SBI Fixed Deposit Double Scheme:- SBI offers its clients a number of choices for special-term deposits in addition to standard FDs. These unique FD schemes are made to meet the needs of different kinds of customers. SBI Tax-saving Scheme, SBI Special Term Deposit (also known as SBI Fixed Deposit Double Scheme), and SBI Sarvottam are a few examples of these unique FD programs.
Let’s talk about the features, eligibility requirements, interest rates, and other pertinent information of the SBI FD Double Scheme.
Contents
What is the SBI Fixed Deposit Double Scheme?
Describe the SBI FD double scheme, please. As you are already aware, SBI offers a standard fixed deposit (FD) scheme in which the invested amount is held for a maximum of 120 months, or seven days. Under this arrangement, you will get a constant interest rate until the FD expires. It is possible to ask the bank to pay you the returns you have earned in this manner on a monthly, half-yearly, or even annual basis.
The SBI Special Term Deposit, also known as the SBI Fixed Deposit Double Scheme, is an interest-free scheme in contrast to a standard FD. Instead, it reappears as quarterly interest in the FD account, providing compounding gains. Therefore, the investor receives a cumulative maturity amount at the conclusion of the plan’s lifetime, which is made up of both the principal and the interest that has accrued.
Interest Rates of SBI Fixed Deposit Double Scheme 2023
Listed below are the latest interest rates of the State Bank of India fixed deposit double scheme.
| Tenure | General Citizen (%) | Senior Citizen (%) |
|---|---|---|
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 Year to less than 2 years | 6.80 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.50 |
| 3 years to less than 5 years | 6.50 | 7.00 |
| 5 years and up to 10 years | 6.50 | 7.50 |
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Some points to consider:
- For Senior Citizens, the SBI FD doubling plan offers an additional 30 basis points if their deposit term is five years or more.
- Additionally, they receive a bonus of 50 basis points.
- Additionally, SBI employees receive an extra 100 basis points under the scheme.
Maturity Value of SBI Special Term Deposit
You may quickly verify the maturity values of your SBI Special Term Deposit if you are aware of the applied interest rates. The approximate value at maturity for INR 100 invested over various monthly durations is shown in the table below.
Table for Maturity Values (INR 100 Investment)
| Tenure (monthly) | General Public | Staff |
| 6 | 102.2121 | 102.7182 |
| 9 | 103.3364 | 104.1049 |
| 12 | 105.0945 | 106.1364 |
| 24 | 110.6670 | 112.8714 |
| 36 | 117.1114 | 120.6263 |
| 48 | 123.4428 | 128.4072 |
| 60 | 130.7600 | 137.3644 |
| 72 | 137.9654 | 146.3690 |
| 84 | 145.5677 | 155.9638 |
| 96 | 153.5890 | 166.1876 |
| 108 | 162.0523 | 177.0816 |
| 120 | 170.9819 | 188.6898 |
Eligibility Criteria for SBI FD Double Scheme
The State Bank of India Fixed Deposit Double Scheme is available to any of the following individuals:
- Indian Residents (As Sole or Joint Applicants), Firms, Joint Stock Companies, HUF Karta, Local Bodies, or any Government Department may apply.
- The age requirement for an applicant is 18 years old or older. A minor may also qualify, but only under the supervision of their legal guardians or parents.
SBI Special Term Deposit Features
With the Special Term Deposit plan, investors can increase their money and, when the account matures, receive twice as much as they originally invested. The plan’s ultimate goal is to assist the investor in reaching their financial goals.
The following are some essential elements and advantages of the plan to comprehend:
- All of SBI’s branches offer the SBI Special Term Deposit.
- The plan has a minimum term of six months and a maximum duration of ten years.
- There is no maximum limit on the amount you can invest under the scheme; the lowest amount is INR 1000. Any multiple of 100 will do. On the other hand, an investment of INR 2 crore or more is considered a bulk deposit.
- Additionally, the interest on the SBI Special Term Deposit plan is compounded quarterly and paid at maturity together with the principal amount.
- Additionally, you have the option to transfer the deposit to any SBI bank in India.
- In accordance with the plan’s duration, the scheme also enables investors to obtain loans based on their deposits.
Special Features or Attributes of the FD Double Scheme
The benefits of the SBI Special Term Deposit, which enables you to double your money in five years or more, are listed below:
1. FD double scheme interest rate:
This strategy offers an attractive interest rate, which encourages investors to double their investment amount within a specified time frame.
2. Simple Account Opening Process:
The FD Double Scheme provides a straightforward and hassle-free way to open an account, which may be completed online via the official SBI webpage or by physically visiting the bank.
3. Loan Facility Available Against FDs:
Without having to worry about disrupting the deposit scheme, investors can apply for loans against the SBI FD Double programs. Therefore, in the event of a financial crisis, they will be safeguarded.
4. Flexible in Terms of Deposit Amount:
Under this system, the investor is free to choose the amount to be placed based on their financial situation.
