SIDBI Fixed Deposit Rates 2020

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 features of FDs offered by SIDBI are:

• Customers who are eligible for opting a Fixed Deposit account by SIDBI are individuals, companies, minors (below the age of 18), corporates, an association or group of persons, societies and Hindu Undivided Families(HUFs).
• Joint deposit or single deposit holders can avail the facility of nomination.
• A higher interest rate of 0.50% per annum will be paid for senior citizens.
• 1 year is the minimum duration for a fixed deposit and the maximum will be 5 years and the interest will be compounded quarterly.
• The minimum amount required for opening a Fixed Deposit account is Rs.10,000. This is applicable for both regular and senior citizens.
• Senior citizens need to provide valid ID for age proof.

SIDBI FD Rates

Interest For Fixed Deposit Upto Rs.99,000.

• In the case of fixed deposit amounting up to Rs.99,000 on a short-term tenure, the interest rates which the bank offers are 6.75% per annum. Senior citizens get an interest rate of 7.25% per annum.
• For medium-term and long-term fixed deposits, SIDBI offers an interest rate, ranging from 6.50% per annum to 6.75% per annum for regular citizens.
• Senior citizens get an interest of 7.00% per annum investing for a period of 37 months to 5 years.

Interest Rate On FD Above Rs.1 Lakh And Less Rs.5 Crore

• For deposits more than Rs.1 Lakh and upto Rs.5 Crore, short term interest is 7.25 % per annum for regular citizens and 7.75% per annum for senior citizens.
• Medium-term and long-term interest rates for regular citizens are 7.25% per annum for a tenure of 14 months to 3 years. For more than 3 years to 5 years, the interest is 7.00% per annum.
• Senior citizens get an interest rate of 7.75% per annum for a tenure of 14 months to 3 years and 7.50% per annum for more than 3 years to 5 years.

Interest Rate On FD Of Rs.5 Crore And Above

• Coming to fixed deposits of Rs.5 crore and above, the short-term and medium-term interest rates are 7.50% per annum for regular citizens. Tenure ranges from 1 year to 3 years.
• For senior citizens on a short-term and medium-term basis, rate of interest is the highest at 8.00% per annum.
• On a long-term basis, tenure ranges from more than 3 years to 5 years. Rate of interest is 7.25% per annum and 7.75% per annum for regular and senior citizens respectively.