Sbi.co.in – The state bank of India provides an offer of multitude of deposit schemes for every individual’s needs and requirements. So, whether the customer wants to save monthly through the recurring deposit scheme or in a lump sum, whether the purpose is to create wealth or to save tax, the bank has a scheme for every requirement.
The State Bank of India offers a wide range of Fixed Deposits that offer a good rate of return with other different benefits. Some of the features of SBI FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. There are various types of FDs to choose from in SBI and one can opt for the same based on individual needs and financial goals. By submitting age proof documents the senior citizens and pensioners are able to take advantage for a higher rate of interest.
Advantages of SBI Fixed Deposit
- SBI FDs offer competitive industry rates
- Flexible tenure options
- Higher rate of interest for senior citizens
- Various interest payout options includes monthly, quarterly, etc
SBI short-term Fixed deposits
For the people who are interested in short-term financial goals and gain returns at a faster pace, these types of FDs are an ideal option. The interest rate provides offer on short-term SBI FDs range from 5.75% p.a to 6.40% p.a. The ocuupamcy range for these investments extend from a minimum of 7 days to less than 365 days.
SBI medium-term Fixed deposits
The state bank of india provides an offer of Medium-term FDs which come with a lock-in period of at least 1 year but the rate of return on these types of term deposits are lucrative. The occupancy offered for these deposits is 1 year to 5 years. The interest rate in this slab ranges from 6.40% p.a to 6.70% p.a. The highest rate of interest is for deposits held for 2 years to 5 years, where the rate of return is at 6.70% p.a.
SBI long-term Fixed deposits
The state bank of India long term deposits are mostly made for those who want to keep their surplus funds for a longer period of time and create a pool of savings while earning a good interest rate. The occupancy range for these types of FDs extend from 5 years to 10 years. The interest rate offered in this slab is 6.75% p.a.
SBI senior citizen Fixed deposits
SBI offers an additional interest rate for senior citizen FDs, making it a very lucrative and ideal investment option for those above 60. Senior citizens can go for short-term FDs, medium-term FDs or long-term FDs. The interest rate offered ranges from 6.25% P.A to 7.25% p.a. The highest rate of interest offered is for a tenure that ranges from 2 years to 5 years, where the rate of return is 7.25% p.a. For investing in period that ranges from 211 days to less than 2 years, the rate paid will be 6.90% p.a. An interest rate of 7.20% p.a. can be gained for investing in a time period that ranges from 3 years to 5 years.
This acts as a supplementary income for those pensioners and is a very good option.
Types of State Bank of India FDs
- SBI Tax Saving Scheme
- Reinvestment Plan
- SBI MODS
- Annuity Deposit Scheme
- SBI flexi Deposit Scheme
The State Bank of India (SBI) offers attractive interest rates and a wide range of occupancy options on all fixed deposits for Non-Resident Indians. NRIs many times look towards India to create a savings and also enjoy the benefits such as tax exemption. Some of the best investments options for NRIs are Non-Resident Ordinary (NRO) fixed deposits, Non-Resident External (NRE) fixed deposit and Foreign Currency Non Repairable (FCNR) fixed deposits.
SBI provides an offers for both ordinary term deposits and special term deposits for NRIs. These schemes come with different interest payout options. Customers can also avail tax exemption on the interest earned on NRE fixed deposits. For more information like Mudra Loan interest Rates, SBI branch timings, and other money related information, you can find on India sage.