SIDBI Fixed Deposit (FD)
Small Industries Development Bank of India (SIDBI) offers many types of fixed deposit (FD) schemes that caters to the investment needs of various categories of investors.
SIDBI fixed deposit rates are very competitive and have been awarded an 'AAA' by CARE, a credit rating agency.
Types of Fixed Deposits
- Cumulative FD: In the case of cumulative fixed deposits, the interest payment is made at the time of maturity along with the principal.
- Annual income: Interest payment will be made to the deposit holder at the end of each year.
- Quarterly income: Interest amount will be credited to the bank account of the customer on a quarterly basis.
SIDBI FD: Features
- The minimum deposit amount is Rs.10,000, after which deposits can be made in multiples of Rs.1,000.
- An FD should be opened for a minimum tenure of at least 1 year, while the maximum tenure can go up to 5 years.
- All senior citizens will get an additional interest rate of 0.50% p.a.
- Depositors can avail a nomination facility on both single and joint accounts.
- Interest payments are made on quarterly or yearly basis, or at the time of maturity.
- Cumulative and non-cumulative SIDBI FD schemes available.
SIDBI Fixed Deposit: Eligibility Criteria
- All resident individuals
- Minors along with their legal guardians
- Hindu Undivided Family (HUF)
- Partnership firms
- Companies
- Body corporate, societies, association of persons
Documents Required
It is important for depositors and all prospective customers to know that PAN card details should be submitted at the time of opening a fixed deposit along with other documents.
Any one of the following documents can be submitted to open an FD at SIDBI for both identity and address proof purposes.
How to Apply for SIDBI FD
Step 1: Download the online application form .
Step 2: Register and create a user ID, post which you will be able to get access to the online FD application form.
Step 3: To register, you will have to fill out the following details.
Applicant name | Fill in your name |
Email address | Key in registered email address |
Password | Create a password |
Confirm password | Key in password again |
captcha code | Enter the code displayed |
Step 4: Save the data and proceed to get access to the online application form.
FAQs on SIDBI Fixed Deposit
- What is the minimum tenure to open a fixed deposit account with SIDBI?
The minimum tenure is one year while the maximum tenure is five years to open a fixed deposit account with SIDBI.
- Does SIDBI offer fixed deposits?
Yes, a minimum deposit of Rs.10,000 is required to open a fixed deposit with SIDBI.
- Do senior citizens get a special interest rate on SIDBI fixed deposits?
Yes, senior citizens get an additional interest rate of 0.50% p.a. on SIDBI fixed deposits.
- Who can open a fixed deposit with SIDBI?
All resident individuals, HUFs, minors, companies, partnership firms, societies, etc., can open a fixed deposit with SIDBI.
- What is the interest rate offered on SIDBI fixed deposits?
Currently, the interest rate offered is 7.60% p.a. on SIDBI fixed deposits of Rs.2 crore and above.
- Can I open an SIDBI FD account in joint names?
Yes, you can open an SIDBI FD account in joint names.
- Is a nomination facility available on SIDBI fixed deposits?
Yes, a nomination facility available on SIDBI fixed deposits.
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