving you an approximate amount of penalty that can be chargeable in case you wish you prematurely withdraw your Fixe Deposit investments.

Further SBI FD Premature Withdrawal Penalty Calculator Excel Utility can provide you advise on the profit or loss you will be making while prematurely withdrawing your fixed deposit to open a new one at higher interest rate.

If you have a Recurring Deposit instead, then there is another calculator specifically built to calculate its penalty charges in case of premature withdrawal.

How to download SBI FD Premature withdrawal Penalty Calculator?

You can download the calculators from the links below or directly from EPM Shop. You can also use the Coupon Codes to further reduce the cost.

Video Demo

The below video will show how I used this FD premature withdrawal Penalty calculator to increase my savings on HDFC Bank’s Fixed Deposit.

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