Product 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
No
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
Fees and Charges
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
Account Opening and Procedure
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.
Application Procedure
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