State Bank of India (SBI) SBI offers several valuable fixed deposit (FD) types for its customers to manage their excess money on savings for a fixed tenure. The rate of interest (ROI) is more on SBI Fixed Deposits than saving deposits. Let’s have a look into what benefits and features of SBI FD will secure your life.
Why Choose SBI FD Account?
- Gain higher returns on the deposited money.
- Get interests on FD at the maturity time.
- Customers can avail nomination facility.
- Senior citizens get the extra interest of 0.25%.
- Auto-renewal facility is available on the deposit.
SBI Fixed Deposits Plans
Here are the following SBI fixed deposit plans offering by SBI to its customers to earn more money on their fixed deposit account.
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- SBI Annuity Deposit: This scheme can be opened by all resident individuals along with minors. It is available for 3, 5, 7, and 10 years for its SBI Customers. Under this scheme, the investor has to deposit a lump sum amount, which is returned in EMIs.
- SBI Tax Saving Scheme: It helps the resident individuals and Hindu Undivided Family (HUFs) in saving money on tax. SBI FD customers can derive healthy yields and returns once they complete their investment period.
- SBI Multi Option Deposit Scheme: It is a Term Deposit Account/Special Term Deposit Account. The minimum amount to deposit under this scheme is Rs. 1,000.
- Reinvestment Plan: In this scheme, an investor cannot withdraw interest on the fixed deposit at regular intervals. The interest added to the principal and the whole amount earns compound interest. Once FD matures, the depositor can withdraw the invested money along with interest.
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Top sbi fd interest rates 2022 Features
SBI Annuity Deposit
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- Maturity range – 7 days to 10 years
- Maximum deposit amount – no limit
- Rate of Interest – 5.25% p.a. to 7.5% p.a.
- Interest Payable – Monthly, quarterly or yearly
- Loan Interest Rate – 1%
- Automatic renewal FD available
- Allowed Premature withdrawals
- Loan facility is available
- Nomination – Only in some cases
SBI Tax Saving Scheme
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- Maturity period – 5 and 10 years
- Deposit range – Rs. 1,000 to Rs. 1.50 lakh
- Interest Rate – 6.85% p.a.
- Premature withdrawals – not allowed
- Loan facility not available
- The Investor had tax benefits
- Nomination – Available
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SBI Multi Option Deposit Scheme
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- Tenure Range – 1 to 5 years
- Minimum Deposit Range – Rs. 10,000
- Rate of Interest – 5.75% p.a. to 6.60% p.a.
- Savings/Current account can be linked to your FD account
- Withdrawals allowed in multiples of Rs. 1,000 only
- Premature withdrawals allowed
- Tax benefits available
- Nomination – Available
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- Reinvestment Plan –
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- On the maturity date, interest will be added.
- Minimum deposit amount – Rs. 1,000
- Maturity period – 6 months to 10 years
- ROI – 5.25% p.a. to 7.5% p.a.
- Secure a loan using this FD
- Nomination – Available
- Overdraft facility – Available
