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SBI Fixed Deposit
If you believe in risk-free long-term investments, which gives you higher returns on your savings, NOW is the time to invest your money in SBI Fixed Deposit, as the bank is offering 9.25% on Term Deposits with an additional 0.50% for Senior Citizens. SBI offers their customers with fixed term deposit schemes at very good & attractive rate of interests with bundled advantages like Future Security, Higher Returns & Flexibility. Some of the noted features of SBI Fixed Deposit are as follows:
- It gives one the accessibility to earn interest on a quarterly compounding basis and reinvestment option of investing principal amount with the interest earned after maturity.
- It offers the flexibility to choose the tenure & amount the customer wants to invest for. The bank proposes opening a FD account with as minimum deposit amount of Rs.1,000/- with an option to choose period starting from 7 days to 10 years.
- The bank gives customer the option of converting their regular term deposit to special term deposit, which comes with additional features & benefits.
- Against the amount of deposit, one can avail loan/overdraft facility of upto 90% in order to meet emergency financial requirements. The loans are offered at floating rates.
- The bank gives the option of premature withdrawal of the deposit amount which levies a penalty of 0.50% on the contracted deposit rate.
- The bank offers tax saving term deposit scheme under which customers can get tax rebate on the invested amount under section 80c. For regular FDs, interest upto Rs.10, 000 per financial year is exempt from tax, above that, bank deducts TDS.
- The bank also allows their customer to transfer their FD account to any branch at zero fee/price.
SBI Fixed Deposit Schemes
Some of the beneficial products that the bank is offering under Term Deposit Scheme are listed below:
1. SBI Tax Savings Scheme: This plan gives one the benefit of earning higher returns on their investment plus tax exemption. The minimum & maximum deposit limit is Rs.1,000/- & Rs.1,00,000/- respectively. The minimum deposit period is 5 years in Tax Saving Fixed Deposit.
|2. SBI Reinvestment Plan: Under this scheme, the bank gives you the benefit of earning double-folded income. That is, under this plan, the bank will pay you interest on the invested amount plus they will pay interest on the interest earned, thereby, giving higher returns.|
3. SBI 555 Days: By investing money in term deposit of 555 days tenure, one can get higher returns with quarterly compounded interest. There is no maximum limit of deposit amount in this plan.
4. SBI 1000: Another plan with same benefits like SBI 555 Days, but with a bigger tenure of 1000 days. It also gives investor the flexibility to decide the amount as there is no maximum limit to investment.
5. SBI MODS: SBI Multi Option Deposit Scheme (MODS) gives customer the ease of operating a regular saving or current account with higher returns on your deposit. That is, under this scheme, customer can manage their expenses by withdrawing required amount through ATM or cheque during urgent situations.
Apart from aforesaid types of Fixed Deposit, there are various other types of term deposit viz. Recurring Deposit, Annuity Deposit Scheme & SBI Flexi Deposit Scheme whose details can be checked by visiting www.statebankofindia.com.
SBI Fixed Deposit Interest Rates 2012
State Bank of India has revised Fixed Deposit interest rates during August, 2011. As per the rates of 2012, the bank is offering the best rate of returns, as compared with other competitor banks like HDFC Bank, ICICI Bank, Axis Bank etc. The maximum rate of return which the bank is offering to their customers is 9.25% for a period of 1 year to 10 years. Following table gives you the current prevailing interest rates:
|Deposit Period||Interest Rate |
[For Senior Citizens]
|Deposit Period||Interest Rate|
|Below 1 Crore||Below 1 Crore||Above 1 Crore|
|7 days to 90 days||7.00% ||7.50%||7 days to 90 days||8.50%|
|91 days to 179 days||7.25%||7.75%||91 days to 180 days||8.50%|
|180 days to 240 days||7.00%||7.50%||181 days to 240 days||8.00%|
|241 days to less than 1 year||7.75%||8.25%||241 days to 270 days||8.00%|
|1 year to less than 2 years||9.25%||9.75%||271 days to less than 1 year||8.25%|
|2 years to less than 3 years||9.25%||9.75%||1 year to less than 2 years||9.00%|
|3 years to less than 5 years||9.25%||9.75%||2 years and upto 10 years||8.75%|
|5 years to upto 10 years||9.25%||9.75%|| || |
SBI Fixed Deposit for NRIs
SBI is having around 150 branches in countries like USA, UK etc., thereby, holding a large customer base overseas as well. Under the name of NRE Term Deposits, the bank offers their Non-Resident Indian (NRIs) customers an option to open a fixed deposit account which gives them the opportunity to earn higher interests on their savings or investment. Some of the basic features of NRE term deposit are:
For more details about interest rates, online applying rules/procedure or any related terms or conditions, one can visit the FAQ section on the website of the bank The bank also offers various deposit schemes to NRO account holders.
- It comes at a very attractive rate of return of maximum 9.25% p.a. & extra special interest rates for deposit of Rs. 1 Crore and above.
- The minimum which the bank's fixed deposit for NRIs comes is 1 year and maximum of 10 years.
- The bank gives the option to their NRI customers to draw interest on their regular term deposit (TDRs) quarterly or compounded quarterly for special term deposits (STDRs).
- Under NRE term deposits, the principal & earned interest amount can be easily repatriated.
- The bank allows pre-mature withdrawals of the deposit with a condition that no interest will be payable if the customer breaks the FD before 1 year. There will be a penalty of 1% on the interest rate if FD has been booked before 1st January, 2012 and 0.50% if FD has been booked after 1st January, 2012.
- The income earned on account of interest on the term deposit amount is not taxable in India.
SBI Fixed Deposit Online
SBI gives you the freedom of booking an FD online at the convenience of customer. That is, a customer can check prevailing interest rates on various deposits tenure online and if suited, can book an FD through internet banking. Apart from booking, it gives you the benefit of accessing status of booked FD and also allows one to make changes or converting regular FD to special or tax saver FD. Also one can do cancellation of fixed deposits which are booked through net banking. The bank also provides tools like maturity value calculator which gives customers the benefit of computing maturity value of the investment amount.
One can apply for a FD at any nearby branch by filling the deposit form & enclosing the documents like Id proof, photographs etc. The application form is available in the branch and can be downloaded as well from the bank’s website in pdf format. In case one wants to know more about Fixed Deposit products, FD account for children, monthly income scheme, TDS deducted or for any other enquiry, they can contact customer care unit at toll free numbers 1800-11-2211 & 1800-425-3800.
State Bank of India Head Office Details
State Bank Bhavan
Madame Cama Road,
Mumbai, Maharashtra - 400021
Telephone No.: +91-22-22029456, 22029451
Fax No.: 22885369
Email address: email@example.com
For latest news about hike in FD interest rate, one can visit FD Rates section of our website.