Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
  • loading

    SBI Tax Saving Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5.5% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7% - 7.25% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    The Tax Saving Scheme by the State Bank of India has been designed to help individuals and HUFs save money on tax and derive effective yields. It can either be a single account or a joint account, and customers must be Indian residents to gain eligibility to apply for the same.

    Eligibility Criteria

    To avail the tax saving scheme, the State Bank of India has laid down some criteria that applicants must match. For instance, you must be residing in India and can be either an individual, or a Karta of a Hindu Undivided Family. All applicants are required to have a PAN (Permanent Account Number) for income tax purposes.

    Account Type

    Term Deposit Account / Special Term Deposit Account (Single Account)

    Deposit Amount

    The minimum amount of money that can be deposited is Rs.1,000 or multiples thereof

    The maximum amount of money that can be deposited must not exceed Rs.1,50,000 in a year

    Rate of Interest

    As applicable to term deposits, with the lowest being 5.25% and the highest being 7.5%. Senior citizens get an extra 0.5% return on their investment.

    Period

    The minimum tenor for this scheme is 5 years and the maximum tenor is 10 years. Premature withdrawal is now allowed before the expiry of five years since the date on which the scheme was issued.

    TDS

    Tax benefits provided under section 80C of Income Tax Act, 1961

    Loan against the scheme

    Not available (The term deposit or standard term deposit cannot be pledged as security to avail the loan)

    Nomination (if any)

    Available. Only one person can be nominated by an individual, but joint accounts can nominate more than one person with common consent.

    SBI Tax Saving Scheme Interest Rates

    Following are the interest rates applicable to customers who deposit amounts up to Rs.1 crore.

    Tenors

    Existing rate for Public

    Revised for Public w.e.f 05.10.2015

    Existing rate for Senior Citizens

    Revised rate for Senior Citizens w.e.f 05.10.205

    7 days to 45 days

    5.50%

    5.25%

    5.75%

    5.50%

    46 days to 179 days

    6.75%

    6.50%

    7%

    6.75%

    180 days to 210 days

    7%

    6.75%

    7.25%

    7%

    211 days to 365 days

    7.25%

    7%

    7.50%

    7.25%

    365 days to 455 days

    7.5%

    7.25%

    7.75%

    7.50%

    456 days to 730 days

    7.75%

    7.50%

    8%

    7.75%

    Two years to three years

    7.75%

    7.50%

    8%

    7.75%

    Three years to five years

    7.25%

    7%

    7.50%

    7.25%

    Five years to ten years

    7.25%

    7%

    7.50%

    7.25%

    *Interest rates apply as of December 1, 2015 and are subject to the bank’s discretion and can be changed at any time in the future.

    Frequently Asked Questions:

    1. Can I withdraw money from the scheme prematurely?

      No. Customers are not allowed to withdraw funds before at least five years have passed since the date on which the scheme was issued.

    2. Can I take out a loan against the scheme?

      No. The scheme cannot be pledged as security to avail any kind of loan.

    3. Can I make nominations to the scheme?

      Yes. Customers are allowed to make one nomination if they are registered as individuals. However, the number of nominations can increase to two if it is opened as a joint account, provided that there is common consent from all the members.

    4. What is the tenor of the scheme?

      The Tax Saving Scheme from the State Bank of India has a minimum term of five years and a maximum tenor of ten years.

    5. Is there any requisite for those who wish to apply for the scheme?

      Yes. All applicants, whether individuals or Kartas of Hindu Undivided Families are expected to have their PAN (Permanent Account Number).

    Useful Information on SBI Fixed Deposit

    Close

    Tell us about yourself & we'll find the best Fixed Deposit offers for you.

    Got something to say? Go on, you can say it; we don't bite. In fact, the more said, the better. The only thing we ask is that you keep it squeaky clean and follow our posting guidelines. Do not disclose sensitive information like your bank account details or phone number (or home planet). Comments posted on the BankBazaar site are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.