In today’s uncertain financial climate, it’s essential to have a solid savings plan to secure your financial future. A reliable and popular investment option is a Fixed Deposit (FD). The State Bank of India (SBI), India’s largest public sector bank, offers a range of FD schemes to help individuals grow their savings while enjoying a fixed interest rate.
Types of SBI Fixed Deposit Schemes
As a trusted banking institution in India, SBI provides a range of fixed deposit schemes to suit various investment goals. These schemes offer stable returns and safety for your funds. Let’s explore the different types of SBI Fixed Deposit Schemes available.
1. SBI Fixed Deposit
The standard Fixed Deposit scheme offered by SBI allows you to invest a lump sum amount for a predetermined period. The interest rate is fixed at the time of deposit and remains constant throughout the tenure.
Details of SBI Fixed Deposit
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 10 years
- Interest Rate: 3% to 7.50%
- Eligibility Criteria: Indian resident
2. SBI Sarvottam
SBI Sarvottam is a unique fixed deposit scheme that offers higher interest rates for longer tenures. This scheme is suitable for individuals looking for long-term investment options.
Details of SBI Sarvottam
- Minimum Deposit: Rs. 15 lakh
- Maximum Deposit: Rs. 5 crore
- Tenure: 1 year to 2 years
- Interest Rate: 6.90% to 7.90%
- Eligibility Criteria: Indian resident
3. SBI Annuity Deposit Scheme
Under the SBI Annuity Deposit Scheme, you invest a lump sum amount, and the bank provides you with regular monthly interest payouts. This scheme is ideal for individuals seeking a steady income stream.
Details of the SBI Annuity Deposit Scheme
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: No Upper Limit
- Tenure: 36, 60, 84 or 120 months
- Interest Rate: 3% to 7.50%
- Eligibility Criteria: Indian residents, including minors
4. SBI Multi-Option Deposit
The SBI Multi Option Deposit scheme allows you to link your fixed deposit account to a savings/current account. It allows the flexibility to withdraw funds without breaking the fixed deposit.
Details of SBI Multi Option Deposit
- Minimum Deposit: Rs. 10,000
- Maximum Deposit: No Upper Limit
- Tenure: 1 to 5 years
- Interest Rate: 3% to 7.50%
- Eligibility Criteria: Indian resident
5. SBI Tax Savings Scheme
As the name suggests, the SBI Tax Savings Scheme – 2006 is designed to provide tax benefits to investors. Investing in this scheme can claim deductions under Section 80C of the Income Tax Act of 1961.
Details of the SBI Tax Savings Scheme
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: Rs. 1.5 lakh
- Tenure: 5 years to 10 years
- Interest Rate: 6% to 7.50%
- Lock-in Period: 5 years
6. SBI Special Term Deposit
SBI Special Term Deposit is a fixed deposit scheme with a higher interest rate than regular fixed deposits. This scheme is offered for specific tenures and may be available for a limited period.
Details of SBI Special Term Deposit
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: No Upper Limit
- Tenure: 6 months to 10 years
- Interest Rate: 3% to 7.50%
- Loan Facility Available
7. SBI Floating Rate Bulk Term Deposit
The SBI Floating Rate Bulk Term Deposit is a scheme where the interest rate is subject to market fluctuations. This scheme allows you to earn potentially higher returns if interest rates increase.
Details of SBI Floating Rate Bulk Term Deposit
- Minimum Deposit: Rs. 2 crore
- Maximum Deposit: No Upper Limit
- Tenure: 91 days to 3 years
- Interest Rate: 4.75% to 6.50%
- Eligibility Criteria: Indian residents and NRIs
- A loan/overdraft facility would be available up to 90% of the FRBTD amount
8. SBI NRE Deposit
SBI offers the Non-Residential External (NRE) Deposit scheme for non-resident Indians. It allows them to park their foreign income in Indian currency and earn attractive interest rates.
Details of SBI NRE Deposit
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: No Upper Limit
- Tenure: 1 year to 10 years
- Interest Rate: 6.50% to 7%
- Eligibility Criteria: NRIs
9. SBI NRO Deposit
The Non-Residential Ordinary (NRO) Deposit scheme is designed for non-resident Indians to deposit their income earned in India. This scheme offers the convenience of repatriation of funds as well.
