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7 min read
Updated on Oct 22, 2023
Through this post, we aim to throw light on different aspects of investing in an SBI Fixed Deposit. You will learn about the SBI Fixed Deposit interest rate, its features, benefits, and eligibility.
Have a look at the various benefits of SBI Fixed Deposit Monthly Income Scheme(MIS) that makes it a perfect plan for those on a monthly income:
Before you take a call on whether to invest in an SBI Fixed Deposit Scheme, check out the features of this beneficial scheme:
Below are some of the different types of SBI FD schemes:
Let’s check the details of the plan:
Criteria | Detail |
Minimum Deposit | INR 1,000 |
Tenure | Min – 5 years, Max – 10 years |
Loans facility | Not available |
Premature withdrawal facility | Not available |
Other Features | – Interest compounded quarterly
– Tax benefits available u/s 80 C |
Criteria | Detail |
Minimum Deposit | INR 1,000 |
Tenure | Min – 6 months, Max – 10 years |
Loans facility | Can avail of up to 90% of the total amount |
Premature withdrawal facility | – Available with a 0.5% penalty on amounts equal to or less than INR 5 lakhs
– For FD amount greater than INR 5 lakh, a penalty of 1% is imposed |
Other Features | – Auto-renewal of scheme available
– Interest compounded quarterly – The scheme can be linked to your SBI account (Savings or Current) |
Criteria | Detail |
Minimum Deposit | INR 10,000 |
Tenure | Min – 1 year, Max – 5 years |
Loans facility | Available |
Premature withdrawal facility | – Can be made in multiples of INR 1,000 (TDR/STDR rules) |
Other Features | – Available with nomination facility
– The scheme can be linked to your SBI account (Savings or Current) |
Criteria | Detail |
Minimum Deposit | INR 25,000 for a monthly annuity of INR 1000 |
Tenure | Ranges between 36 months to 120 months |
Loans facility | Available up to 75% |
Other Features | – A one-time payment option is available
– Allows the facility of nomination |
Criteria | Detail |
Minimum Deposit | INR 1000 |
Tenure | Min – 7 days, Max – 10 years |
Loans facility | Available up to 90% of the deposit amount |
Premature withdrawal facility | – A 0.5% penalty is imposed on amounts equal to or less than INR 5 lakhs for premature withdrawal
– For FD amount greater than INR 5 lakh, a penalty of 1% is imposed |
Other Features | – Allows the facility of nomination
– Can be converted from regular term deposit to cumulative term deposit – Scheme can be auto-renewed |
To enroll for an SBI Annuity Fixed Deposit an interested investor must fulfill the following criteria:
There is no difference between the interest rate applied for a domestic term deposit and an Annuity Deposit Scheme
Have a look at the revised SBI fixed deposit rates effective from 15th February 2023:
Policy Tenure |
Revised Interest Rate for Senior Citizens |
Revised Interest Rate for General Public |
36 Months |
7% |
6.5% |
60 Months |
7.5% |
6.5% |
84 Months |
7.5% |
6.5% |
120 Months |
7.5% |
6.5% |
You can open an SBI FD account online via Internet Banking by following the steps below:
An applicant can also open an SBI FD account through the SBI mobile app. Here are the steps:
To open an SBI FD account offline, you must visit the nearest branch of SBI Bank. From the bank help desk, you can collect the FD application form. Duly fill out the form and submit it along with the deposit amount. You will be given an FD receipt as proof once your account is successfully processed.
Below are the documents required to open an FD account in the SBI:
One can calculate the SBI fixed deposit interest using the online SBI FD maturity value calculator. However, keep a few things in mind while using this online interest rate calculator. Firstly, the interest it compounds is quarterly. Secondly, the interest rate or value calculated by this calculator is indicative, you can get the actual rate printed on your fixed deposit receipt.
To Conclude
In a nutshell, grab the best opportunity to get the high SBI Fixed Deposit interest rate by depositing in SBI Annuity Deposit Scheme. It is a perfect deposit to expand your monthly income that gives better returns than traditional bank fixed deposits.
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The best FD options for monthly income are:
#1 SBI Annuity Deposit
#2 Kotak Bank FD
#3 Axis Bank FD
#4 IDFC Bank FD
#5 HDFC Bank FD
The interest rate of the SBI monthly income scheme fixed deposit ranges from 3.5% to 7.25%. The higher rates are for senior citizens.
Yes, SBI Annuity Deposit Scheme offers monthly income to investors on their deposited amount. It works more like a loan for their initial deposit in the form of EMIs.
The Annuity deposit from SBI accepts a lump sum amount from the investor and this deposit is repaid to the investor in Equated Monthly Instalments (EMIs) over a period of time. These EMIs include the deposited amount and interest on its principal amount.
Annuity plans offer higher interest rates as compared to fixed deposits. The interest rate in an annuity plan may fluctuate based on market fluctuations but still, they are higher than standard fixed deposits.
Also known as, the Special Term Deposit, an SBI Fixed Deposit Double Scheme is the best way for investors to double up their investment at the time of maturity. It is a reinvestment plan, wherein the investor can fetch high returns on their invested capital along with the accrued interest on that amount.
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