SBI fixed deposit: interest rates, types, eligibility, documents required

SBI fixed deposit: The interest provided on the FD differs and is more than the general savings account. SBI also offer loans at competitive rates in exchange of the FD certificates. A Fixed Deposit (FD) is one of the most popular financial instruments among the general saving public in India as it provides a higher rate of interest than a regular savings account. Fixed Deposit (FD) is the safest of investments that give high returns after a period. Having a Fixed Deposit account translates into greater savings, as your money steadily earns interest in the bank at a higher rate than a regular savings account but with the same level of safety. But there is a catch. You cannot withdraw money from an FD account except upon the payment of a penalty.

SBI fixed deposit

The State Bank of India (SBI) offers a wide range of Fixed Deposits (FDs) that offer a good rate of return and come with various other benefits. Some of the features of SBI FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. It is very easy to open an SBI FD online and this can be done at the click of a button in a paper-free manner.

Types of State Bank of India FDs:

  • SBI Tax Saving Scheme
  • Reinvestment Plan
  • SBI MODS
  • Annuity Deposit Scheme
  • SBI flexi Deposit Scheme

SBI FD Interest Rates:

For Domestic & NRE*/NRO Retail Fixed Deposits (for amounts less than INR 1 Crore)

Tenors For Public w.e.f. 30.07.2018 For Senior Citizens
7 days to 45 days
5.75
6.25
46 days to 179 days
6.25
6.75
180 days to 210 days
6.35
6.85
211 days to less than 1 year
6.40
6.90
1 year to less than 2 year
6.70
7.20
2 years to less than 3 years
6.75
7.25
3 years to less than 5 years
6.80
7.30
5 years and up to 10 years
6.85
7.35

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).

Some Important features of SBI car loan are as follows:

At present, the highest rate of interest provided on SBI FDs for individuals is 6.25% p.a, while the highest rate of return offered to senior citizens is 6.75% p.a. There are various advantages of opening an FD with SBI:

  • Flexible tenure options
  • SBI FDs offer competitive industry rates
  • Different interest payout options such as monthly, quarterly, etc
  • Higher rate of interest for senior citizens

Eligibility Criteria:

ELIGIBILITY TO OPEN A FD Individual
Joint account but not exceeding 4 applicants
Minor with a guardian
Partnership
Company
Any associate or institute
NRI’s

DOCUMENTS REQUIRED:

To apply for SBI Fixed Deposit, the following document must be submitted to the bank:

  • Application form
  • Depositor’s photograph
  • Identity proof and Address proof
  • Pan Card copy
  • Aadhaar card details

Now, Close Your SBI FD Online Easily

State Bank of India (SBI) customers can easily close their Fixed Deposit (FD) account online before maturity. The bank recently took to social media and even posted a video on Twitter to create awareness about how to preclose an FD online.

How to Close an SBI -FD Online:

  • Log on to the website
  • Choose the FD account and then tap ‘close account prematurely’
  • A list of all the FDs you hold with the bank will be displayed. Choose the one you want to close and tap ‘proceed’
  • Confirm details and mention the reason for closing your FD
  • Type in the password that is sent to your registered mobile number and confirm the transaction

All customers will receive an alert once their FDs are closed and their bank account will be credited with the FD amount. It is advisable to initiate the closure between 8.00 a.m. to 8.00 p.m. for immediate closure.

*This is applicable to customers holding ETDR/STDR e-term deposits

FAQs for SBI Fixed Deposit

  1. Can new customers open an FD online? If not, how can they do so?

For new customers, they will not be able to open an FD online unless they have an internet banking password and username. In such a case, the customer will have to request the bank for an internet banking account.

  1. Can a customer open a term deposit account online in SBI?

Yes. All existing customers of SBI, who have an internet banking password and username can open an FD account.

  1. Is it possible to deposit an additional amount into my already existing FD?

No. This will not be possible

  1. What are the consequences of not providing PAN card details?

PAN card is absolutely mandatory to open an FD account. If a customer fails to provide PAN card details, the following will be the consequences:

  • A higher rate of TDS will be deducted, which will be at 20%, instead of 10%
  • The Income Tax department will not give the customer any TDS credit or issue a TDS certificate
  • Certain forms like 15G/H and other kind of tax exemption certificates will become invalid
  1. Can an SBI FD account be closed online?

Yes.

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