• 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.

    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
      "Interest charges are good. "
      0.5 3.0/5 "Satisfactory"
      I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
      Was this review helpful? 6
      , kolkata
      Reviewed on Oct 01, 2019
    • SBI
      SBI Fixed Deposit
      "FD process should be simpler"
      0.5 1.0/5 "Really Bad"
      I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
      Was this review helpful? 15
      , madurai
      Reviewed on Sep 03, 2019
    • SBI Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Aug 23, 2019
    • SBI Fixed Deposit
      "Good for future saving"
      0.5 5.0/5 "Blown Away!"
      I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Aug 08, 2019
    • SBI Fixed Deposit
      "Average"
      0.5 4.0/5 "Great!"
      I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
      Was this review helpful? 7
      , kochi
      Reviewed on Aug 05, 2019
    • SBI Fixed Deposit
      "Too much good scheme"
      0.5 5.0/5 "Blown Away!"
      Chosen my fixed deposit from State bank of India. I have invested the money of Rs. 57000 and SBI is a most popular bank all over the India and offering all the facilities compared to bank. Since i have a salary account with them, its easy to transfer the money. They are providing the interest rate of 6.5%.
      Was this review helpful? 7
      , kolkata
      Reviewed on Jul 31, 2019
    • SBI Fixed Deposit
      "Good investment plan"
      0.5 4.0/5 "Great!"
      Chosen my fixed deposit from state bank of India because the given rate of interest is high. They are not deducting any service charges. I have invested the money of Rs. 1 lakhs and there is no lockin period and i have chosen the plan for 1 year and they are giving a interest rate of 6.75%.
      Was this review helpful? 10
      , bangalore
      Reviewed on Jul 25, 2019
    • SBI Fixed Deposit
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I am not much satisfied with the fixed deposit with STATE BANK OF INDIA. I am using from last few years and there is a good online banking also the service from the customer support is good added on that the overall service with them was good.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jul 17, 2019
    • SBI Fixed Deposit
      "PR"
      0.5 5.0/5 "Blown Away!"
      All customer can deposit the SBI fixed deposit from min of Rs. 10,000 , I believe they give 7% of interest for per annum. I have option to activate or de activate the service through online without going to the bank , there is no documentation to be signed for the online procedure. There is no charges for pre matured of FD.
      Was this review helpful? 10
      , mumbai
      Reviewed on Jun 29, 2019
    • SBI Fixed Deposit
      "Interest rates are good compared to others"
      0.5 3.0/5 "Satisfactory"
      No reason for choosing my fixed deposit account with state bank of India. They are providing a interest rate of 6.75%. I have invested the amount of Rs. 50000. There is a lockin period of 2 years. I can deposit for a long time as well. There is processing fee for my FD account.
      Was this review helpful? 11
      , kolkata
      Reviewed on Jun 24, 2019
    • 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? 11
      , kolkata
      Reviewed on Jun 13, 2019
    • 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? 13
      , 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? 8
      , 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? 7
      , 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? 10
      , 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? 5
      , 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? 16
      , hyderabad
      Reviewed on Feb 20, 2019
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