SBI Fixed Deposit Schemes

State Bank of India (SBI) offers a variety of investment products. Fixed Deposits (FDs) or Term Deposits are one of the key products.

Types of SBI Fixed Deposits

• SBI Term Deposit
• SBI Tax Saving Scheme, 2006
• SBI Multi Option Deposit Scheme
• Reinvestment Plan

Features of SBI Term Deposit scheme

• Range of SBI FD rates: 5.75% p.a. to 6.85% p.a.
• Highest Term Deposit rate: 6.85% p.a.
• Range of maturities: 7 days to 10 years
• Minimum deposit amount: Rs.1,000
• No limit on the maximum deposit amount.
• Senior citizens get an additional interest rate of 0.25% for deposits above Rs.10,000.
• Interest payment options: Monthly, quarterly or yearly basis
• Premature withdrawals allowed
• An account holder can avail loans and overdraft for up to 90% of the deposit value.
• Overdraft limit: Rs.25,000 to Rs.5 crore.
• Interest rate for the loan would be 1% more than the FD rate.
• Tax Deducted at Source (TDS) is applicable to the interest income as per the Income Tax Act, 1961.
• Nomination facility can be availed.
• The option for automatic renewal FD is available.
• You can convert their interest payout frequency to cumulative payout at any point.

Features of SBI Tax Savings Scheme, 2006

• Deposit range: Rs.1,000 to Rs.1.50 lakh.
• Maturity period: 5 years and 10 years
• The interest rate for SBI Tax Savings Scheme, 2006, is 6.85% p.a.
• The account holder is entitled to tax benefits as listed under Section 80C of the Income Tax Act, 1961.
• The FD account comes in two variants:
• Term Deposit (TD)
• Special Term Deposit (STD)
• You cannot make premature withdrawals before completing 5 years of tenure.
• You cannot apply for loans or overdraft facility against the deposit.

Features of SBI Multi Option Deposit Scheme (MODS)

• Range of tenure: 1 year to 5 years
• Minimum amount of investment: Rs.10,000
• No upper limit on deposit amount
• You can link your FD account to your Savings/Current account.
• You can easily liquify your FD funds and transfer it to the linked account.
• You will continue to earn interest on the remaining funds in the FD account.
• The interest will be taxed under Tax Deducted at Source (TDS).
• One can make withdrawals in multiples of Rs.1,000 only.
• SBI MODS can be prematurely withdrawn.

Features of Reinvestment Plan

• The interest income is only credited to your account on the date of maturity.
• The interest income is consistently added to the principal amount.
• The minimum amount of deposit is Rs.1,000.
• There is no upper limit on the deposit amount
• One can choose a maturity period from 6 months to 10 years.
• Reinvestment Plan comes with facilities like:
• Nomination facility
• Loan against the deposit
• Overdraft facility up to 90% of the deposit amount
• Auto renewal of the deposit (if no instructions are given)

Penalty for Premature Closure for SBI Fixed Deposits

In case of foreclosure of the FD before maturity date, a penalty will be imposed as thus:

• The penalty for deposits up to Rs.5 lakh is 0.50%.
• For deposits which are more than Rs.5 lakh but less than Rs.1 crore, the penalty rate is 1%.
• Premature withdrawal from bulk deposits will be penalized with a rate of 1%.

SBI Term Deposit interest rates: Under Rs.1 crore

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
7 days to 46 days	5.75%	6.25%
46 days to 6 months	6.25%	6.75%
6 months to 7 months	6.35%	6.85%
Above 7 months to 12 months	6.40%	6.90%
12 months to 24 months	6.80%	7.30%
24 months to 36 months	6.80%	7.30%
36 months to 60 months	6.80%	7.30%
60 months to 120 months	6.85%	7.35%

*The SBI FD rates are subject to change as per the discretion of the bank. The rates given in this table are valid as of 5 December 2018.

Who is eligible to apply for SBI FD account (individuals)?

• Citizens of India
• Members of the Hindu Undivided Family

What are the documents needed for individuals to apply for SBI FD?

• Valid identity proof and address proof such as:
• Aadhaar Card
• Driving License
• Passport
• Voter’s ID card
• Permanent Account Number (PAN) Card
• NREGA Card

FAQs on SBI Fixed Deposit scheme

1. What is the minimum tenure for SBI Fixed Deposit scheme?

The minimum tenure for an SBI FD scheme is 7 days.

2. How to get tax exemption from TDS?

If your net income does not fall under taxable limit, you can request a tax exemption by submitting Form 15G/15F to the bank.

3. What is the minimum amount of deposit needed to open an FD account?

One needs to deposit a minimum of Rs.1,000 to maintain an SBI FD account.

4. What is the highest SBI Fixed Deposit rate?

The highest SBI FD rate is 6.85% p.a. for a tenure ranging from 5 years and 10 years.

5. Do senior citizens get a different FD rate?

Yes, senior citizens are eligible to get an interest rate which is 0.50% higher than the regular rate.

Useful Links

• View State Bank of India Fixed Deposit rates for various periods »
• Compare State Bank of India Fixed Deposit rates with those of other institutions »
• Check for State Bank of India Fixed Deposit »
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