When you have excess funds to invest, SBI fixed deposits offer a good way to help you multiply your income. The flexibility of tenure for such deposits starts from mere seven days to ten years. An individual can open fixed deposit with SBI by investing only a nominal amount, as low as one thousand rupees.
State Bank of India is the largest, trustworthy and the strongest banking institution of India. It is widely preferred by customers across India with a trusted belief that their money seeks protection under the purview of Governmental rules and regulations. Forget about whether you are a salaried or a self-owned businessman or a non-working individual having dreams big or small, fixed deposit is the option where you can look to invest in so as to get handsome returns for achieving your financial goals.
SBI Fixed deposit provides the customers a safe avenue for locking their money for a fixed time duration as it gives them a risk-free environment for the returns to grow. People with a low-risk appetite can choose SBI fixed deposit as a viable option which gives them guaranteed returns along with the safety of principal value upon the maturity of the instrument. Even for the funds parked in fixed deposit for longer tenure give people a stress-free life of assured returns if they are only dependent upon returns for their livelihood. The major benefit fixed deposit offers is the power of compounding, where maturity is higher over a period of say 48 to 60 months, as compared to 1 month. Even senior citizens find safety to spend their rest of life with the higher returns obtained from SBI fixed deposit as compared to younger citizens.
The flexibility of tenure has no linkage to any kind of changes in the market. The rate of interest and tenure decided while undertaking fixed deposit will be final until its maturity. Moreover, SBI gives its customers the flexibility to book their FD's online within the comfort of their homes so as to meet the time gap of personally visiting the bank and not losing any compounding value for any single day.
Moreover, in the case of any urgent financial necessity, it is possible for you to get overdrafts or loans on the money you have invested. Besides, one can accrue benefits of premature withdrawal facilities and fixed deposit transfers. Timely accumulated interest in your FD account helps your money to multiply and compounded quarterly.
SBI Fixed Deposit Interest Rates:
SBI offers the following interest rates to the general public :
- The applicable rate of interest from 7 days to 45 days is 3.75%
- The applicable rate of interest from 46 days to 210 days is 3.85%
- The applicable rate of interest from 211 days to less than 1 year is 4.00%
- The applicable rate of interest from 1 year to less than 3 years is 6.00%
- The applicable rate of interest from 3 years to 10 years is 5.50%
The following benefits in terms of interest rate provided by SBI to senior citizens are :
- The applicable rate of interest from 7 days to 45 days is 4.25%
- The applicable rate of interest from 46 days to 210 days is 4.35%
- The applicable rate of interest from 211 days to less than 1 year is 4.50%
- The applicable rate of interest from 1 year to less than 3 years is 4.75%
- The applicable rate of interest from 3 years to 10 years is 4.75%
SBI Fixed Deposit Eligibility:
The following are the individuals or group eligible to avail fixed deposit account:
- He/she should be the resident of India
- Minor represented by parents/guardian
- Hindu undivided family
- Sole proprietorship firms
- Partnership firm
- Private limited companies
- Trust accounts
- Investor choosing the fixed deposit of worth more than ₹ 50,000, giving PAN card is mandatory.
- Senior Citizens need to give valid proof of their age so as to fall under the category of senior citizen.
SBI Fixed Deposit Documents Required:
An individual, Hindu Undivided family, and sole proprietorship are required to submit the following documents :
- A coloured photograph
- Passport/Driving License
- Bank account details of last six months
The trust and association/clubs are required to submit the following documents:
- Passport size photograph of the applicant
- Copy of the Trust Deed/ Bye- laws of the association.
- Copy of registration certificate
- Copy of the resolution of trustee allowing the member to operate and open the accounts.
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