Details of SBI NRO Deposit
- Minimum Deposit: Rs. 1,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 10 years
- Interest Rate: 3% to 7.10%
- Eligibility Criteria: NRIs
10. SBI FCNR Deposit
The Foreign Currency Non-Repatriable (FCNR) Deposit scheme is suitable for individuals who want to deposit foreign currency and earn interest in that currency. The funds are not repatriable under this scheme.
Details of SBI FCNR Deposit
- Minimum Deposit: USD 1,000 or equivalent
- Maximum Deposit: No Upper Limit
- Tenure: 1 year to 5 years
- Interest Rate: 1.50% to 5.25%
- Eligibility Criteria: NRIs
11. SBI RFC Deposit
The Resident Foreign Currency (RFC) Deposit scheme is designed for individuals who have returned to India and want to invest their foreign currency earnings in India. The interest is payable in Indian Rupees.
Details of SBI RFC Deposit
- Minimum Deposit: USD 1000, GBP 1000 or EURO 1000
- Maximum Deposit: No Upper Limit
- Tenure: 1 year to 3 years
- Interest Rate: 1.50% to 5.25%
- Eligibility Criteria: NRIs
12. SBI Amrit Kalash
SBI Amrit Kalash is a fixed deposit scheme combining fixed deposit and life insurance coverage. It provides both investment growth and financial protection.
Details of SBI Amrit Kalash
- Maximum Amount: No Upper Limit
- Minimum Amount: Rs. 1,000
- Interest Rate: 7.10% to 7.60%
- Tenure: 400 days
- Loan Facility: Available
- Eligibility: Indian Residents and NRIs
How to Invest in SBI Fixed Deposit Schemes?
Investing in SBI Fixed Deposit Schemes is a straightforward process. Here are the steps to follow:
- Step 1: Visit the nearest SBI branch or access the SBI online banking platform.
- Step 2: Obtain the application form for fixed deposits.
- Step 3: Fill out the fixed deposit application form, providing all the necessary details.
- Step 4: Specify the type of fixed deposit scheme you wish to invest in.
- Step 5: Decide the tenure and the amount you want to invest.
- Step 6: Make the initial deposit either through cash, cheque, or online transfer.
Once your application is processed, you will receive a fixed deposit receipt containing all the details of your investment.
Documents Required to Book SBI FD
To book an SBI Fixed Deposit, you need the following documents:
- Identity proof (Aadhaar card, PAN card, Passport, Voter ID, etc.)
- Address proof (Aadhaar card, Passport, Utility bills, etc.)
- Recent passport-size photographs
- Duly filled and signed application form
Ensure that you carry the original documents along with photocopies for verification purposes.
Eligibility Criteria to Book SBI FD
Individuals or entities can invest in SBI Fixed Deposit schemes, including resident individuals, non-resident Indians, Hindu Undivided Families (HUFs), trusts, and corporations. The eligibility criteria may vary depending on the specific scheme or for joint accounts, or accounts opened on behalf of minors.
It is advisable to check with the bank or refer to the specific scheme guidelines for detailed eligibility requirements.
Conclusion
SBI Fixed Deposit Schemes offer a secure and lucrative investment option for individuals looking to grow their savings. With a wide range of schemes, you can choose the one that aligns with your financial goals and risk appetite. Before investing, consider factors such as interest rates, tenure, and liquidity requirements. SBI’s reputation as a trusted banking institution ensures your funds are safe.
FAQs
Yes, you can withdraw your SBI Fixed Deposit before the maturity period, but it may attract a penalty or a lower interest rate. The exact terms and conditions regarding premature withdrawal vary depending on the scheme and the tenure.
Yes, the interest earned on SBI Fixed Deposit is subject to taxation as per India’s prevailing income tax laws. It is added to your annual income and taxed accordingly.
Yes, SBI offers the facility of taking loans against your fixed deposit. The loan amount can be a percentage of the fixed deposit value, and the interest rate charged is usually lower than other loan options.
Yes, you can add a nominee to your SBI Fixed Deposit account by providing the necessary details and documents. The nominee will be entitled to receive the funds in case of the depositor’s unfortunate demise.
Yes, the deposits made under SBI Fixed Deposit Schemes are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a limit of Rs. 5 lakh per depositor per bank.
