SBI Fixed Deposit Double Scheme 2023 – Interest Rate, Eligibility, Features and Benefits


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Updated on May 05, 2023

The SBI Fixed Deposit Double Scheme is called a Special Term Deposit, which serves individuals willing to double their investment at the time of maturity. Let us take a look at this scheme in detail.

Special Term Deposit is a SBI fixed deposit double scheme plan that caters to the investors who want to get double return on their investment. This plan is a reinvestment policy in which the interest accumulated is added to the primary investment amount to generate compounding returns.

Let us understand the features and other elements of the Money Double Scheme in SBI.

What is SBI Fixed Deposit Double Scheme?

So, what is the SBI FD double scheme? You already know about the traditional scheme of SBI fixed deposit (FD) where the invested amount is held for a duration ranging from 7 days to 120 months. You get to earn an interest under this scheme which is uniform till the FD matures. The returns earned in this way can be requested from the bank to be paid to you periodically such as on a monthly basis, half-yearly basis or even yearly basis.

Contrary to the traditional FD, the SBI Special Term Deposit or the SBI Fixed Deposit Double Scheme is a plan that never pays interest. Rather, it reinvests the quarterly interest earned in the FD account to earn compounding benefits. Hence, at the end of the tenure of the plan the investor receives a cumulative maturity amount that comprises the principal together with the accrued interest.

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Interest Rates of SBI Special Term Deposit 2023

The interest rates offered under the SBI Double Scheme are fixed to meet the financial goals of investors. This scheme levies quarterly interest that is compounded on a cumulative basis to double the investment at maturity.

Here’s the updated SBI FD interest rates mentioned in the table below:

Tenure  Interest Rates for Regular Account Holders Interest Rates for Senior Citizens 
7 – 45 days 2.90 3.40
45 – 179 days 3.90 4.40
180 – 210 days 4.40 4.90
211 – 1 year 4.40 4.90
1 year – up to 2 years 5.10 5.60
2 years – up to 3 years 5.10 5.60
3 years – up to 5 years 5.30 5.80
5 years – up to 10 years 5.40 6.20

*Last updated in Jan 2022

Some points to consider:

  • The SBI FD double scheme offers an added 30 basis points for Senior Citizens in case of deposit tenure that is 5 years and above.
  • It also pays them a preferential 50 basis points
  • Besides, the scheme offers preferential 100 basis points to SBI staff

Eligibility Criteria of SBI Special Term Deposit

  • The FD account can be operated singly or jointly. In case of a minor, the account is operated through a guardian or is self-operated
  • Apart from the individuals, HUFs, , Local Bodies, Firms and any government departments can also invest under the scheme
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SBI Special Term Deposit Features

The Special Term Deposit is a plan that allows the investor to grow their money to receive back double the investment at maturity. The plan aims to help the investor to meet his/her ultimate goal of achieving their financial objectives.

Here are some critical features and benefits of the scheme to understand:

  • The SBI Special Term Deposit can be availed at all the branches of SBI
  • The minimum duration of the plan is 6 months and the maximum duration is 10 years
  • The least amount you can invest under the plan is INR 1000, while there is no upper limit to the maximum amount. It can be any multiple of 100. However, if you invest INR 2 Crore and above, it is categorized as a bulk deposit
  • Further, under the SBI Special Term Deposit plan, the interest is compounded on a quarterly basis and paid at maturity along with the principal amount
  • Also, the deposit can be transferred across all the branches of SBI in India as per your choice
  • The scheme also allows the investor to avail a loan on your deposit as per the tenure of the plan

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Advantages of SBI Special Term Deposit 

Below are the various advantages that come with the SBI Special Term Deposit that allow you to double money in 5 years and above:

  • Easy account opening – The plan can be opened in any SBI branch if you have a savings account with the bank. In fact, the customer ID of your bank account serves as the primary identification while availing the scheme. You are required to fill a form and can get the account opened via online or offline mode as per your convenience
  • Flexible plan – The plan allows the investor to choose the invested amount as well as the tenure as per their particular financial needs.
  • Liquidity – The plan allows the investor to withdraw the sum prematurely before completing its tenure as per certain conditions, such as;
  • If the investment is up to INR 5 lakh, the penalty charged for premature withdrawal is 0.50% for all tenures
  • In case the deposit amount is INR 5 Lakh, 1% penalty is levied
  • The investor cannot earn any interest if the FD amount is deposited for a duration of less than 7 days
  • Nomination – The SBI Fixed Deposit double scheme allows the investor to assign a nominee at the time of account opening. This nominee can be changed subsequently during the tenure of the plan before maturity as per requirement

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To Sum Up

SBI Special Term Deposit is a customized plan to suit your goal. It doubles your investment at maturity and allows you to enjoy good returns. This safe plan of investment allows you to invest the amount for up to a 10-year period.

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FAQs: SBI Fixed Deposit (FD) Double Scheme 2023

Does SBI levy TDS on the interest earned in its Special Term Deposit?

The accumulated interest in a special term deposit scheme during a budget year is subject to TDS at appropriate rates after deducting the exemptions based on the Income Tax Act, 1961.

Can an investor request for a TDS waiver for the interest accumulated in the SBI Special Term Deposit?

TDS may not apply to the account as per the eligibility of the investor if the person submits a form of 15G or 15H. However, this request is effective only during the fiscal year when the form is submitted.

How can I get the maturity amount of my SBI Special Term Deposit?

When your policy matures, the maturity value of the scheme gets transferred to the bank account that is linked to the policy.

What happens to the investment in case the primary account holder dies before maturity?

In case of a joint account, if the primary account holder dies, the policy still continues till maturity without the primary account holder.

Does the SBI Special Term Deposit offer floating interest rate?

No, generally the interest rate applied on SBI special term deposit is fixed throughout the tenure of the deposit.

In how many years FD doubled in the SBI FD double scheme?

The fixed deposit doubles within a tenure of 7 days to 10 years.

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Apr 05, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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