For SBI FD schemes, the tenure ranges between 7 days to 10 years.State Bank of India or SBIoffers a wide range of deposit schemes in the personal banking segment.
Fixed deposit (FD) scheme, one of such product offered by bank, provides assured returns.
In a SBI FD account, depositor can park lump sum amount and also avail features like choice of interest payout and liquidity through overdraft (OD) or premature withdrawal, noted the lender on its website- sbi.co.in.
The lender last revised its FD interest rates with effect from May 9, 2019.1.
The minimum investment limit in case of SBI FD account is Rs1,000.
There is no maximum limit on the investment, according to SBI.2.For SBI FD schemes, the tenure ranges between 7 days to 10 years.3.The interest is payable monthly or quarterly depending on the option selected at the time of account opening.
However, in case of monthly interest payment, the interest is paid at a discounted rate, according to SBI.4.Senior citizens get 0.25 per cent extra interest rate for FDs above Rs 10,000, noted SBI on its website.5.
SBI currently provides interest rates to the tune of 5.75-6.75 per cent to the general public on fixed deposit (FD) up toRs 2 crore.The following FD interest rates are applicable on deposits below Rs.
2 crore with effect from May 9, 2019, according to bank's website:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year77.52 years to less than 3 years6.757.253 years to less than 5 years6.77.25 years and up to 10 years6.67.16.
The maturity value is automatically reinvested in the same deposit scheme if no instruction has been provided beforehand in case of SBI fixed deposit.7.
Interest earned on FD is taxable.
If the customer does not submit the relevant Form 15G/15H, TDS (Tax deducted at source)is deducted, according to SBI.8.
The scheme provides the facility to convert the fixeddepositto special fixed deposit and vice-versa at same FD rates.9.
At the end of tenure, premature withdrawal is allowed with penalty.
For fixed deposit (FD) up to Rs5 lakh, the penalty for premature withdrawal is 0.50 per cent for all tenors.
For fixed deposits above Rs.
5 lakh but below Rs1 crore, applicable penalty is 1 per cent for all tenors.10.
Nomination and loan facilities are available in case of a SBI FD account.