State Bank of India (SBI) is well known for its best banking services. SBI from their arsenal of best return investment plan brings you the FD Accounts with revised rates with effect from 30th July 2018. SBI offers great features for which they are well known for like different interest payout options, loan/overdraft facility nomination facility, flexible tenure options, auto renewal facility, Etc. There are different types of SBI FD Accounts to choose from and it totally depends on the individual financial goals and vantage. This FD Schemes is also available for Senior citizens and offers very attractive interest rates. Upon submission of the required documents, a senior citizen can avail the interest rate of up to 7.25%.
As of 30th July 30 2018, the interest rate of the FD Account is increased by SBI. The Regular Account interest rate ranges from 5.75-6.85% depending on the deposit duration and for Senior Citizen the interest rate ranges from 6.25-7.35%.
What is a Fixed Deposit?
Fixed Deposit is a financial tool used by many people. People with Fixed Deposit(FD) get more interests rate than what saving account offers. It is also known as Bonds and is very safe investments. The interest rate of FD usually varies between 4-7.25%. The tenure of an FD can vary a lot it can be 15, 30 days or can be as high as 10 years. It may or may not require any a separate account depending on the bank or NBFCs offering the service. They are safer because they are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC)
We have posted a detailed article on Fixed Deposit v/s Recurring Deposit
SBI Interest Rate Latest for FD account
For the sum amount of less than 1 crore (30th July 2018)
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.90 |
| 1 year to less than 2 year | 6.70 | 7.20 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.80 | 7.30 |
| 5 years and up to 10 years | 6.85 | 7.35 |
For the sum amount from 1- 10 crore rupee (30th July 2018)
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.90 |
| 1 year to less than 2 years | 6.70 | 7.20 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.80 | 7.30 |
| 5 years and up to 10 years | 6.85 | 7.35 |
For the sum amount of above 10 crore rupee (30th July 2018)
| Tenors | Regular | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.90 |
| 1 year to less than 2 year | 6.70 | 7.20 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.80 | 7.30 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Benefits of FD
- High-interest rate than s savings account
- The customer can get loans up to 90 % of the amount deposit at 1-2% over the rate offered
- Some FD schemes offer Tax Benefit too
- No risk investment
- Very easy to open an FD account online
- Special interest rates for senior citizen
- Loans can be availed from this scheme
- Build a Credit History
Eligibility to Open an FD
- Individual
- Joint account but not exceeding 4 applicants
- Minor with a guardian
- Partnership
- Company
- Any association or Institute
- NRIs
Documents Required
- Application Form
- Depositor’s photograph (2 copies)
- Identity proof & Address proof as per KYC Norms
- PAN Card copy/ Form 60 or 61
- Aadhaar Card Details
How to open a Fixed Deposit Account Online?
Step 1: Open www.onlinesbi.com and login in with your details.
Step 2: Go to the homepage, click on the ‘Deposit Schemes’ option and go to ‘Term Deposits’. Then click on ‘e-fixed deposit’ on the top menu
Step 3: Proceed to choose the type of FD you want to open and click ‘Proceed’
Step 4: Choose the account from which money has to be debited.
Step 5: Also choose the FD principal value and fill the same in the ‘Amount’ column.
Step 6: Choose a cumulative/STDR deposit or a non-cumulative/TDR deposit and choose the maturity date or internet payout frequency accordingly.
Step 7: Choose maturity instructions, and accept terms and conditions after reading. Click the ‘Submit’ button to successfully open an FD.
How to close a Fixed Deposit Account Online?
Step 1: Open www.onlinesbi.com and login in with your details.
Step 2: Go to the homepage, choose the FD account and then tap ‘close account prematurely’
Step 3: A list of all the FDs you hold with the bank will be displayed. Choose the one you want to close and tap ‘proceed’
Step 4: Confirm details and mention the reason for closing your FD.
Step 5: Type in the password that is sent to your registered mobile number and confirms the transaction.
SBI Interest Rates depending on the Term Period
SBI Short Term
This FD term deposit is for those who want to meet short-term financial goals. This deposit offers an interest rate ranges from 5.75-6.40% per annum and the tenure period can be 7 days to 365 days i.e. 1 year.
