About State Bank of Bikaner and Jaipur
State Bank of Bikaner and Jaipur was established in 1963 through the merger of State Bank of Bikaner and State Bank of Jaipur. The bank, ever since it was created, has seen steady growth and boasts of over 1000 branches spread across the country. The bank went public in 1997 with an IPO of 13,60,000 shares.
In 1966 Govind Bank (Private) Ltd, Located in Mathura, merged with SBJJ. Soon after this merger, the bank sponsored the Ganganagar Kshetriya Gramin Bank and was later responsible for the creation of the Bikaner Kshetriya Gramin Bank and the Marudar Gramin Bank, both of which are rural banks set up to aid the rural populous of the surrounding areas. In 2006 SBJJ merged all these banks to form MGB Gramin Bank which maintains its headquarters in Jodhpur.
State Bank of Bikaner and Jaipur Fixed Deposits
State Bank of Bikaner and Jaipur offer fixed income savings solutions in the form of fixed deposits that can be availed of at any of their numerous branches or through online methods where available. These schemes offer customers an attractive investment avenue to maximise returns on their savings. With varying tenures, it provides liquidity to investors. These FD schemes provide great facilities such as overdrafts, nominations and auto-renewals.
Eligibility - Who can open an FD account with SBBJ?
Any individual who happens to be a citizen of India can apply to open a fixed deposit with State Bank of Bikaner and Jaipur. Minors are also allowed to open fixed deposits which can be opened as joint accounts or individual accounts. NRIs too can apply to open FDs under certain schemes offered by the bank. HUFs, private companies, public sector undertakings, proprietorship firms, societies, etc. can also open FDs with SBBJ.
What Fixed Deposit Schemes does State Bank of Bikaner and Jaipur offer?
SBBJ offers its customers a choice of term deposit schemes which have been created to satisfy the various needs investors may have when creating a fixed deposit. These schemes range from regular fixed deposits to special FDs to even special schemes for senior citizens. Some of these schemes are:
- Special Scheme for Senior Citizens
As the name suggests, this scheme has been initiated to provide fixed deposits to senior citizens. Under this scheme they can open FDs for any period of time and avail a special interest rate. In case the FD opened is a joint fixed deposit then this scheme will apply only if the first holder is a senior citizen.
- SBBJ Flexi Deposit Scheme
This is a term deposit scheme that is open to NRIs and minors above the age of 10 years too. To be able to open an FD under this scheme having a savings account with the bank is mandatory. The minimum amount that can be deposited in this account is ₹ 5,000. Further deposits are accepted in multiples of ₹ 1,000. This deposit can be opened for durations ranging from 6 months to 60 months.
- Capital Gain Scheme 1988
This is a fixed deposit that can be opened by a HUF, individual or a group of people. Deposits opened under this scheme are eligible for tax benefits under sections 54, 54B, 54D, 54F and 54G. The minimum amount that can be deposited is ₹ 5,000. The duration of such an FD is limited to 2 years to 3 years and cannot be terminated prematurely without a letter from the income tax officer who has jurisdiction.
- Term Deposit Scheme
These are regular fixed deposits that can be opened for up to 10 years. The minimum amount that can be deposited in these accounts is ₹ 1,000 and the interest can be withdrawn at quarterly intervals. Depositors can also opt for interest withdrawals every month. However, these withdrawals may attract discounted interest rates.
- Special Term Deposit Scheme
Special term deposit schemes are FD schemes where a minimum of ₹ 1,000 can be deposited in the account. Further deposits can be made in multiples of ₹ 100. These deposits can be opened for periods ranging from 6 months to 10 years in multiples of 3 months.
- SBBJ Tax Saver Term Deposit Scheme
As the name suggests, this fixed deposit scheme is aimed at those who are looking to invest in fixed deposits to gain tax benefits under section 80C. These fixed deposits come with lock-in periods of 5 years and dont provide facilities for premature withdrawals.
What is the minimum amount required to open an FD account with SBBJ?
The minimum amount that can be deposited in an FD with SBBJ depends on the scheme that you opt for. As such the least amount that you can use to open a fixed deposit is ₹ 1,000.
What is the maximum amount that can be deposited in a State Bank of Bikaner and Jaipur FD account?
Since the bank allows for bulk deposits, the maximum amount that can be deposited in an FD with them is ₹ 10 Cr.
What is the minimum / maximum period for which funds can be held as fixed deposits with SBBJ?
The minimum and maximum periods for which funds can be held in a fixed deposit with State Bank of Bikaner and Jaipur depends on the scheme under which the FD is opened, however, the absolute minimum is 7 days and the maximum time is 10 years.
What is the procedure to open a fixed deposit account at SBBJ?
Opening a fixed deposit through BankBazaar is the easiest way to go about applying for a fixed deposit. On our site you will be provided with the means to check the interest rates being offered by the bank. You will also be provided with a tool which can be used to see what the maturity value of your fixed deposit will be.
To open the fixed deposit all you have to do is download the form from our site, fill it up and submit it at the SBBJ branch closest to you.
What are the interest rates offered on State Bank of Bikaner and Jaipur fixed deposits?
The interest rates offered by the bank on fixed deposits depend on the amount you wish to deposit and the duration of the deposit. As such the lowest interest rate you can expect from the bank is 5.5% per annum and the maximum is 8.5% per annum.
The bank also offers special interest rates for senior citizens, current employees and ex-employees of the bank.
Does State Bank of Bikaner and Jaipur offer tax saver fixed deposits?
Yes they do offer a tax saver fixed deposit. It is called the SBBJ Tax Saver Term Deposit Scheme under which a fixed deposit can be opened for 5 years. The maximum amount that can be deposited in such an account is ₹ 1 lakh in one financial year.
Are FD accounts with State Bank of Bikaner and Jaipur taxable?
Yes. The interest earned on the deposits held with the bank are liable for tax under existing tax rules. The tax may be deducted at source so if you are exempt from paying taxes, documents supporting such a claim must be provided to the bank.
What are the main features of State Bank of Bikaner and Jaipur fixed deposit schemes?
State Bank of Bikaner and Jaipur offers its customers many benefits through their fixed deposit schemes. Some of these benefits are:
- Nomination facility
- Loans against fixed deposits
- Tax benefits under section 80C
- Tax benefits under sections 54, 54B, 54D, 54F and 54G
Are loans provided against FDs at SBBJ?
Yes, SBBJ does offer loans against fixed deposits held with them, however, this facility is limited to a few schemes and is not available under tax saver schemes.
Does State Bank of Bikaner and Jaipur offer senior citizens special rates on their fixed deposits?
Yes, State Bank of Bikaner and Jaipur offers special rates of interest for senior citizens. These interest rates are 0.5% above the applicable interest rates, however, this facility is subject to certain conditions like time periods of 1 year to 10 years and production of document as proof of age.
Does State Bank of Bikaner and Jaipur issue credit cards against fixed deposits held at SBBJ?
No. SBBJ does not offer credit cards against fixed deposits.