SBI Fixed Deposit Scheme:- For terms ranging from seven days to ten years, SBI offers FD interest rates of 3.00%–7.10% p.a. to the general public and 3.50%–7.60% p.a. to senior citizens. For the general public, the interest rate on SBI Tax Saving FD is 6.50% annually, while for senior citizen depositors, it is 7.50% annually. For NRIs, the bank also provides a range of fixed deposit products, including FCNR (B), RFC, NRO, and NRE fixed deposits. US dollars (USD), British pounds sterling (GBP), euros, Canadian dollars (CAD), Australian dollars (AUD), and Japanese yen (JPY) are among the currencies that SBI accepts for FCNR (B) fixed deposits. RFC fixed deposits in USD, EUR, and GBP are accepted by the bank.
Contents
Types of SBI Fixed Deposit Scheme
The State Bank of India has introduced a number of FD programs that are designed to cater to the needs of different types of investors. These are the following:
SBI Tax Saving Fixed Deposit
SBI WeCare Deposit
Regular Fixed Deposit
Reinvestment Plan
Flexi Deposit Scheme
Money Multiplier Plan
Let us look at the detailed breakdown of the different fixed deposits.
This specific program has been designed to help resident individuals and HUFs save money on taxes while earning competitive interest on fixed deposits.
Five years is the minimum and ten years is the maximum length of the program.
The interest is compounded every quarter, and a minimum deposit of ₹1000 is required.
An additional 0.50% interest rate is offered to senior citizens on their FDs.
Only when the deposit matures would the accrued interest be paid.
Additionally, a loan of up to 90% against the FD may be withdrawn.
SBI WeCare Deposit
This program was created with the dwindling interest rates of senior citizens in mind during the COVID-19 pandemic. In addition to the already available 50 basis points in interest on the FD, senior citizens can receive an additional 30 basis points under this scheme.
This Funding Term is for a minimum of five years.
A deposit of ₹1000 is required as a minimum, and ₹2 crores is the maximum that can be made.
Both new deposits and the renewal of older deposits are eligible for this benefit.
Indian residents who are 60 years of age or older are eligible.
Regular Fixed Deposit
Any investor can open a fixed deposit account to receive security and competitive interest.
When the deposit matures, interest will be paid on the account.
An additional 0.50 percent interest rate will be given to senior citizens on the FD.
The option to have the deposit automatically renewed is available.
Public or private limited companies, Indian residents, trust and partnership firms, and Hindu Undivided Families are all eligible.
Reinvestment Plan
Interest is only paid on this type of fixed deposit once the account matures.
Senior citizens are eligible for an additional 0.50 percent interest rate.
Approved against the FD may be up to 90% of the loan amount.
One option is to have the deposit automatically renewed.
Only Indian residents who are at least eighteen years old are eligible.
Flexi Deposit Scheme
The advantage of this plan is that you can deposit the money more than once a month as opposed to making a single fixed deposit.
It offers the ability to submit nominations.
Each quarter, the interest on the deposit is calculated.
Senior citizens are eligible for an additional 0.50 percent interest rate.
Approved against the FD may be up to 90% of the loan amount.
Public or private limited companies, Indian residents, trust and partnership firms, and Hindu Undivided Families are all eligible.
Money Multiplier Plan
This plan offers the option to link a savings account with a higher interest rate to a fixed deposit account.
Approved against the FD may be up to 90% of the loan amount.
Senior citizens are eligible for an additional 0.50 percent interest rate.
Under section 80C of the Income Tax Act, you are eligible to receive tax benefits on this deposit.
Public or private limited companies, Indian residents, trust and partnership firms, and Hindu Undivided Families are all eligible.
Features of the SBI Fixed Deposit Scheme
SBI FD rates range from 2.90% to 5.40% annually.
The highest term deposit rate is 5.40% annually.
Maturities vary from a week to a decade.
A $1,000 minimum deposit is required.
The maximum amount that can be deposited is not specified.
Seniors can receive an additional 0.50 percent off their interest rate.
Choices for quarterly, annual, or monthly interest payments
Acceptance of early withdrawals
Up to 90% of the deposit amount may be borrowed against and overdrafted by the account holder.
