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Interest rate 3 months interest rate: Up to 4.15% p.a.
Minimum opening deposit: $250,000
Maximum balance: $1,000,000

Summary

The State Bank of India allows Aussies to earn a high interest rate on even a short term term deposit.

India’s largest commercial bank, the State Bank of India, offers a competitive term deposit to help meet financial goals. This is a potentially useful account if you are looking for a short term place to stow your super funds in between any longer term investment opportunities.

Pros

Available for Australian non-residents
Can be used for superannuation funds
Flexible terms from 3 months to 5 years

Cons

Minimum investment of $250,000 for residents
Deposit not protected under Financial Claims Scheme

Details

Key details

Product Name	State Bank of India Term Deposit
3 month interest rate	4.15%
6 month interest rate	4.10%
12 month interest rate	4.00%
24 month interest rate	3.80%
36 month interest rate	3.50%
48 month interest rate	3.50%
60 month interest rate	3.50%
Minimum Opening Deposit	$250,000
Minimum age requirement	18
Government guarantee	No

Eligibility

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$250,000
Available to children	Not available for children

Key features

Tiered interest rates up to 4.1% p.a.

The interest rates offered by the State Bank of India are competitive. They are also tiered, meaning the longer you invest your money the higher the interest rate is.

Minimum deposit of $250,000

Australian residents will need to be able to deposit $250,000 in order to open a term deposit while non-residents, incorporated entities and SMSFs will need $20,000.

Terms from three months to five years

You can choose between terms ranging from three months to five years. Remember, the longer you invest your money in this term deposit, the better interest rate you will receive.

Interest paid at maturity

Interest is paid at maturity. You can choose to roll over the deposit plus interest or just the original deposit into a new term deposit on maturity if you wish.

Launch term deposit calculator

How to apply

You will need to speak directly with a representative from the State Bank of India if you wish to open a term deposit with them. Their offices are located in Sydney, or you can call them to find an alternative to establishing your term deposit. Some of the eligibility requirements that they will ask you to meet include and the documents you will need are below.

Eligibility

Minimum age. You'll need to be at least 18 years old to apply online.
Residency requirement. This account is available for any resident or non-resident of Australia.

Depository requirement. Australian individual applicants who are also residents will need to deposit at least $250,000. Non-residents, corporations and SMSF trustees can open the account with $20,000.

Documentation needed

Tax file number. Australians opening an interest earning account should provide their tax file number (TFN) or exemption code to avoid having those earnings taxed at the highest marginal rate.
Identification. You will need to have a photocopy of your identification documents along with one of your passport. A passport sized photograph of all deposit holders is also required.
Address. A photocopy of a document showing proof of address is also required.

What happens after I submit my application?

With all of your documentation in order along with your initial deposit, the State Bank of India will be able to open your term deposit and allow your savings to begin earning interest.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. SBI Australia PDS

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david

June 11, 2025

is this covered by australian government guarantee

Sarah Megginson Finder

June 11, 2025

Hi David, State Bank of India (SBI) has an Australian subsidiary, SBI Australia, which is an Authorised Deposit-taking Institution (ADI).

Alison Banney Finder

June 11, 2025

Hi David,

No it’s not covered by the government guarantee scheme. You also need to deposit at least $250,000 (the scheme only covers deposits up to this amount).

Thanks,

Alison

terry

October 22, 2024

when are interest payments paid?

Angus Kidman Finder

October 23, 2024

SBI pays interest when the term deposit matures.

State Bank of India Term Deposit

Pros

Cons

Key features

Tiered interest rates up to 4.1% p.a.

Minimum deposit of $250,000

Terms from three months to five years

Interest paid at maturity

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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