SBI FD Rates 2023 - Latest Fixed Deposit Rates
SBI FD Rates 2023 - Latest Fixed Deposit Rates
May 10, 2023
8 Minutes
Introduction to State Bank of India (SBI) Fixed Deposit Schemes
State Bank of India (SBI), an institution synonymous with trust and reliability in the Indian banking sector, stands as the largest public sector bank in the country. With its roots embedded deeply in the Indian financial landscape, SBI has become a household name, offering a plethora of banking and financial services to a diverse clientele. Among its extensive range of products, SBI's Fixed Deposit (FD) schemes are particularly noteworthy for their combination of security and attractive returns, drawing the attention of both regular and senior citizen investors.
SBI, headquartered in the vibrant city of Mumbai, has a rich history that spans over two centuries. It is not just the enormity of its operations that makes SBI a banking behemoth but also its commitment to customer-centric services, innovation, and adaptability in a dynamic economic environment. The bank's customer base of around 42 crores is a testament to its widespread reach and popularity across India's length and breadth.
Fixed Deposits with SBI: A Safe Haven for Investors
In the realm of investment, safety, and stability often take precedence, especially in a country like India, where saving is a deeply ingrained financial habit. SBI's Fixed Deposit schemes cater precisely to this sentiment. Offering interest rates ranging from 3.00% to 6.50% for general customers and an enhanced rate of 3.50% to 7.50% for senior citizens, these FDs present an appealing investment avenue for those seeking assured returns without the risk associated with market-linked instruments.
Distinctive Features and Benefits of SBI FDs
SBI Fixed Deposits are designed to meet the needs of a wide spectrum of savers, from those looking for short-term investment options to those aiming for long-term wealth accumulation. The salient features of SBI FDs include:
Flexible Tenure Options: Ranging from a short span of 7 days to a prolonged period of 10 years, these FDs offer flexibility to choose a tenure that aligns with individual financial goals.
Minimal Initial Deposit: With a starting deposit requirement of just Rs. 1000 and no upper cap, SBI FDs are accessible to a broad economic demographic.
Preferential Rates for Senior Citizens: In recognition of the special financial needs of the elderly, SBI provides an additional interest rate benefit for deposits exceeding Rs. 10,000 for senior citizens.
Nomination Facility: This feature allows depositors to nominate family members or a spouse to receive the maturity amount, ensuring financial security for loved ones.
Auto-renewal and Loan Facility: The auto-renewal feature ensures continuity of investment, while the loan against FD provides financial flexibility in emergencies.
TDS Applicability: Tax Deducted at Source (TDS) is implemented as per the prevailing rates, subject to submission of Form 15G/15H.
Diversity in SBI's FD Schemes
Understanding the varied needs of investors, SBI offers an array of FD schemes, including the SBI Tax Saving Scheme, Reinvestment Plan, Multi Option Deposit Scheme, Money Multiplier Plan, Regular Fixed Deposit, Flexi Deposit Scheme, and the exclusive Amrit Kalash FD scheme. Each scheme is tailored to address different investment objectives and financial situations.
Comparing SBI FDs with Other Financial Institutions
While SBI's FD schemes are a beacon of stability and trust, savvy investors often compare them with offerings from other banks and financial entities like DHFL, AXIS Bank, Equitas Bank, HDFC Bank, ICICI Bank, LIC, Bandhan Bank, Canara Bank, and the Post Office. This comparison ensures that investors make well-informed decisions suited to their specific financial goals.
Investing in SBI FDs: A Simplified Process
The investment process in SBI FDs is streamlined and user-friendly, with both online (via internet banking and mobile apps) and offline options available. The bank has leveraged technology to ensure a hassle-free investment experience, catering to the tech-savvy generation while also maintaining its traditional banking channels for those who prefer the personal touch of branch visits.
Eligibility and Documentation for SBI FDs
Before investing, it's crucial to understand the eligibility criteria and the necessary documentation required for opening an FD with SBI. This includes basic KYC documents such as identity and address proof, photographs, and details of the bank account.
Tax Implications and Loans Against SBI FDs
Investors should also be aware of the tax implications of their FD investments. SBI offers the 'SBI Tax Savings Scheme, 2006', which provides tax benefits under Section 80C of the Income Tax Act. Additionally, the facility to avail loans against FDs adds a layer of financial security, enabling investors to meet urgent cash requirements without liquidating their deposits.
State Bank of India’s Fixed Deposit schemes are a hallmark of the bank’s enduring commitment to providing secure and lucrative investment options. Catering to a wide range of customers, these schemes offer both safety and attractive returns, making them an ideal choice for investors across various age groups and economic backgrounds. From short-term financial goals to long-term security, SBI FDs stand as a testament to the bank's legacy and its role in shaping India's banking sector.