SBI Medium Term
This FD Deposit offers an interest rate of 6.40 to 6.70 per annum as the tenure period rages from 1 year to 5 years. This has a lock-in period of 1 year and after 1 year the liquidity of the deposit is good.
SBI Long Term
SBI long-term plan is for those who want to enjoy a high rate of investment. The interest rate of the long-term plan is 6.75% per annum and the tenure period is 5 to 10 years. An individual can also opt for Tax Savers FD with a lock-in period of 5-10 years.
SBI FD Term for Senior Citizen
SBI offers a special interest for the senior citizen and they can opt for various term period. The interest ranges from 6.25 to 7.25% per annum. The interest rate of the short-term plan is 6.25 to 6.90%, and for medium term for the tenure period of 1 year to 5-year interest ranges to 7.15 to 7.20%, and for the long-term, the interest rates are 7.25%.
Type of SBI FD Schemes
SBI Tax Saving Scheme- This FD provides a tax benefit to the customer under the section 80C of the Income Tax Act, 1961. This FD minimum tenure period is 5 years and there is certain limitation like there is no premature withdrawal before the maturity period and no loans can be availed from this scheme. The minimum deposit amount is Rs.1000, while the upper limit for investments is Rs.1,50,000 p.a.
Reinvestment Plan– This type of investment is best for those who want to enjoy the best out of their investments as there is a compound interest calculation on the amount of the sum deposit. These types of deposits have a minimum of 6 months and the maximum tenure of 10 years. Some of the features include premature withdrawal, loan/overdraft facility, nomination, and auto-renewal facility. Minimum of 1000 rupee can be invested and there is no ceiling limit for this plan.
SBI MODS– MODS stand for Multi Option Deposit Schemes. These type of account is linked with savings and current account. The minimum amount that has to be invested under this scheme is Rs.10,000, while the tenure range extends from 1 year to a maximum of 5 years. The amount can be withdrawn at any time and the interest will be paid on the remaining amount.
Annuity Deposit Scheme– In this account the customer submits the lump sum amount of money. The Equated Monthly Installments (EMIs) with interest amount can be earned every month The deposit made by the customer must be a minimum of Rs.25, 000 and there is no upper limit.
SBI Flexi Deposit Scheme– This scheme enables the customer to put in the money at the convenience of his/her own vantage. The customer can make a deposit when comfortable. This type of deposit is 5 years while the maximum is 7 years. The minimum investment amount is Rs.5000, while the upper limit is Rs.50,000 in a particular financial year.
SBI NRI Services
SBI provides NRI services to the customer of Indian origin living outside India. This service is only for the Non-Resident Indians.
NRE Fixed Deposit Interest Rate
| NRE TERM DEPOSITS With effect from 30th July 2018 | |||
| Tenors | Below Rs.1 Crore | Rs.1 Crore & up to 10 Crores | Above Rs.10 Crores |
|---|---|---|---|
| 1 year less than 2 years | 6.70% | 6.70% | 6.70% |
| 2 years to less than 3 years | 6.75% | 6.75% | 6.75% |
| 3 years to less than 5 years | 6.80% | 6.80% | 6.80% |
| 5 years and up to 10 years | 6.85% | 6.85% | 6.85% |
NRO Fixed Deposit Interest Rate
| NRO TERM DEPOSITS With effect from 30th July 2018 | |||
| Tenors | Below Rs.1 Crore | Rs.1 Crore & up to 10 Crores | Above Rs.10 Crores |
|---|---|---|---|
| 7 days to 45 days | 5.75% | 5.75% | 5.75% |
| 46 days to 179 days | 6.25% | 6.25% | 6.25% |
| 180 days to 210 days | 6.35% | 6.35% | 6.35% |
| 211 days to less than 1 year | 6.40% | 6.40% | 6.40% |
| 1 year to less than 2 years | 6.70% | 6.70% | 6.70% |
| 2 year to less than 3 years | 6.75% | 6.75% | 6.75% |
| 3 years and up to 5 years | 6.80% | 6.80% | 6.80% |
| 5 years and up to 10 years | 6.85% | 6.85% | 6.85% |
