SBI Term Deposit|State Bank Of India Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

State Bank Of India

Eligibility

Resident individuals, Non- Individual

Interest Rate

Up to 7.50% per annum.

Tenure

7 days to 10 years.

Fixed Deposit Type

Regular

Term Deposit

Tax Benefits

Credit Ratings

CRISIL: AAA/Stable [ICRA]AAA (Stable)

Interest Payment Frequency

Monthly, Quarterly, Half- yearly, Yearly, 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

Both

Features

• Minimum period of deposit: 7 days.
• Maximum period of deposit: 10 years.
• The minimum deposit amount is Rs. 1,000.
• Maximum deposit amount: No upper limit.

Minimum Investment Amount

1,000

Features & Benefits

Pros

• Flexible interest payout options.
• Good credit ratings.
• Minimum deposit amount of Rs 1,000.
• Loans against deposits are available.

Cons

• No tax saving benefits.

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.

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