SBI Special Term Deposit

1. The minimum deposit value is Rs.1,000 while there is no maximum deposit limit. 
2. The tenure ranges from six months to 10 years. 
3. Deposits of Rs.2 crore and more will be considered bulk deposits.  
4. This facility is available at all branches of SBI. 

1. Only individuals are eligible for nomination. 
2. Cash payments on Term Deposits of Rs.20,000 or more (including interest) are not permitted. 
3. At the conclusion of the term, interest on fixed deposits will be paid to the depositor after being compounded on a quarterly basis.  
4. This type of deposit can be transferred from one branch to another.  
5. TDS will be applicable according to the income tax rules. The depositor may submit Form 15G/H to request an exemption from tax deductions. 

1. The facility for premature withdrawal is available. Premature withdrawal charges for deposits up to Rs.5 lakh are 0.50%.  
2. For deposits of more than Rs.5 lakh, a penalty of 1% will be levied. 
3. For the period that the deposit was held by the bank, the interest will be either 0.50% or 1% less than the rate in effect at that time, or 0.50% or 1% less than the contracted rate, whichever is lower. 
4. However, for deposits that are kept for less than seven days, interest will not be paid. 

Eligibility Criteria for SBI Special Term Deposit 

The following are eligible to open the SBI Special Term Deposit: 

1. Resident individuals singly or jointly 
2. Hindu Undivided Family (HUF) 
3. Company 
4. Minors  

1. Government department 
2. Local bodies 

Loan Against SBI Special Term Deposit 

Loans against the SBI Special Term Deposit are permitted with the following applicable margin: