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    SBI Tax Saving Fixed Deposit (FD) Scheme

    If you want to get a tax benefit, you can open a Tax Saving Fixed Deposit (FD). The State Bank of India (SBI) offers the SBI Tax Saving Scheme that offers tax benefit for up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. This is a type of FD that comes with a lock in period of 5 years and comes with a range of other benefits. Fixed Deposits are one among the most popular investments used for saving tax as it offers security and a competitive rate of return on investment. It is very easy to open an SBI tax saving scheme FD online if you are an existing SBI customer. All you have to do is log in to your internet banking account and follow the given set of instructions. This is also a good investment option for senior citizens because the rate of interest is higher.

    Interest rates on SBI tax saving FD

    An interest rate of 6% is paid on SBI tax saving FDs for all individuals. Senior citizens, on the other hand, will be paid interest at the rate of 6.5%. These interest rates are applicable to all deposits that are less than Rs.1 crore.

    Tenure Interest rate for individuals Interest rate for senior citizens
    5 to 10 years 6% 6.5%

    *Interest rates are subject to change at the discretion of the bank

    Features and benefits of SBI tax saving FD

    Summary of SBI Tax Saving Scheme FD features:

    S.no. Criteria Feature
    1. Minimum deposit Rs.1,000
    2. Maximum deposit Rs.1.5 lakh
    3. Tenure 5 years to 10 years
    4. Premature withdrawal Not allowed
    5. Loan facility Not available

    Here are the features of SBI tax saving FD

    • A tax benefit of up to Rs.1.5 lakh can be claimed on this type of FD. This means that a deduction of this amount will be made from your gross total income to arrive at the total taxable income.
    • Tax saving FDs can be opened by Indian residents and members of a HUF
    • It is mandatory to furnish PAN card details while opening the FD account along with other relevant documents
    • All tax saving FDs come with a certain lockin period. In this case, the minimum tenure for the SBI tax saving FD is 5 years, while the maximum is 10 years
    • Please note that Tax Deducted at Source (TDS) is applicable to all FDs at the rate of 10% if the interest that is earned on a deposit is more than Rs.10,000 in a particular financial year
    • There can be no premature withdrawal made in this type of FD until the completion of the deposit tenure

    How to open an SBI tax saving FD online

    • Step 1: Log in to SBI online banking using your username and password
    • Step 2: Go to the home page, navigate to the top menu and click on ‘e-fixed deposit’
    • Step 3: Now proceed to click on the ‘e-TDR/e-STDR under Income Tax Saving Scheme’ option and hit the ‘proceed’ button
    • Step 4: Choose the account from which the amount should be debited, type in the FD amount and if you are a senior citizen click on the ‘Senior Citizen’ option
    • Step 5: Proceed to choose if you want a cumulative (STDR) or a non-cumulative (TDR) FD, choose tenure, give maturity instruction, accept terms and conditions, and click on ‘Submit’
    • Step 6: A confirmation message will be displayed on screen

    SBI tax saving FD interest calculator

    It is very easy to calculate the interest that will be earned on an SBI tax saving FD. All you have to do is to use the FD interest calculator to find out the maturity amount that you will get on your investment. This tool can be very useful to help you decide how much you need to invest and learn how much you will actually earn. The following are the details required to calculate the interest you will earn on an SBI tax saving FD:

    • Interest rate
    • Principal amount invested
    • Tenure of investment
    • Type of interest compounding frequency

    Key Information before Opening an SBI Tax Saving FD Scheme

    Eligibility to Open a FD
    • Individual
    • HUF
    Documents Required
    • SBI Application Form
    • Depositor’s photograph (2 copies)
    • Identity proof & Address proof as per KYC Norms
    • PAN Card copy/ Form 60 or 61
    • Aadhaar Card Details
    Benefits of a SBI tax saving FD
    • Nomination facility
    • Automatic renewal option after maturity
    • Online operation for the FD account

    FAQs

    1. Is it required to have an active internet banking account to open an SBI tax saving FD online?

      Yes.