Overdraft limit: Rs. 25,000 up to Rs. 5 crore.
One percent more would be charged on the loan than the Federal Deposit Rate.
The Income Tax Act of 1961 states that interest income is subject to Tax Deducted at Source (TDS).
A facility for nominations is available.
Letting FD renew on its own is one option.
You have the ability to modify the interest payout frequency to a cumulative payout at any point.
The enumerated benefits of SBI fixed deposit schemes are as follows:
For its FD schemes, SBI offers the nomination option.
Term lengths for fixed deposits range from seven days to ten years.
A minimum deposit of Rs. 1000 is required to open an SBI fixed deposit account.
SBI offers monthly, quarterly, and calendar quarter options for repayment.
Eligibility for SBI Fixed Deposit Schemes
The following investors can avail of the benefits of an SBI FD:
Business firms
Government departments
Trust accounts
Employees who work in private limited companies
Governing bodies (local)
Hindu Undivided Family or members of the HUF
Indian citizens
Documents Required for SBI Fixed Deposit
Take a look at all the necessary paperwork needed to open an SBI fixed deposit account.
Aadhaar cards, passports, and other photo identity documents are examples of this.
You must provide address verification, like a passport or PAN card.
A passport-sized photo
A birth certificate or any other legitimate document can serve as proof of age.
Details of a State Bank of India savings account
Internet banking (activated)
(Activated) mobile banking
Key Features of SBI Fixed Deposit Rates
Highest slab rate
7.10% p.a. (for 400 days)
1 year
6.80% p.a.
2 year
7.00% p.a.
3 year
6.50% p.a.
4 year
6.50% p.a.
5 year
6.50% p.a.
Tax-Saving FD
6.50% p.a.
Interest Rates
Interest rates on SBI fixed deposits for domestic deposits under Rs 2 crore as of w.e.f.
Tenors
Interest Rates (p.a.)
General Public
Senior Citizens
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 year
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%*
400 days (Amrit Kalash)
7.10%
7.60%
*Including a 50 bps extra premium under the “SBI Wecare” deposit plan.
Note: For both domestic and NRI clients, SBI has launched the Amrit Kalash term deposit scheme, which is tenor-specific. SBI is offering special FD interest rates under this scheme, with a 400-day term at 7.10% p.a. for the general public and 7.60% p.a. for senior citizens. The aforementioned scheme is valid until December 31, 2023.
Tax on SBI Fixed Deposit
With SBI’s “SBI Tax Savings Scheme, 2006,” deposits must start at Rs. 1,000 and go up to multiples of Rs. 100 from there. There is a maximum deposit amount of Rs. 1.5 lakh. For this kind of account, the maximum term is ten years, but there is a five-year lock-in period. Section 80C of the Income Tax Act of 1961 will apply to this account in order to provide income tax benefits.
An extra 0.5% interest rate on the applicable rate is available to senior citizens. In addition, SBI employees and retirees are entitled to an extra 1% interest rate on the applicable rate.
The ability to claim a loan against an FD account is offered by SBI FD. A user’s loan can be repaid up to 95% of their deposit amount.
Premature Closure of SBI Fixed Deposit
If an SBI Fixed Deposit Account holder wants to withdraw money early, there will be a small fee.The premature withdrawal penalty is 1% for fixed deposits above Rs. 5 lakh and 0.50% for long-term deposits under Rs. 5 lakh that are withdrawn before maturity.
FAQ’s
Q. Who is eligible to invest in SBI Fixed Deposits?
Ans- Individuals and groups that are eligible to invest in SBI FDs:
Resident citizens
NRIs with NRE or NRO account
NRIs with NRE or NRO account
Partnership firms
Hindu Undivided Family (HUF) members
Societies, agencies, and clubs
Q. Can I close an SBI FD account online?
Ans- You can close an FD account online only if it is an E-term deposit or special term deposit.
Q. What are some of the highest SBI FD interest rates in 2023?
Ans- The highest interest rate offered by SBI on FD is 6.10%. Senior citizens, on the other hand, can get an interest between 3.50% and 6.90%.
Q. Can an extra amount be deposited into my FD account?
Ans- No, you cannot deposit more than the preset amount into your FD account.