State Bank of India (SBI) offers a variety of investment products. Fixed Deposits (FDs) or Term Deposits are one of the key products.
In case of foreclosure of the FD before maturity date, a penalty will be imposed as thus:
|Tenure||For Genral Public (% p.a.)||For Senior Citizens (% p.a.)|
|7 days to 45 days||4.50%||5.00%|
|46 days to 179 days||5.50%||6.00%|
|180 days to 210 days||5.80%||6.30%|
|211 days to less than 12 months||5.80%||6.30%|
|12 months to less than 24 months||6.40%||6.75%|
|24 months to less than 36 months||6.25%||6.75%|
|36 months to less than 60 months||6.25%||6.75%|
|60 months to 120 months||6.25%||6.75%|
Note: The interest rates mentioned in the table are effective November 10, 2019.
The minimum tenure for an SBI FD scheme is 7 days.
If your net income does not fall under taxable limit, you can request a tax exemption by submitting Form 15G/15F to the bank.
One needs to deposit a minimum of Rs.1,000 to maintain an SBI FD account.
The highest SBI FD rate is 6.85% p.a. for a tenure ranging from 5 years and 10 years.
Yes, senior citizens are eligible to get an interest rate which is 0.50% higher than the regular rate.
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