Find your suitable insurance plan
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5 min read
Updated on Apr 27, 2023
SBI or State Bank of India is one of the most trustworthy names in India among all the banks and financial institutions in the country. SBI offers fixed deposit or FD funds at good interest rates. The current SBI FD interest rate is offered at 7.10% per annum for general public, while the SBI senior citizen FD interest rate is 7.50% per annum for a tenure of 3 to 5 years. On the other hand, the SBI FD interest rates 2023 for SBI Tax Saving FD is available at 6.50% p.a. An investor can avail a SBI FD for a tenure ranging from 7 days to 10 years with fixed return on investment.
The FD scheme of SBI is a flexible scheme that support you to save a certain portion of the salary aside for future purpose in the form of a bank FD. The minimum tenure of a SBI FD is 5 years, which cannot be withdrawn before the tenure gets over. Further, SBI FDs cannot be used as security to obtain a loan. An SBI FD account can be opened online by logging in to internet banking of SBI.
The various types of fixed deposit schemes of SBI are:
The detailed description of these fixed deposit schemes is as follows:
| Plan name | Tenure | Deposit (min) | Loan option | Withdrawal option |
| Term Deposit Scheme by SBI | Min 7 days, Max 10 years | Rs.1,000/- | Loan on up to 90% of the FD amount | Penalty levied on premature withdrawal of 0.5% and 1% on the basis of the FD amount |
| Tax Saving Scheme by SBI | Min 5 years, Max 10 years | Rs.1,000/- | NA | NA |
| WeCare Scheme by SBI | Min 5 years | Rs.1,000/- Max – over 2 crore | Loan on up to 90% of the FD amount | 30 bps to be revoked if scheme is prematurely withdrawn |
| Annuity Deposit Scheme by SBI | Range between 36, 60, 80, or 120 months | INR 25,000 min. deposit for min. monthly annuity of INR 1,000 | Loan on up to 75% of FD amount | NA |
| FD Reinvestment Plan by SBI | Min 6 months, Max 10 years | INR 10,000 | Loan on up to 90% of the FD amount | Penalty levied on premature withdrawal of 0.5% and 1% on the basis of the FD amount |
| Multi Option Deposit Scheme by SBI | Min 1 year, Max 5 years | INR 10,000 | Available | Withdrawal can be made in multiples of INR 1,000 |
Here are some key features of SBI fixed deposit scheme:
Further, an SBI FD interest rate 2023 calculator can be used to compute the SBI FD maturity amount.
An SBI FD can be availed by:
Recent Photographs, KYC Documents, Aadhar Card, PAN Card, Passport, Voter ID card and Driving License etc. are among papers required for SBI FD account opening.
To invest in the SBI FD Scheme, you can opt for the below options:
For opening an SBI FD offline, you can visit the nearest SBI branch. Take an FD form and submit the details required to open the FD account. You also need to submit all the relevant documents at the bank as well as the deposit amount. Once the FD is opened successfully after verifications and all, you will be provided with a receipt of account opening as proof.
SBI offers a loan facility against Fixed Deposits if you meet certain conditions:
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Yes, a SBI customer can easily open a term deposit account online using their Net Banking facility.
For new customers, they first need to open a SBI savings account to be able to open a SBI Fixed Deposit account.
No, because the tenure of a SBI FD account is ‘fixed’, hence it is not possible to deposit any extra amount into your already existing Fixed Deposit.
Yes, you can close your SBI Fixed Deposit online only if it is an E-term deposit or special term deposit.
Yes, there are special SBI bank FD interest rates for senior citizens, which vary as per the tenure of the Deposit.
Every customer of SBI who holds a savings account is eligible for opening an FD in SBI.
The SBI latest FD interest rate is 7.10% p.a. An investor can use a SBI FD interest rate calculator to compute the SBI FD maturity amount.
PayBima Team
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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