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  • Fixed Deposit BYTES FROM OUR KITCHEN

    SBI Reinvestment FD Plan

    While a regular fixed deposit offers the depositor the option to withdraw the interest earned at regular intervals, the SBI Reinvestment Plan, as the name suggest, does not pay the interest out. What it does instead is to take that interest and add it to the principal and then the whole amount earns compound interest. Once the fixed deposit matures the depositor is able to withdraw the original amount invested, along with all the interest that has been earned till date.

    Eligibility Criteria for applying for the scheme

    The Reinvestment Plan offered by SBI is available to all the residents of India, even if they don’t happen to fall in any tax brackets or are not liable to pay taxes.

    Features of the Reinvestment Plan

    Account Type

    NA

    Amount

    Min: The minimum instalment that can be deposited into this FD is Rs. 1,000

    Max: There is no limit on the maximum instalment that can be deposited in the FD.

    Rate of Interest

    Min: The minimum interest rate available is 5.25% per annum on deposits held for 7 days to 45 days. For the same period senior citizens earn 5.75% per annum.

    Max: The highest interest rates available are 7.5% per annum for periods ranging from 456 days to just under 3 years.

    Tenure

    Min: The least period for which this FD can be held is 7 days.

    Max: The maximum tenure for this FD is 10 years.

    TDS

    Tax will be deducted at source if the interest earned from the fixed deposit crosses Rs. 10,000 in a financial year.

    Loan against the scheme

    This FD can be used to secure a loan and the loan amount can be up to 90% of the amount in the deposit.

    Nomination (if any)

    This deposit allows for nominees to be named in case the primary holder passes away.

    Auto Renewals

    The auto renewals depend on the maturity conditions of the deposit. If no maturity period is defined auto renewals will apply.

    SBI Reinvestment Plan interest rates

    The interest rates offered on this scheme are the same as those that apply to other fixed deposits held with the bank.

    Tenure

    Interest rates (per annum)

    7 days to 45 days

    5.25%

    46 days to 179 days

    6.5%

    180 days to 210 days

    6.75%

    211 days to less than 1 year

    7%

    1 year to 455 days

    7.25%

    456 days to less than 2 years

    7.5%

    2 years to less than 3 years

    7.5%

    3 years to less than 5 years

    7%

    5 years and up to 10 years

    7%

    *Interest rates as of 1/12/2015

    It is also worth noting that the interest rates offered to senior citizens is 0.25% higher. There is also a higher interest rate applicable for those who are or are pensioners from SBI and that rate is 1% above the applicable rates.

    Another thing worth noting that interest rates are determined by the banks and can change from time to time without notice.

    FAQ

    Q. What is the maximum amount that can be invested in this FD?

    A. There is no limit on the maximum amount that can be invested in this fixed deposit.

    Q. Are there any tax benefits associated with the Reinvestment Plan?

    A. Since this is not a tax saving fixed deposit, no tax benefits can be claimed on the amount invested in this account.

    Q. If I have set a maturity period, will the FD renew itself once it matures?

    A. Auto renewals, or renewals, do not apply to deposits that have a fixed maturity periods. They only apply when a maturity is not selected.

    Q. What if I am not liable to pay taxes?

    A. If you are not liable to pay taxes then you need to submit forms 15G or 15H to the bank so that it does not deduct tax on the interest earned.

    Q. Can I go in for a premature withdrawal?

    A. Yes, premature withdrawals are permitted but they will be subject to certain penalties. For accounts that hold less than Rs. 5 lakhs there are no penalties but for accounts that have more than Rs. 5 lakhs the penalty applied can be a reduction of the applicable interest rate by 1%.

    Useful Information on SBI Fixed Deposit

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    SBI Reinvestment Plan Reviews

