SBI Fixed Deposit Schemes

Benefits of SBI Fixed Deposit Schemes

The various benefits of SBI fixed deposit schemes are mentioned below:

1. SBI offers nomination facility for its FD schemes.
2. The fixed deposits tenure ranges from 7 days to 10 years.
3. Minimum deposit required to open a SBI fixed deposit account is Rs.1000.
4. SBI offers a monthly, quarterly, and calendar quarter repayment option.
   

Features of SBI Term Deposit Scheme

1. Range of SBI FD rates: 3.05% p.a. to 7.35% p.a.
2. Highest Term Deposit rate: 7.35% p.a.
3. Range of maturities: 7 days to 10 years
4. Minimum deposit amount: Rs.1,000
5. No limit on the maximum deposit amount.
6. Senior citizens get an additional interest rate of 0.50%
7. Interest payment options: Monthly, quarterly or yearly basis
8. Premature withdrawals allowed
9. An account holder can avail loans and overdraft for up to 90% of the deposit value.
10. Overdraft limit: Rs.25,000 to Rs.5 crore.
11. Interest rate for the loan would be 1% more than the FD rate.
12. Tax Deducted at Source (TDS) is applicable to the interest income as per the Income Tax Act, 1961.
13. Nomination facility can be availed.
14. The option for automatic renewal FD is available.
15. You can convert their interest payout frequency to cumulative payout at any point.

Features of SBI Tax Savings Scheme, 2006

1. Deposit range: Rs.1,000 to Rs.1.50 lakh.
2. Maturity period: 5 years and 10 years.
3. The interest rate for SBI Tax Savings Scheme, 2006, is 6.05% p.a. for general public and 7.05% p.a. for senior citizens.
4. The account holder is entitled to tax benefits as listed under Section 80C of the Income Tax Act, 1961.
5. The FD account comes in two variants:
   1. Term Deposit (TD)
   2. Special Term Deposit (STD)
6. Nomination facility available.
7. SBI staff and pensioners are offered a rate of return that is more than 1% above the applicable rate.

Features of SBI Multi Option Deposit (MOD) Scheme

1. In SBI MOD Scheme the range of tenure: 1 year to 5 years.
2. Minimum amount of investment: Rs.10,000.
3. No upper limit on deposit amount.
4. You can easily liquify your FD funds and transfer it to the linked account.
5. Tax Deducted at Source (TDS) applicable.
6. One can make withdrawals in multiples of Rs.1,000 only.
7. Premature withdrawal allowed.
8. Loan facility available.
9. Nomination facility available.

Features of SBI Reinvestment Fixed Deposit Plan

1. In SBI Reinvestment Plan interest income is only credited to your account on the date of maturity.
2. The interest income is consistently added to the principal amount.
3. The minimum amount of deposit is Rs.1,000.
4. There is no upper limit on the deposit amount.
5. One can choose a maturity period from 6 months to 10 years.
6. Nomination facility available.
7. Loan against the deposit available.
8. Overdraft up to 90% of the principal deposit available.
9. Mode of holding - singly or jointly.
10. Premature closure available.

SBI Term Deposit Interest Rates: Below ₹3 Crore

The interest rates for SBI term deposits for deposits below Rs.3 crore are given below:

Note: The above-mentioned interest rates are effective from 15 July 2025. SBI can change the interest rates without prior notice.   

Eligibility Criteria for SBI Fixed Deposits

1. Citizens of India
2. Members of the Hindu Undivided Family (HUF), firm, local bodies, any government department, company etc.

Documents Required to Open an SBI Fixed Deposit Account

Valid identity proof and address proof such as:

1. Aadhaar Card
2. Driving License
3. Passport
4. Voter's ID card
5. Permanent Account Number (PAN) Card
6. NREGA Card

SBI Fixed Deposit Scheme Premature Withdrawal Terms and Conditions

The various terms and conditions for premature withdrawal of SBI fixed deposit scheme are given below:

1. There will be a penalty of 0.50% for premature withdrawal of fixed deposits up to Rs.5 lakh.
2. A penalty of 1% is applicable for premature withdrawal of fixed deposits above Rs.5 lakh.
3. The interest rate shall be 0.50 percent or 1% below the rate applicable at the time of deposit for the duration the deposit remained with the Bank, whichever is lower, or 0.50 percent or 1% below the agreed rate.

How to Open an SBI Fixed Deposit Account

You can open a SBI fixed deposit account through online and offline method. The process for both the methods are given below:

Online Method

1. Step 1: Open the personal banking portal of SBI.
2. Step 2: With the help of your login ID and password, login to your net banking account.
3. Step 3: On the home page, select the option 'deposit scheme' then the option 'term deposit.'
4. Step 4: Next choose the 'e-fixed deposit' option from the menu.
5. Step 5: Choose the type of fixed deposit you want to open, and then click 'proceed.'
6. Step 6: Fill all the required details.
7. Step 7: Click on the submit button and your fixed deposit account will be opened.

Offline Method

To open a SBI fixed deposit account, visit your nearest branch of State Bank of India with all the required documents. There a representative of bank will help you open the fixed deposit account.