The Small Industries Development Bank of India (SIDBI) has been working to improve and promote the MSME (Micro, Small and Medium Enterprises) sector in the country.
Established in 1990, SIDBI offers an array of schemes, one of them being Term/Fixed deposits. Being 'AAA' rated by CARE, term deposits of SIDBI falls in the category of 'highest safety'. Along with this, SIDBI also offers competitive interest rates. Customers willing to apply for an FD can do so by downloading the form online.
The various features of SIDBI fixed deposit scheme are given below:
Account Type | Single or Jointly |
Interest Rates | Minimum: 6.25% Maximum: 6.35% |
Tenure | Minimum: 1 year Maximum: 5 years |
Amount | Minimum: Rs.10,000 |
The interest rates for SIDBI fixed deposit for deposits below Rs.49,99,999 are given below:
Tenure | General Rate of Interest (p.a.) | Senior Citizens Rate of Interest (p.a.) |
12 months to 36 months | 6.25% | 6.40% |
37 months to 60 months | 6.35% | 6.50% |
The interest rates for SIDBI fixed deposit for deposits above Rs.50 lakh and below Rs.2 crore are given below:
Tenure | General Rate of Interest (p.a.) | Senior Citizens Rate of Interest (p.a.) |
12 months to 36 months | 6.25% | 6.40% |
37 months to 60 months | 6.35% | 6.50% |
The interest rates for SIDBI fixed deposits for deposits above Rs.2 crore are given below:
Tenure | General Rate of Interest (p.a.) | Senior Citizens Rate of Interest (p.a.) |
12 months to 36 months | 7.25% | 7.75% |
37 months to 60 months | 7.50% | 8.00% |
The eligibility criteria to open an account under SIDBI fixed deposit scheme are:
The documents required for SDBI fixed deposit scheme are:
The highest rate of interest on FD schemes by the SIDBI is 6.40% and the lowest rate of interest is 5.50%.
The minimum deposit amount for SIDBI fixed deposit scheme is Rs.10,000.
Senior citizens get an additional 0.50% discount under the SIDBI fixed deposit schemes.
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