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    SBI Tax Saving Scheme  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5.5% - 7.4% Quarterly compounding
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    Response Time Within 30 minutes
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    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.25% - 6.9% Quarterly compounding
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    Response Time Within 30 minutes
    Features
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    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
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    Response Time Within 30 minutes
    Features
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    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
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    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    SBI Tax Saving Scheme is Rated as "Excellent!" by 384 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

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    Check your Eligibility!

    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

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    • SBI Tax Saving Scheme Reviews

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    • SBI Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      When I have started to deposit the money I was getting good interest rate but know the rate of interest is decreased with SBI Fixed deposit. I have started the fixed deposit around 6 years ago with SBI. Initially I got around 9.5% as interest rate but now I am getting only 7.5% interest rate. The service with State is good.
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      , bangalore
      Reviewed on Jun 22, 2017
    • SBI Fixed Deposit
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      When I wanted to open a fixed deposit account at State Bank of India. I did not have to visit the bank. I opened the account online and though the rate of interest is not that appealing. I am happy with the overall experience and process and the convenient banking process.
      Was this review helpful? 8

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      , guwahati
      Reviewed on May 31, 2017
    • SBI Fixed Deposit
      "Convenient to Hold"
      0.5 4.0/5 "Great!"
      It has been two years when I opened fixed deposit with State bank of India. The period is for five years. Since I completed two years, three years to go. Interest rate is of 11%. Actually SBI is located near to my house so I feel more comfortable in visiting the bank at any instance. All the staffs are very friendly and very cooperative.
      Was this review helpful? 5

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      , visakhapatnam
      Reviewed on May 25, 2017
    • SBI Fixed Deposit
      "Secured investment"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks SBI offering good interest rate on fixed deposit, they offered me 7.95% of interest. I have the amount of Rs. 2.4 lakhs for the tenure of three years. After the maturity period I got the amount around 2.9 lakhs. I am very much fine with that.
      Was this review helpful? 4

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      , hyderabad
      Reviewed on May 24, 2017
    • SBI Fixed Deposit
      "Too much of process involved"
      0.5 2.5/5 "Just OK"
      At other private bank a fixed deposit could be opened online and a customer does not have to visit the bank. In my case I had to visit State bank of India to open a fixed deposit and it has a lot of process involved. Like wise to close the same it is the same scenario.
      Was this review helpful? 6

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      , pune
      Reviewed on May 10, 2017
    • SBI Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit account with the State bank of India and the interest rate is around 6.2% for the tenure of five years of time. I have opened this account through online, so it got happened very immediately. Charges are nil with them and I can get the money withdrawal in fraction of seconds.
      Was this review helpful? 5

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      , pondicherry
      Reviewed on May 09, 2017
    • SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Long back I had Fixed deposit account with State bank of India. I selected the tenure period for six years. The bank had fixed a good rate of interest. At last I received the money with the promised interest amount. I am much satisfied with SBI for the FD service.
      Was this review helpful? 4

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      , hyderabad
      Reviewed on May 09, 2017
    • SBI Fixed Deposit
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      Even I have fixed deposit with State bank of India. The tenure period is one year. I deposit certain amount with them as their interest rate is good and incomparable. SBI gives good response to the people and they are very supportive as well. I have no issues with SBI.
      Was this review helpful? 0

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      , indore
      Reviewed on May 04, 2017
    • SBI Fixed Deposit
      "Average "
      0.5 1.0/5 "Really Bad"
      I had invested in fixed deposit with the State bank of India and the interest rate is very less like its around 7.15%, also the returns are also very less, which will be also applicable with the tax. Services provided by them is really not good and I would like to suggest that they need to provide the customer service in a much better way.
      Was this review helpful? 3

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      , bhopal
      Reviewed on May 03, 2017
    • SBI Fixed Deposit
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      In terms of interest rate and everything State Bank of India is fine to have the fixed deposit and the service aspects are working fine with them. I am having this account from the last six to seven years of time and the response is always very good with the State Bank of India.
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      , mundra
      Reviewed on May 03, 2017
    • SBI Fixed Deposit
      "Its Trusted"
      0.5 4.0/5 "Great!"
      I was studying college, I have opened Fixed deposit in SBI, it is located in my college campus. I have submitted pan card, address proof, id proof to them and I have invested the amount of Rs.1,25,000 its for the period of four years, but I am not sure what is the benefit I will get after that maturity period.
      Was this review helpful? 24

