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SBI Fixed Deposit

SBI FD Scheme

Last Updated 30th Oct 2020

SBI fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.90% to 5.40%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,000
Maximum Deposit No Limit
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    SBI FD

    SBI is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart, SBI FD offers regular returns on fixed deposit through interest range ranging between 2.90% to 5.40%. For senior citizens, the interest rates on fixed deposits range between 3.40% to 6.20%. In addition to that, SBI fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of SBI Fixed Deposit Schemes

    Different type of SBI term deposit products offered to the investors are listed as follows:

    SBI Tax Savings Scheme

    Description:

    • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961
    • Nomination facility available
    • Loan facility upto 90 per cent is available on the deposit
    • Interest on deposit is paid only at the time of the maturity
    • Extra interest of 0.50 per cent payable to the senior citizens

    Eligibility:

    • Resident Indians, karta for a HUF with a valid PAN number
    Reinvestment Plan

    Description:

    • This scheme is a variant of fixed deposit under which interest is paid out only at the time of maturity.
    • Interest on deposit is paid only at the time of the maturity
    • Nomination facility available
    • Loan facility upto 90 per cent is available on the deposit
    • Availability of auto renewal facility on the deposit
    • Extra interest of 0.50 per cent payable to the senior citizens

    Eligibility:

    • Resident Indians of 18 years of age and above
    SBI Multi Option Deposit Scheme

    Description:

    • Account linked to the savings or current account in which you can withdraw multiples of Rs. 1,000 from your MOD account as per your need.
    • Interest on deposit is paid only at the time of the maturity
    • Nomination facility available
    • Loan facility upto 90 per cent is available on the deposit
    • Deposits made under this scheme are completely liquid
    • Withdrawal in multiples of Rs. 1,000

    Eligibility:

    • Resident Indians, non resident Indians, hindu undivided family, companies and organisations
    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Interest on deposit is paid only at the time of the maturity
    • Nomination facility available
    • Extra interest of 0.50 per cent payable to the senior citizens
    • Availability of auto renewal facility on the deposit
    • Earn higher returns on the money deposited

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    Money Multiplier Plan

    Description:

    • Money multiplier plan allows the depositor to link fixed deposit account to their savings account giving you the higher rate of interest.
    • Loan facility upto 90 per cent is available on the deposit
    • Nomination facility available
    • Interest on deposit is paid only at the time of the maturity
    • Extra interest of 0.50 per cent payable to the senior citizens
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    Flexi Deposit Scheme

    Description:

    • This scheme is similar to recurring deposits where a depositor can make multiple deposits anytime during a month instead of doing a single fixed deposit.
    • Deposits can be made anytime during a month and any number of times
    • Nomination facility available
    • Interest on deposit is compounded quarterly
    • Loan facility upto 90 per cent is available on the deposit
    • Extra interest of 0.50 per cent payable to the senior citizens

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    SBI Wecare Deposit

    Description:

    • This scheme was introduced to offer financial aid to the senior citizens in the times of falling interest rates due to the Covid-19 pandemic.As per the scheme, senior citizens can earn extra 30 bps on FD interest rates, over and above the additional 50 bps offered to them to fixed deposits.
    • SBI Wecare senior citizen deposit was launched to provide a higher fixed deposits interest rates to senior citizens in the current situation.
    • The scheme is valid till December 31, 2020.
    • This deposit scheme is applicable for term deposits above 5 years
    • The benefits can be availed on fresh deposit and renewal of maturing deposits.

    Eligibility:

    • Resident Indian citizens of age 60 years and above.

    Benefits of SBI FD

    SBI fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about SBI FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, SBI offers FD rates up to 5.40%. The interest rates offered on SBI FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, SBI term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because SBI fixed deposit allows one to borrow a secured loan against SBI FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about SBI loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
      • Loan Against Fixed Deposit
    • Flexible tenures: SBI FD offers the investors the flexibility to choose the investment tenure as per their convenience. SBI offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. SBI offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, SBI fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,000. Apart from that, one can invest in the SBI FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with SBI means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from SBI will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of SBI fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for SBI FD

    SBI FD facility can be availed by the following type of investors:

    • 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

    SBI fixed deposit requires one to submit the following documents:

    • 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.

    FAQs

    ✅What is the loan against FD repayment tenure?

    SBI offers the loan against FD facility to the FD investors with a 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.

    Related Topics
    Latest Blogs
    SBI News - Oct 2020
    • 2020-09-17 : SBI changed its Fixed deposit rates
      State Bank of India changed its fixed deposit rate. The FD rate for 7 to 45 days is 2.90%, it is 3.90% for 46 to 179 days and 4.40% for 180 days to 1 year. Further, the fixed deposit rate for one year to less than three years is 5.10%, and for three years to less than five years it is 5.30%. The rate for 5 years upto ten years is 5.40%. The revised rates will be effective from 10 September 2020.
    • 2020-09-15 : SBI special FD scheme for senior citizens extended till December 31
      SBI special fixed deposit scheme for senior citizens has been extended. The scheme was launched to provide a higher interest rate to senior citizens in the current falling interest rate scenario. The special FD scheme for senior citizens will be available till year December 31.
    • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore
      State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY.
    • 2020-06-05 : State Bank of India reported the highest ever yearly net profit
      State Bank of India registered a Net Profit of Rs.3581 Crores bolstered by retail business loan, FDs and RDs in Q4FY20, an increase of 327% over Q4FY19. For the full year FY20, Net Profit stood at Rs. 14,488 Cr backed by retail loans like home, personal, gold, two-wheelers, and car loan along with business and mudra loan against Net Profit of Rs 862 Crores in FY19. This is also the highest ever yearly Net Profit recorded by the Bank.
    • 2020-05-27 : SBI slashed FD rates for the second time in a month
      State Bank of India reduced the fixed deposit rates for 2nd time in a month. The FD rate for 7 to 45 days is 2.90%, it is 3.90% for 46 to 179 days and 4.40% for 180 days to 1 year. Further, the fixed deposit rate for one year to less than three years is 5.10%, for three years to upto five years it is 5.30%, and it stands at 5.40% for five years to ten years. The revised rates will effective from 27 May 2020.
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