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    Overview of State Bank of Patiala Fixed Deposit

    We found 2 Overview of State Bank of Patiala Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Overview of State Bank of Patiala Fixed Deposit is Rated as "Excellent!" by 5 Users

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    About State Bank of Patiala

    State Bank of Patiala was founded by Late His Highness Bhupinder Singh, Maharaja of the Patiala state in the year 1917. The bank was known as ‘Patiala State Bank’. It was state owned and the main purpose of fostering growth of agriculture, trade and industry. After the Patiala and east Punjab States Union was formed in 1948, the Reserve Bank of India took control of the bank.

    The bank then became a subsidiary of State Bank of India on 1st April, 1960 and was named as State Bank of Patiala. On 8th August, 2005, it became a fully networked Public Sector Bank.

    Term Deposits of State Bank of Patiala

    State Bank of Patiala provides term deposits to individuals or undivided family for a period of 5 years. The corporate and institutions also get a term insurance for a period ranging from 7 days to 3 years. State Bank of Patiala offers attractive interest rates and a steady income and compounded interest on the investments.

    Eligibility - Who can open a term deposit account with SBP?

    Term deposit accounts can be opened by individuals, partnership firms, private and public sector companies, Hindu undivided families or specified associates.

    What term deposit Schemes does State Bank of Patiala offer?

    The bank offers the following term insurance:

    • Corporate Liquid Term Deposit Scheme: This insurance is for the corporate and institutions having current account. The period of deposit ranges from 7 days to 3 years.
    • SBP Tax Saving Term Deposit: This scheme is available for individuals or undivided family for a deposit period of 5 years.
    • Non-Resident Rupee Term Deposit Accounts (NRE)
    • Ordinary Non-Resident Rupee Term Deposit Accounts (NRO): The NRO account can be opened jointly with non-residents or residents.
    • FCNR Term Deposits in US Dollars, Pound Sterling, Euro, Canadian Dollars, Australian Dollars, Jap.Yen: This account can only be opened by NRIs or jointly with other NRI. Period of deposit is 1 year to 5 years.

    NRE and FCNR accounts can be opened jointly with a close relative.

    What is the minimum amount required to open term deposit account with SBP?

    The minimum amount required to open a term deposit is Rs.100.

    What is the maximum amount that can be deposited in State Bank of Patiala term deposit account?

    The maximum deposit amount that can be deposited in SBP is Rs.1,50,000.

    What is the minimum / maximum period for which funds can be held in as term deposits with SBP?

    The minimum period for which a person can hold a term deposit is 7 days. The maximum period for which a term deposit can be held is 5 years..

    What is the procedure to open a term deposit account at State Bank of Patiala?

    You have to approach one of the branches of State Bank of Patiala to open a term deposit account. The bank will first verify the identity of the person and source of income. If there is any doubt arising the bank will then seek KYC documents. Apart from that, PAN card and declaration in Form no. 60 or 61 as per the Income Tax Act is acquired from the depositor.

    What are the interest rates offered on SBP term deposits?

    For 7 days scheme opted, you get a 6.50% of interest rate. For 5 years scheme, the interest rate offered by SBP is 8.25% for general public and 8.65% for senior citizens.

    Does State Bank of Patiala offer tax saver term deposits?

    Yes, the State Bank of Patiala offers a Tax Saving deposit scheme. The tax benefits and deductions are available under Section 80C of the Income Tax Act, 1961.

    Are term deposit accounts with SBP taxable?

    Tax is deducted at source at the rate specified by the Income Tax authority. A TDS certificate will be issued by the bank for the tax deducted.

    What are the main features of SBP term deposit schemes?

    Premature withdrawals are allowed subject to a certain penalty as prescribed by the bank. If the policy was with the bank for less than 15 days, no interest will be paid.

    Deposits are renewed by the bank automatically or on request. Interest on overdue deposit is paid if the deposit is renewed.

    The scheme lets you hold term deposits for a period of 7 days to 5 years.

    Are loans provided against term deposits at State Bank of Patiala?

    Against Corporate Liquid Term Deposits, no loans are provided to the depositor. But under the SBP Tax Saving Term Deposit scheme, the bank considers loan applications against the scheme. Bank also considers loan against a term deposit in the minor’s name.

    Does SBP offer senior citizens special rates on their term deposits?

    Yes, the bank gives a 8.65% rate of interest on the term deposits accounts of the senior citizens.

    Does SBP allow premature withdrawal and renewal of the term deposit?

    The bank allows you to withdraw the deposit before its term completion based on the terms set while taking the policy. In an event of death, the policy’s premature termination is allowed.

    The bank lets the depositor renew the policy before the term period at the appropriate rate on the date of renewal. A penalty will be charged for the premature closing of the deposit account.

    Can NRIs open a term deposit account with State Bank of Patiala?

    Yes, NRIs can open term deposit accounts for a fixed period ranging from 1 year to 5 years in US Dollars, Pound Sterling, Euro, Canadian Dollars, Austrian Dollars and Jap.Yen. The bank allows deposit held under FCNR account as resident deposits. Premature withdrawal will be subject to penalty. No penalty is applicable on premature renewal.

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  • STATE BANK OF PATIALA FD Reviews

    • State Bank of Patiala Fixed Deposit
      "Excellent Service & Great Interest Rates"
      0.5 5.0/5 "Blown Away!"
      I have been Banking with SBP since my childhood. I took my Education loan also from SBP and i have a 999 days FD with this bank at an interest rate of 9.65%. Great bank in customer service and customer delight. State Bank of Patiala gives a homely feeling.
      Was this review helpful? 8
      , new delhi
      Reviewed on Feb 02, 2016
    • State Bank of Patiala Fixed Deposit
      "Wide network.."
      0.5 3.0/5 "Satisfactory"
      According to my point of view State Bank of Patiala is very good as their network are wide over cities. Interest rate for fixed deposit is of 8.25% and incase we drop the plan in midst of the tenure they will deduct 1% as penalty. Branches and ATM centers are wide in India.
      Was this review helpful? 6
      , chandigarh
      Reviewed on Sep 12, 2015
    • State Bank of Patiala Fixed Deposit
      "Educate the customers well..."
      0.5 3.0/5 "Satisfactory"
      My account is with State Bank of Patiala so I availed Fixed Deposit and another comfort is that the branch is near to my home. Customer service is not outstanding or good because they are not updating customer regarding the account. The bank should give proper updates and they have to give good advises to customers regarding new launches. More than that they have to encourage or educate the customers regarding products.
      Was this review helpful? 5
      , new delhi
      Reviewed on May 14, 2015
    • State Bank of Patiala Fixed Deposit
      "Excellent customer service"
      0.5 5.0/5 "Blown Away!"
      I am having my fixed deposit account with State bank of Patiala where their services are really excellent. I can take my money on my own on renewal basis. If I want to take 10 lakhs , 15 lakhs even after 15 days also I can take. Everytime I used to call over the phone and renewed it. Their interest rates are very fair and good. I am happy to have this account in this bank.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 05, 2014
    • State Bank of Patiala Fixed Deposit
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I started a security fixed deposit with State bank of Patiala an year ago. It is an annually renewable policy and I have created submitting very less documents as I was holding a savings account with them. Online facility was quite challenging hence I stopped using it.
      Was this review helpful? 5
      , chandigarh
      Reviewed on Jun 27, 2014
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