SBI Tax Saving FD Interest Rates 2024 – Book Tax Saving FD Online

State Bank of India (SBI) is India’s largest public sector bank that is headquartered in Mumbai. It provides different types of fixed deposits to customers with varying interest rates. Among these FD offerings, the SBI tax saving FD is best for individuals who want to enjoy tax benefits while investing. 

Under this FD scheme, you will be able to earn an appealing interest rate on your investment amount which can maximum go up to ₹1.5 lakhs. Here you will learn more about the tax saving FD of SBI, its features, benefits, and more.

Interest Rates on SBI Tax Saving FD 2024

Here is a table that mentions the latest SBI Bank tax saver FD interest rate:

Features of SBI Tax Saving FD

The following table highlights the key features of SBI tax saving FD:

How to Open a SBI Tax Saving FD Online?

Follow the below-mentioned easy steps to open a Tax Saving FD online and get SBI Tax Saver FD interest rates:

• Step 1: Go to the online banking portal of SBI. 
• Step 2: Log in to your account with the username and password.
• Step 3: Next, in the home page will be displayed under which you will get the option for ‘e-fixed deposit’. Click on it. 
• Step 4: You will get the option to choose from e-STDR or e-TDR under the IT Saving Plan option.
• Step 5: Click on the ‘Continue’ button.
• Step 6: Select the account from where you want to transfer the amount and choose from the ‘General Citizen’ or Senior Citizen’ option.
• Step 7: Select whether you want to opt for non-cumulative FD or cumulative FD.
• Step 8: Enter the amount and choose your FD tenure.
• Step 9: Go through the Terms and Conditions and then click on the ‘Submit’ button.

A confirmation message of your tax saving fixed deposit of SBI will appear on the screen.  

SBI Tax Saving FD Scheme Eligibility

To get the Tax Saving FD SBI interest rate, you need to meet the following eligibility criteria:

• An Indian resident above 18 years old can open the account individually or jointly.
• You must possess a valid PAN card.
• Minors can open this account along with their parents.

Documents Required to Open a SBI Tax Saving FD Scheme

Here is a list of essential documents you need to submit to open a SBI tax saving FD:

• Tax Saving FD account opening application form
• Proof of identity – Aadhaar card, Voter card, NREGA card, Job card, driving licence, etc.
• Proof of address – PAN card, Passport, utility bills, etc.
• Your two recent passport-size photos

You can also contact the SBI customer support team to get more information on the documents you need.

Benefits of the SBI Tax Saving FD Scheme

Here is a list of key benefits of SBI online tax saver FD:

• You can create this FD with a minimum deposit of just ₹1,000.
• The SBI tax saving FD boosts your investment through compounded interest.
• It is a secure choice with minimal associated risks.
• Unlike mutual funds, it provides fixed interest rates and assured returns.
• You can use an online FD calculator to determine your tax-free FD corpus at maturity quickly.
• This kind of tax saving FD is accessible at all branches for convenience.
• You can easily transfer your State Bank of India tax saver FD among branches.
• Senior citizens can enjoy higher returns from the tax-saving FD SBI interest rate which provides an additional interest of 0.25% to 0.5% than regular customers.
• This FD scheme is eligible for a deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act.

Terms and Conditions of SBI Tax Saving Scheme

The following is a list of the terms and conditions of  SBI tax saving FD:

• You cannot take out your money from the term deposit for 5 years.
• After 5 years, you can close it early following the rules for premature closure.
• If the account holder dies, the nominee or legal heirs can withdraw the deposit anytime, before or after maturity.
• If one person in a joint account dies, the other can take out the deposit before it matures, with the applicable interest and no penalty.

Final Word

Thus, the SBI tax saving FD is beneficial for those who want to save money while investing in fixed deposit accounts. The application process for this FD is easy. However, you must go through the bank’s terms and conditions before applying for the same. Furthermore, remember TDS is applicable at the prevailing rate, and you have to submit Form 15H or 15G for tax deduction exemption.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.