INSUBCONTINENT EXCLUSIVE:
Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns.State Bank of India (SBI) offers a number of deposit
schemes under it's personal finance portfolio
Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns
SBI offers a wide range of fixed deposit schemes that gives different interest rate and flexible tenure options
Tax savings account, reinvestment account, multi option deposit account, annuity deposit account and flexi deposit account are some of the
fixed deposit accounts (FDs) of SBI.Fixed deposit (FD) rates offered by State Bank of India (Below Rs
1 crore):Revised from July 30, 2018:TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)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 year6.77.22
years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35Here are different types of SBI's
Fixed Deposit (FD) accounts:SBI's Tax Savings accountSBI's Tax Savings Scheme, 2006 offers tax benefits for up to Rs 1.5 lakh under
Section 80C of Income Tax Act
Resident Indians as an individual or in the capacity of the Karta of the Hindu Undivided Family, having income tax Permanent Account Number
(PAN) are eligible to avail the benefits of SBI's Tax Savings fixed deposit account
One can deposit a minimum of Rs
1,000 or multiples thereof whereas the maximum deposit should not increase Rs.1,50,000 in a year.SBI's Reinvestment Deposit accountUnlike
a regular fixed deposit (FD) account, the interest is paid out only at the time of maturity in SBI's reinvestment plan
Regular interest is added to the principal and compound interest calculated and paid thereon
The minimum instalment that one is required to deposit in SBI's reinvestment plan is Rs
There is no maximum limit on the investment.SBI's Multi Option Deposit accountSBI's Multi Option Fixed Deposit account is a type of
fixed deposit (FD) account linked to the savings or current account
An MODS (Multi Option Deposit Scheme) account holder can withdraw in multiples of Rs 1,000 as per his or her needs
The balance amount continues to earn the fixed deposit rates applicable at the time of initial deposit, as mentioned on SBI's corporate
website- sbi.co.inSBI's Annuity Deposit accountSBI's annuity deposit account is also a type of fixed deposit (FD) account
This account enables the depositor to pay a one-time lump sum amount and receive the same in equated monthly instalments (EMIs), comprising
a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the
monthly value, according to SBI
The minimum amount of deposit is Rs 25,000 and there is no maximum limit of deposit amount for this scheme.SBI's Flexi Deposit
accountUnder SBI's Flexi Deposit Scheme, user can decide to vary his/her instalment amount and even the number of monthly within the
For a financial year, the minimum deposit amount is Rs
5,000 and maximum deposit amount is Rs
