|CEO||Dinesh Kumar khara|
|Listed on exchange as||State Bank of India|
|Tenure||Regular customers||Senior citizens|
|Tenure||Regular customers||Senior citizens|
For an SBI FD with tenure ranging from 7 days to 365 days, the interest rate offered is from 3.00% p.a. to 5.50% p.a. These deposits are known as short-term deposits as they have a tenure of less than 1 year. For senior citizens, short-term SBI FD rates range from 3.50% p.a. to 6% p.a.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 6.10% p.a.
These deposits’ tenure ranges from 5 years to 10 years and offers an interest rate of 6.10%. Senior citizens can avail of 6.90% p.a. for such FDs.
You can now invest in State Bank of India FD through both online methods such as internet banking and mobile app and offline route as well. Let's first check how to open an FD in SBI online:
1. Internet Banking
An SBI Bank FD account can be easily opened with internet banking by following these steps:
1. If you are an SBI Bank customer, just log in to your SBI NetBanking account
2. Click on the ‘Term Deposits’ option which is under the ‘Deposit Scheme’ tab,
3. Select the type of FD and click on the ‘Proceed’ button to continue
4. Provide all the necessary details of the deposit such as nominee information and instructions for maturity.
5. Read the ‘Terms and Conditions' and accept them
6. Finally, you can click on the ‘Submit’ option to complete the SBI fixed deposit opening process
2. Mobile Application
An SBI Bank Fixed deposit account can be opened through the SBI Mobile app as well:
1. Download the SBI Yono app and log in.
2. Select your desired Fixed Deposits or Term Deposits option to proceed
3. Provide all the required details such as nominee information and maturity instructions
4. Check the ‘Terms and Conditions' and accept them
5. Click ‘Submit’ to complete the SBI fixed deposit opening process
3. How to Open FD in SBI Offline
To open an SBI Bank fixed Deposit account through the offline method, one needs to visit their nearest SBI Bank branch, get the SBI Bank FD application form and submit the duly filled form with the deposit amount. Once it's successfully processed, SBI bank provides an FD receipt.
Investors should first check their eligibility to invest in SBI Bank FD. The eligibility criteria to invest in SBI Bank Fixed Deposit is:
The list of documents required to open an FD in the State Bank of India is:
1. Duly filled SBI FD account opening form
2. Four passport size photographs
3. Identity Proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Driving License or Passport)
4. Address proof as per KYC norms. (PAN, Aadhaar, Voter ID Card, Passport or Driving License)
5. Proof of Age (Birth Certificate or Graduation/school passing Certificate)
6. Pan Card or Form No. 60 or 61 of the Income Tax Act (for declaration)
7. Details of your bank account like account number, IFSC code and branch
SBI offers ‘SBI Tax Savings Scheme, 2006’ in which the minimum deposit amount is Rs.1,000 and in multiples of Rs.100 thereafter. The maximum deposit amount limit is Rs.1.5 lakh. The lock-in period for this type of account is 5 years, but the account can have a tenure of up to 10 years. This account will provide income tax benefits under Section 80C of the Income Tax Act, 1961.
Senior citizens can avail of an additional interest rate of 0.5% on the applicable rate. Also, SBI staff and pensioners have the privilege of a 1% additional interest rate on the applicable rate.
Also, the tax will be deducted at the source by the bank based on the interest you earn on the FD accounts across the bank branches. TDS charged is 10%. It has now reduced to 7.5%.
SBI FD provides the facility of claiming a loan against the FD account. Users can vail loan up to 95% of the value of their deposit.
SBI Fixed Deposit Account holders will be charged a nominal fee upon premature withdrawal.The penalty for long term deposits less than Rs. 5 lakh, the premature withdrawal penalty before maturity is 0.50% while for fixed deposits above Rs. 5 lakh, the premature withdrawal penalty is 1%.
What is the Tenure Range for SBI FD Account?
The tenure for SBI FD ranges from 7 days to 10 years.
Who is eligible to invest in SBI Fixed Deposits?
Individuals and groups that are eligible to invest in SBI FDs:
What is the criteria and penalty for premature withdrawals?
You can withdraw the FD amount before maturity. The premature withdrawal penalty depends on the invested amount you have invested. For deposits, less than Rs. 5 lakh, the penalty is a 0.50% deduction on the interest rate.
In case the deposit is greater than Rs. 5 lakh, the deduction will be charged at 1%. This is applicable for deposits of all tenures.
Can I close an SBI FD account online?
You can close an FD account online only if it is an E-term deposit or special term deposit.
What are some of the highest SBI FD interest rates in 2023?
The highest interest rate offered by SBI on FD is 6.10%. Senior citizens, on the other hand, can get an interest between 3.50% and 6.90%.
Can an extra amount be deposited into my FD account?
No, you cannot deposit more than the preset amount into your FD account.