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      , chandigarh
      Reviewed on Mar 30, 2017
    • SBI Fixed Deposit
      "Good deposits"
      0.5 4.0/5 "Great!"
      SBI deposits are better all I am in need of is savings therefore I had opted for it but the charges are very high. I had taken it for 11 months fixed deposit. I am supposed to get 55k however I had got only 50k however they had deducted money for charges and the remaining as credit
      Was this review helpful? 16

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      , coimbatore
      Reviewed on Feb 04, 2017
    • SBI Fixed Deposit
      "My FD account"
      0.5 2.0/5 "Expected more"
      SBI fixed deposit is fine, the rate of interest is too low I dont invest in SBI Fixed Deposit. I had opted for this FD through the branch. at the time I was holding a salary account at that point of time that is why I had opted for SBI FD and later it was closed
      Was this review helpful? 18

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      , chennai
      Reviewed on Jan 04, 2017
    • SBI Fixed Deposit
      "Online FD Application "
      0.5 1.5/5 "Bad"
      The online method or the system of SBI for applying for Fixed Deposit/recurring deposit is very bad. I did not understand only how to apply and due to that I applied through my Wife's account in IDBI. IDBI has very easy and understandable method for the same.
      Was this review helpful? 10

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      , mumbai
      Reviewed on Dec 29, 2016
    • SBI Fixed Deposit
      "The best FD"
      0.5 4.0/5 "Great!"
      The prime reason for selecting SBI for the Fixed Deposit is the rate of interest which is 7.8% as it is the best in the market. I am holding this FD for a period of 4 to 5 years of time. No drawback nor challenges as such. This FD was opened at the Branch.
      Was this review helpful? 14

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      , kolkata
      Reviewed on Dec 08, 2016
    • SBI Fixed Deposit
      "SBI is a very good provider"
      0.5 5.0/5 "Blown Away!"
      Rate of interest offered by SBI fixed deposit is very much satisfactory. Their staffs are very much cooperative . I hold a savings account with the said bank based on which they had offered this FD. Interest rate offered by them was 9.8% and they are providing tax benefits too.
      Was this review helpful? 23

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      , guntur
      Reviewed on Nov 29, 2016
    • SBI Fixed Deposit
      "Its wonderful"
      0.5 4.0/5 "Great!"
      SBI fixed deposit is wonderful this was taken before 2 years. The total term of FD is 5 years. I do get some tax benefit too. I had filled the form by visiting the Branch and I had provided the FD receipt too. The best I like about SBI is it is very much secured.
      Was this review helpful? 10

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      , bangalore
      Reviewed on Nov 14, 2016
    • SBI Fixed Deposit
      "Its really good"
      0.5 5.0/5 "Blown Away!"
      I had parked my funds on my SBI FD and I had signed up for this FD online myself . I am holding this FD account for the past 10 years. There is no drawback nor any challenges as such. It takes hardly 2 minutes to open this FD . Online I can view and change my maturity instructions. As of now its auto renewal I can also change the maturity instructions online myself.
      Was this review helpful? 8

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      , noida
      Reviewed on Nov 03, 2016
    • SBI Fixed Deposit
      "Safe and secured"
      0.5 4.0/5 "Great!"
      Interest that I earn on my SBI FD is awesome. I am not getting any prefential interest for my profile though I am a defense person The bank is next to my locality that is the benefit. I had been to the branch for opening this account I had produced a cheque for opening this FD. On the same lines, I guess they require a SBI account for opening FD with the said bank.
      Was this review helpful? 13

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      , chandigarh
      Reviewed on Sep 07, 2016
    • SBI Fixed Deposit
      "My FD experience"
      0.5 5.0/5 "Blown Away!"
      My FD with SBI is opened and closed online, it took hardly 5 minutes for me to open the fixed deposit. I had closed it online myself and the money was credited to my account in a day's time and that is the best part about it. Also, I was able to do auto renewal as there is an option available online, also there was an option to add nominee too.
      Was this review helpful? 15

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      , pune
      Reviewed on Aug 26, 2016
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