Product Details
Bank Name
State Bank Of India
Eligibility
Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local bodies and any Government department
Interest Rate
Up to 7.50% per annum.
Tenure
6 months to 10 years.
Fixed Deposit Type
Regular
Special Term Deposit
Tax Benefits
No
Credit Ratings
[ICRA]AAA
IND AAA
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
Minimum deposit: Rs. 1,000
Maximum deposit: No upper limit.
Interest on the deposit is compounded quarterly and paid to the depositor at the end of the term.
Loan facility against the deposit is available.
Minimum Investment Amount
1,000
Fees and Charges
Pros
Higher potential returns.
Minimum deposit amount of Rs 1,000.
Cons
No tax saving option.
The interest amount is paid at the time of maturity only.
Pros & Cons
Account Opening and Procedure
How to Open?
Application Process:
Visit your nearest Bank of Baroda branch or use their online banking services.
Provide the necessary details, including the deposit amount and preferred tenor.
Complete the required documentation
Application Procedure
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