5. Nomination Facility Available:
A nomination facility is also provided by the FD double scheme, allowing the depositor to designate a person to collect the deposit amount on their behalf. This is in the terrible event that the FD account holder passes away before the FD matures.
6. Premature Withdrawal Option Available:
Certain banks might let the FD double plan to be withdrawn early. If the FD is withdrawn before maturity, there will be penalties. Thus, unless it is an urgent situation that cannot wait, it is preferable to avoid it.
7. Taxes Deduction:
Under the FD Double Scheme, income is subject to a TDS deduction. The bank deducts TDS if a typical citizen earns more than INR 40,000 in interest in a year. Similarly, TDS is withheld from elderly citizens’ interest earnings if they earn INR 50,000 or more in a year. If the investor divulges their PAN card information, 10% TDS is withheld; if not, 20% TDS is withheld.
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Other Advantages of SBI Special Term Deposit
- The plan permits early withdrawal of the invested amount prior to the plan’s completion under specific conditions. For example, if the investment exceeds INR 5 lakh, there will be a penalty of 0.50% for each tenure.
- If the deposit is INR 5 Lakh, there will be a 1% penalty.
- If the investor deposits the funds for fewer than seven days, they will not be eligible to receive interest.
Normal FD vs. FD Double Scheme – Know the Difference
| Normal FD | FD Double Deposit Scheme |
| Under this scheme, the FD account holder can select the investment period as per their choice | Under this FD scheme, the investor is required to deposit a fixed sum of money for a pre-decided term period |
| The rate of interest under this FD deposit scheme depends on the term selected by the investor. A longer FD investment duration allows higher interest rates for the investor | Here, the interest remains fixed for the entire duration of the FD. However, it ensures that the invested sum gets doubled by the end of the predetermined period |
| The account holder receives the principal amount along with interest at the time of FD maturity | The interest received on the sum invested gets reinvested in the scheme |
| The FD double schemes offer a greater rate of return as compared to the regular FD schemes |
FD Rates Comparison for Different Banks in India
| Name of bank | Tenure of FD | Interest rates |
| Axis Bank | 6 months – 5 years | 5.75% – 7.00% |
| Bank of Baroda | 3 months – 10 years | 4.50% – 6.50% |
| Bank of India | 3 months – 10 years | 4.50% – 6.00% |
| Bandhan Bank | 3 months – 10 years | 3.00% – 7.85% |
| Canara Bank | 3 months – 10 years | 5.50% – 6.70% |
| Co-operative Bank | 1 year – 5 years | 6.00% – 6.35% |
| DBS Bank | 3 months – 10 years | 3.00% – 6.50% |
| Equitas Bank | 7 days – 10 years | 3.50% – 7.25% |
| HDFC Bank | 3 months – 10 years | 4.50% – 7.00% |
| ICICI Bank | 3 months – 10 years | 4.50% – 6.90% |
| IDBI Bank | 3 months – 20 years | 4.50% – 4.80% |
| Indian Bank | 3 months – 10 years | 3.50% – 6.10% |
| Indian Overseas Bank | 3 months – 10 years | 4.50% – 6.50% |
| LIC | 1 year – 5 years | 7.25% – 7.75% |
| Punjab National Bank | 3 months – 10 years | 4.50% – 6.50% |
| Post Office | 1 year – 5 years | 6.90% – 7.50% |
| RBL Bank | 3 months – 20 years | 4.75% – 7.00% |
| SBI Bank | 3 months – 10 years | 3.00% – 6.50% |
| UCO Bank | 3 months – 10 years | 4.50% – 6.10% |
| Union Bank of India | 3 months – 10 years | 3.00% – 6.70% |
| Yes Bank | 3 months – 10 years | 4.75% – 7.00 % |
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Conclusion
In summary, the SBI FD Double Scheme provides depositors with the full benefit of its quarterly compounding power, which is only due at the scheme’s maturity. This FD program can assist account holders in disciplinarily doubling their principal value if invested for an extended period of time. Even though it’s a tempting option, before making any sizable investments, carefully review the terms and penalties associated with premature withdrawals from FDs.
FAQ’s
Q. Is the interest rate on SBI Fixed Deposit Double Scheme and standard term deposits the same?
Ans- Indeed, the interest rate on both conventional term deposits and deposit double schemes is the same.
Q. Upon maturity, how is the deposit disposed of?
Ans- You can liquidate this deposit by Internet banking or by going to an SBI branch upon maturity, provided you can provide the term deposit certificate and identification. You should be aware, though, that cash withdrawals are limited to maturity values of ₹20,000 or more.
Q. In five years, will my investment in the SBI fixed deposit doubling scheme be doubled?
Ans- The interest rate, size of the investment, and length of time invested all affect how long it takes to double the principal. Using the rule of 72, which requires dividing 72 by the interest rate, you can compute the same result.
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