Fixed Deposit Details
Bank Name
State Bank Of India
Eligibility
Resident individuals, Non- Individual
Interest Rate
Up to 7.25% per annum.
Tenure
1 to 5 years.
Fixed Deposit Type
Multi Deposit
Multi Option Deposits
Tax Benefits
Credit Ratings
CRISIL: AAA/Stable [ICRA]AAA (Stable)
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
- This scheme is the combination of Term Deposits/Special Term Deposits with linked Savings bank/Current accounts.
- For the ‘auto sweep’ facility, the Minimum threshold balance & Minimum resultant balance should be Rs 35,000 and Rs. 25,000 respectively and the minimum sweep amount of Rs. 10,000 in multiples of Rs.1000.
- Nomination facility is available.
- Deposits are completely liquid and can be withdrawn in multiples of Rs. 1000, any number of times through cheques/ATMs/INB.
Minimum Investment Amount
10000
Features & Benefits
Pros
- This scheme is a combination of Term Deposits/Special term deposits with linked Savings bank/Current accounts.
- Auto sweep facility is available for the users of this scheme.
- Good credit rating.
Cons
- No tax saving options.
Pros & Cons
How to Open?
- Visit an SBI Branch: Locate a nearby State Bank of India branch and visit during their operating hours.
- Submit Application Form: Request an application form. Fill out the form accurately with your personal and financial details.
- Provide Identification: Submit valid identification documents such as your PAN card, Aadhaar card, or passport.
- Deposit Funds: Deposit the desired amount into your new fixed deposit account.
- Choose Interest Payout Frequency: Select your preferred frequency for receiving interest payments: monthly, quarterly, or half-yearly.
- Sign Agreement: Sign the necessary documents to open the account and confirm the terms and conditions.
Product Review
About this content
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