State Bank of India (SBI), the largest and one of the most trusted banks in India, plays a pivotal role in the country's banking sector. With a rich history spanning over two centuries, SBI has established a robust network across the nation and beyond, serving a diverse customer base of approximately 42 crore people. Headquartered in the bustling city of Mumbai, SBI is not just a household name in India but also an emblem of reliability and financial stability in the global banking landscape.
The bank's extensive range of financial products and services, including savings accounts, loans, credit cards, and particularly fixed deposits (FDs), caters to the varied needs of its vast clientele. Among these offerings, SBI's Fixed Deposit schemes are particularly noteworthy, attracting a wide array of customers seeking secure and profitable avenues for their savings.
SBI Fixed Deposits: A Blend of Security and Attractive Returns
SBI's Fixed Deposit schemes are designed to provide a safe and secure option for investing surplus savings while earning attractive interest rates. These FDs offer interest rates ranging from 3.00% to 6.50% for general citizens and a higher rate of 3.50% to 7.50% for senior citizens, acknowledging the additional financial needs of the elderly.
Unique Features of SBI FDs
Versatility in Tenure: SBI FDs offer a flexible tenure range from as short as 7 days to as long as 10 years, catering to both short-term and long-term investment goals.
Accessible Minimum Deposit: With a minimum deposit requirement of just Rs. 1,000 and no upper limit, these FDs are accessible to a wide economic demographic.
Additional Benefits for Senior Citizens: Recognizing the special needs of senior citizens, SBI offers them an additional interest rate of 0.50% for deposits exceeding Rs. 10,000.
Nomination Facility: SBI provides a nomination facility, allowing depositors to nominate family members or spouses to collect the maturity amount.
Auto-renewal and Loan Against FD: The auto-renewal facility ensures continuity of investment, while the loan against FD feature provides financial flexibility in times of need.
TDS Deduction: Tax Deducted at Source (TDS) is applied as per prevalent rates unless Form 15G/15H is submitted.
SBI FD Schemes: Catering to Diverse Needs
SBI offers various FD schemes like the SBI Tax Saving Scheme, Reinvestment Plan, Multi Option Deposit Scheme, Money Multiplier Plan, Regular Fixed Deposit, Flexi Deposit Scheme, and the Amrit Kalash FD scheme. Each of these schemes is tailored to meet different investment objectives and financial conditions of the depositors.
Investment Options Beyond SBI
While SBI FDs stand out for their reliability and favorable rates, it's always prudent for investors to compare with other banks and financial institutions. Banks like DHFL, AXIS Bank, Equitas Bank, HDFC Bank, ICICI Bank, LIC, Bandhan Bank, Canara Bank, and even the Post Office offer competitive FD rates, providing investors with a range of choices.
Investing in SBI FDs: The Process
Investing in SBI FDs is straightforward, with both online and offline options available. Customers can easily open an FD account via Internet banking, mobile applications like SBI Yono, or by visiting a bank branch. The process involves selecting the FD type, providing nominee information, and accepting the terms and conditions.
Eligibility and Documentation
To open an SBI FD, investors need to meet certain eligibility criteria and provide necessary documentation, including identity and address proofs like PAN, Aadhaar, Voter ID, etc., photographs, and bank account details.
Taxation and Loans Against SBI FD
SBI's 'Tax Savings Scheme, 2006' offers tax benefits under Section 80C of the Income Tax Act, with a lock-in period of 5 years and a maximum tenure of 10 years. The bank also provides a facility for loans against FDs, offering liquidity without having to break the FD.
Premature Closure Policy
SBI allows the premature closure of FDs with a nominal fee, ensuring that customers have access to their funds in times of unexpected financial needs.
Conclusion:
The Comprehensive Guide to SBI Fixed Deposits
As we conclude this detailed exploration of the State Bank of India's Fixed Deposit schemes, it's evident that SBI, with its legacy and stature, stands as a bastion of reliability and trust in the Indian banking landscape. The variety and flexibility of its FD products not only cater to the diverse financial needs of its vast customer base but also mirror the bank's commitment to inclusive banking.
Synthesis of SBI FD Features and Benefits
The Fixed Deposit schemes of SBI are characterized by their accessibility, competitive interest rates, and the safety of investment. With tenures ranging from as short as 7 days to as long as 10 years, and the minimum investment threshold set at an affordable Rs. 1000, these FDs are tailored to accommodate every savings plan, whether it's for a short-term goal or a long-term financial aspiration. The additional interest rate benefits for senior citizens underline SBI’s focus on offering value-added services to every segment of society.