    • SBI Fixed Deposit
      "Safe and secured"
      0.5 5.0/5 "Blown Away!"
      Being a middle class person definitely I think to invest my money that's the reason I chosen SBI fixed deposit because its safe and secured. I can deposit for long term, the online feature is great and I can open and close the FD account through netbanking.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 13, 2019
    • SBI
      SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit with State Bank Of India ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well. I am satisfied with the overall service.
      Was this review helpful? 12
      , faridabad
      Reviewed on Apr 30, 2019
    • SBI Fixed Deposit
      "Can do better"
      0.5 3.0/5 "Satisfactory"
      SBI gives only 6.7% of interest for the fixed deposit, there is some charges applicable for the per matured liquidity amount. They take 1% from the paid amount, its not flexible as HDFC. The customer dealing is also average to resolve the queries.
      Was this review helpful? 6
      , delhi
      Reviewed on Apr 29, 2019
    • SBI Fixed Deposit
      "Good in services"
      0.5 4.5/5 "Excellent!"
      My fixed deposit is with State Bank of India. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
      Was this review helpful? 6
      , bangalore
      Reviewed on Apr 29, 2019
    • SBI Fixed Deposit
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      For SBI fixed deposit there is no locking period, as per the customer convenience they can chose 7 day to 10 years of term. There is pre matured charges they take it from the invest amount . SBI is trusted and reputed and upto Rs.10,000 deposit there is no tax deduction.
      Was this review helpful? 9
      , visakhapatnam
      Reviewed on Apr 24, 2019
    • SBI Fixed Deposit
      "Less interest rate"
      0.5 5.0/5 "Blown Away!"
      Two months before I deposited my money nearly 1,50,000 in SBI . I am really happy with their customer service and response . But the interest rate is around 6.85 % which is lesser comparing to other bank . Since It is Government bank, I need not to worry in future if anything uncertain happens .
      Was this review helpful? 3
      , chennai
      Reviewed on Apr 15, 2019
    • SBI Fixed Deposit
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      I also have a fixed deposit account with State Bank of India. The customer services are good. The process can be done online. The lock in period depends on the choice of the customer. The minimum tenure is six months. The interest rate provided is also equally good.
      Was this review helpful? 8
      , new delhi
      Reviewed on Apr 13, 2019
    • SBI Fixed Deposit
      "Looking for More Investment"
      0.5 5.0/5 "Blown Away!"
      Five years before , I opened a Fixed deposit in SBI , It automatically renewed on every year. I just monitors in online . I am looking for more investment in the future. At one stage I open this fixed deposit for my children's education or marriage .
      Was this review helpful? 4
      , secunderabad
      Reviewed on Apr 10, 2019
    • SBI Fixed Deposit
      "Trusted Saving with SBI"
      0.5 3.0/5 "Satisfactory"
      All we know, SBI is a government bank, that is the reason I have availed fixed deposit from them. As per the current financial year they are providing the interest around 6%, I opened the account through online, but for the closure I think I need to visit the bank.
      Was this review helpful? 13
      , pune
      Reviewed on Feb 25, 2019
    • SBI Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my fixed deposit with STATE BANK OF INDIA, their service is good they provide me good interest rate,my deposit is good in growth, and I am making payment through on line like it get auto debited, and till now experience with this bank was good.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Feb 20, 2019
    • SBI Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have fixed deposit with SBI,As per the bank norms rate of interest is up to 6.88%. I opened the account through bank, There is no maturity period, like it is no fixed period, i can keep on deposit whenever i want and i take whenever i need it is unlimited, Their service is good.
      Was this review helpful? 10
      , bangalore
      Reviewed on Feb 14, 2019
    • SBI Fixed Deposit
      "Good saving for future"
      0.5 4.0/5 "Great!"
      SBI FD account is good, 2 months back I opened this account through offline, I have invested some amount its good, the interest rate is around 8% per annum. The customer support is very good . I can access account through online banking its fine.
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 09, 2019
    • SBI Fixed Deposit
      "Safe and secured investment"
      0.5 5.0/5 "Blown Away!"
      Currently FD interest rate is around 6.5% for per annum. I deposited one time amount of Rs. 2 lakhs for one year, I have activated the service through online, I have netbanking option to track the details, before expiry if we withdraw the amount but there will be interest various applicable.
      Was this review helpful? 7
      , bangalore
      Reviewed on Feb 07, 2019
    • SBI Fixed Deposit
      "Good for savings"
      0.5 4.0/5 "Great!"
      I have fixed deposit with SBI, I deposited one time amount of Rs. 2 lakhs. As per the bank norms rate of interest is 11.50%, I opened the account through bank, on time they activated the fixed deposit. There is no proper coordination with the staff end.
      Was this review helpful? 16
      , hyderabad
      Reviewed on Feb 01, 2019
    • SBI Fixed Deposit
      "Need quick service"
      0.5 2.0/5 "Expected more"
      I have invested Rs. 2 lakhs in SBI fixed deposit, the interest will be calculated 7.5% for per year. They don't have any fee for account maintenance. I went to the branch to open fixed deposit but they taken 2 days of time to activate because they collected lots of documents for FD account opening.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have invested the fixed deposit with State bank of India.the services which they had provided so far has been average.The interest rate with them has been good and the growth with the investment has also been good.maturity period going to get renewal.one it will get mature will do renew of that deposit,there overall service is quite average.
      Was this review helpful? 7
      , bhubaneshwar
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Good FD account"
      0.5 5.0/5 "Blown Away!"
      I have invested the fixed deposit with State bank of India. Since the branch is nearest by my home and they have given me a locker facility hence i have chosen the fixed deposit with SBI. Overall, I'm very much satisfied with the services with SBI.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Fixed Deposit
      "Best Investment plan"
      0.5 5.0/5 "Blown Away!"
      I have taken fixed deposit account in State Bank Of India . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 11
      , ahmedabad
      Reviewed on Dec 29, 2018
    • SBI Fixed Deposit
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had made this investment pretty long time back and the services which they had provided so far has been good. The interest rate with them has been good and the growth with the investment has also been good. Their customer support has been helpful in guiding with everything.
      Was this review helpful? 12
      , bangalore
      Reviewed on Dec 14, 2018
    • SBI Fixed Deposit
      "Good Investment Plan"
      0.5 4.0/5 "Great!"
      I have taken fixed deposit account in STATE BANK OF INDIA . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 10
      , mumbai
      Reviewed on Dec 12, 2018
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