    2. Are tax saving FDs exempt from tax?

      The principal amount is exempt from tax but the interest earned on the FD will be subject to tax if the interest gained is more than Rs.10,000 in a financial year.

    3. What is the cut off time for opening a tax saver FD online in SBI?

      It is recommended that you open the FD between 8.00 a.m. and 8.00 p.m. In case the FD is opened outside these hours, the request will be processed during the next working day.

    4. Is it possible to make a nomination online?

      Unfortunately, this cannot be done online. You will have to visit the branch physically to add a new nominee.

    5. Is it possible to open an online deposit in the name of another person ?

      This is not possible. In case, you want to do the same, please make a visit to the nearest branch.

    6. Is it possible to close the term deposit account online?

      This will not be possible in case of tax savings schemes because they come with a certain predetermined lockin period.

    7. Can I choose a tenure of 10 years for this type of deposit?

      Yes. You can choose a tenure that ranges anywhere from 5 years to 10 years.

    8. Is it possible to open joint FDs?

      Yes, this can be done without any hassle.

    Useful Information on SBI Fixed Deposit

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    SBI Tax Saving Scheme Reviews

    • 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? 4
      , 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? 10
      , 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? 6
      , 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? 3
      , 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? 4
      , 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? 14
      , 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? 9
      , 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? 5
      , 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? 7
      , 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? 8
      , 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? 11
      , 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? 9
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit account with SBI and my experience was average, an amount of Rs 20000 is paid as a fixed amount. Customer service was not up to the mark with SBI. I am not aware of the returns in this Fixed deposit account.
      Was this review helpful? 9
      , kolkata
      Reviewed on Nov 20, 2018
    • SBI Fixed Deposit
      "Good returns"
      0.5 5.0/5 "Blown Away!"
      I had a Fixed Deposit account with SBI and my experience was good, an amount of Rs 1 lac is paid as a fixed amount. Customer service was very good and they explained all the terns and conditions. I am satisfied with the returns in this Fixed deposit account.
      Was this review helpful? 8
      , gurgaon
      Reviewed on Nov 20, 2018
    • SBI Fixed Deposit
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have fixed deposit in SBI, the interest rate is good around 8.9% for the period of one year. I can invest the min of Rs. 500 to 15 lakhs, I have not tried reaching them because everything is going well. I get message every time after making a payment on month basis.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Nov 12, 2018
    • SBI Fixed Deposit
      "Average Investman plan"
      0.5 2.0/5 "Expected more"
      I have taken Fixed deposit account from the state bank of India . There is no additional charges for the account. It is short term investment plan for 5 years but am not satisfied with the rate of i9nytrest which they are giving . I used to get income tax benefits . Customer service and response is not that much good .
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 10, 2018
    • SBI Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have a fixed deposit account with State Bank of India. The experience is fine and there are no hassles to open this account. The interest I earn on this account is also satisfactory. The customer support and response is good at the bank. It has been a smooth process.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 27, 2018
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Fixed Deposit with SBI from last 3 years, i am satisfied with the returns of Fixed Deposit which is 8%-9%. The maturity period for Fixed Deposit is 5 years. Customer support was very good and they explained all the terms and conditions..
      Was this review helpful? 11
      , secunderabad
      Reviewed on Oct 19, 2018
    • SBI Fixed Deposit
      "Good in all"
      0.5 3.5/5 "Pretty good"
      I hold a fixed deposit account with State Bank of India. I had to visit the bank to open this account, it is a tedious process as it was not online. I had to fill in the application for the same. In all there has been a very good experience. Good overall.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 18, 2018
    • SBI Fixed Deposit
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have a Fixed Deposit account with SBI from last 4 years, the maturity period for this FD is 18 years. I invested an amount of Rs 5 lacs in Fixed Deposit account. Customer service was good with SBI and i get good returns of 8% after the maturity period.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Oct 01, 2018
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