SBI Fixed Deposit

Last Updated by Richbrite on October 9th, 2021 at 04:55 pm

SBI Fixed Deposit

State Bank of India is one of the leading public sector banks offering fixed deposits in the country. SBI offers flexible tenure for the fixed deposits that can be from 7 days to 10 years.

Along with the flexible tenure for the fixed deposit bank also offer regular returns on the investment that can be from 2.90% to 5.40% for senior citizen the fixed deposit interest can be from 3.40% to 6.20%.

State bank of India offers different types of fixed deposit schemes to cater to all sorts of investors.

Fixed Deposit Scheme Offered by Banks in India

Types of SBI Fixed Deposit Schemes

Below are the different types of fixed deposit schemes offered by State bank of India.

SBI Tax Savings Scheme

This fixed deposit offered by SBI is specially designed to help individuals save money on income tax and grow their money with fixed deposit investment. Also, under this fixed deposit scheme, you can avail of a loan of up to 90 percent.

Interest on the fixed deposit paid after maturity. For senior citizen’s interest on the fixed deposit, it is 0.50 percent paid.

Eligibility

The individual should be an Indian residence and HUF with a valid PAN number.

Reinvestment Plan

This is one of the good investment plans under the fixed deposit scheme. The interest on the fixed deposit paid after maturity.

The nomination facility is also available under this FD scheme. Senior citizens will get an extra 0.5% interest on the deposit. You can also choose the auto-renewal facility available under this FD.

Eligibility

Indian residence age 18 years or above

SBI Multi Option Deposit Scheme

Any account linked to the saving and current where you can withdraw the amount in multiple of rupees 1000 from your multi option deposit account according to your requirement.

Nomination facility available and interest paid after maturity. Individuals can avail of loan facilities up to 90 percent. Amount invested under this fixed deposit scheme is completely liquid. You can withdraw the amount in multiple of rupees 1000.

Eligibility

Resident Indians, non-resident Indians, Hindu Undivided Family, Companies and Organizations

Regular Fixed Deposit

Under this FD scheme, investors can make investments into the fixed deposits to earn attractive and higher returns on the investment along with flexibility and security.

Interest on the fixed deposit paid after maturity. An auto-renewal facility is available under this FD scheme. Nomination facility available and senior citizens get an extra 0.50% interest on the investment.

Eligibility

Living in India, private, public limited company, Hindu Undivided Family, Trust, and Partnership Firm

Money Multiplier Plan

The Money Multiplier FD scheme allows investors to link FD account to their savings account which provides you a higher rate of interest.

Tax benefits on fixed deposit under section 80C of the income tax act. Interest credited after maturity. Senior citizens get 0.50% extra interest on the fixed deposit investment.

Eligibility

Living in India, private, public limited company, Hindu Undivided Family, Trust, and Partnership Firm

Flexi Deposit Scheme

The Flexi fixed Deposit Scheme is similar to the RD (Recurring Deposits) where investors can deposit an amount multiple times in a month instead of one time fixed deposit.

You can deposit ‘N’ number of times during a month in this FD scheme. Interest in FD is compounded every quarter. Investors can avail 90 percent loan again with this deposit. Senior citizens get an extra 0.50% interest on the deposit.

Eligibility

Living in India, private, public limited company, Hindu Undivided Family, Trust, and Partnership Firm

SBI Wecare Deposit

This is a type of fixed deposit scheme introduce during the COVID-19 pandemic to support senior citizens because during this time interest rate was falling.

SBI Wecare Deposit provides higher fixed deposit interest to senior citizens in the current pandemic situation. This scheme is extended till 31st March 2021. These benefits of this scheme applicable only for the deposit above 5 years. One can invest fresh or renew previously fixed deposits to avail of the benefits.

Eligibility

Resident Indian citizens of age 60 years and above

Benefits of SBI FD Premature Withdrawal Terms and Conditions

State Bank of India fixed deposit is one of the best investment options because of ‘N’ number of benefits. Some of the most important benefits mentioned as below

  • Guaranteed Returns – The best part of the SBI Fixed Deposit is that it provides guaranteed/assured returns to the investors. The interest rates offered on fixed deposit is regulated by the bank. At this time SBI offering 5.40% of returns on the investment.
  • Insured by the Government – The deposit insurance and credit guaranteed corporation proving deposit insurance of 5 Lakh to fixed deposit across the bank in the country.
  • Loan Against FD – Investors can avail of the loan again the fixed deposit up to a fixed limit. Generally, the loan amount can be 90-95% of the FD amount. Investors can avail of loans on the FD without breaking fixed deposits.
  • Flexible Tenures – SBI offers flexible tenure on the fixed deposits from 7 days to 10 years. State Bank of India offers different interest rates on the different FD schemes for different tenure periods.
  • Flexible Investment – SBI offers flexible investment where investors can invest a minimum of rupees 1000 to a maximum no limit.

Eligibility Criteria for SBI FD

To avail SBI Fixed deposit benefits you need to meet the below conditions.

  • Indian Citizens
  • Members of HUFs or the Hindu Undivided Family
  • Business firms
  • Local governing bodies
  • Government departments
  • Employees of private limited companies
  • Trust accounts

Documents for SBI FD

  • Passport size photographs.
  • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
  • Address proofs such as passport, ration card, utility bills such as water, gas, or electricity bill.
  • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
  • Bank account details such as passbook and account number.

SBI Fixed Deposit – FAQs

What is the Loan Against FD Repayment Tenure?

SBI offers the loan against FD facility to the FD investors with repayment tenure of up to 10 years.

What is the Minimum Investment for FDs Under SBI?

SBI FD can be availed with a minimum deposit of RS. 1,000.

What is the Minimum Amount for a Fixed Deposit in SBI?

The minimum amount required for a fixed deposit investment in SBI fixed deposit is Rs. 1,000.

What is the Current Interest Rate on FD in SBI?

Currently, SBI offers an interest rate ranging between 2.90% to 5.40% on its fixed deposits.

What is the Penalty for Early Withdrawal?

The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

What is the Minimum FD Tenure for which a Fixed Deposit Account can be Opened in SBI?

SBI fixed deposit can be opened with a minimum tenure of 7 days.