Comparative Edge and Investment Wisdom
When juxtaposed with other banks and financial institutions, SBI FDs hold their ground in terms of returns, security, and flexibility. This comparative analysis is crucial for potential investors to make informed decisions that align with their financial objectives and risk appetites. Moreover, the convenience of online and offline investment avenues underscores SBI's adaptability to the evolving technological landscape, catering to both digitally savvy customers and those who prefer traditional banking methods.
Tax Efficiency and Additional Perks
The 'SBI Tax Savings Scheme, 2006' emerges as a highlight, offering tax-saving benefits under Section 80C of the Income Tax Act. This feature is particularly appealing to investors looking for avenues to reduce their taxable income. Furthermore, the loan facility against FDs ensures liquidity and financial support during emergencies, thereby adding another layer of convenience and flexibility to these investment vehicles.
Closing Thoughts: SBI's Role in Your Financial Journey
As one of the oldest and largest banking institutions in India, SBI's Fixed Deposit schemes represent more than just investment products; they symbolize trust, stability, and a promise of security in an otherwise volatile financial world. These FDs are not merely financial instruments but are gateways to realizing dreams, securing futures, and building legacies. Whether it's saving for a child’s education, planning a dream vacation, preparing for retirement, or simply growing one's wealth, SBI’s FDs offer a dependable and profitable route to achieving these goals.
Looking Ahead: The Future of Banking with SBI
In an era where financial markets are often unpredictable, the assurance of a fixed and steady return on investments like SBI’s FDs is invaluable. As SBI continues to innovate and adapt to changing market dynamics and customer expectations, its FD schemes are likely to evolve, offering even more tailored solutions to meet the burgeoning needs of its customers.
In conclusion, State Bank of India’s Fixed Deposit schemes stand as a testament to the bank’s commitment to providing financial products that combine the best of safety, returns, and flexibility. For anyone embarking on their savings journey, contemplating a risk-averse investment, or seeking stable returns in their golden years, SBI’s FDs offer a comprehensive solution. As we move forward into an era of digital banking and financial inclusivity, SBI’s role in empowering its customers with robust, reliable, and rewarding banking experiences continues to be pivotal. With SBI, your journey towards financial security and prosperity is not just assured but also enriched with a legacy of trust and excellence.
SBI's Fixed Deposit schemes embody the bank's commitment to providing secure, profitable, and customer-friendly investment options. Catering to a diverse customer base, these schemes offer the dual benefits of safety and attractive returns, making them an ideal choice for investors across various age groups and economic backgrounds. Whether it's for short-term gains or long-term security, SBI FDs stand as a testament to the bank's enduring legacy in India's banking sector.
Introduction to State Bank of India (SBI) Fixed Deposit Schemes
State Bank of India (SBI), an institution synonymous with trust and reliability in the Indian banking sector, stands as the largest public sector bank in the country. With its roots embedded deeply in the Indian financial landscape, SBI has become a household name, offering a plethora of banking and financial services to a diverse clientele. Among its extensive range of products, SBI's Fixed Deposit (FD) schemes are particularly noteworthy for their combination of security and attractive returns, drawing the attention of both regular and senior citizen investors.
SBI, headquartered in the vibrant city of Mumbai, has a rich history that spans over two centuries. It is not just the enormity of its operations that makes SBI a banking behemoth but also its commitment to customer-centric services, innovation, and adaptability in a dynamic economic environment. The bank's customer base of around 42 crores is a testament to its widespread reach and popularity across India's length and breadth.
Fixed Deposits with SBI: A Safe Haven for Investors
In the realm of investment, safety, and stability often take precedence, especially in a country like India, where saving is a deeply ingrained financial habit. SBI's Fixed Deposit schemes cater precisely to this sentiment. Offering interest rates ranging from 3.00% to 6.50% for general customers and an enhanced rate of 3.50% to 7.50% for senior citizens, these FDs present an appealing investment avenue for those seeking assured returns without the risk associated with market-linked instruments.
Distinctive Features and Benefits of SBI FDs
SBI Fixed Deposits are designed to meet the needs of a wide spectrum of savers, from those looking for short-term investment options to those aiming for long-term wealth accumulation. The salient features of SBI FDs include:
Flexible Tenure Options: Ranging from a short span of 7 days to a prolonged period of 10 years, these FDs offer flexibility to choose a tenure that aligns with individual financial goals.
Minimal Initial Deposit: With a starting deposit requirement of just Rs. 1000 and no upper cap, SBI FDs are accessible to a broad economic demographic.
Preferential Rates for Senior Citizens: In recognition of the special financial needs of the elderly, SBI provides an additional interest rate benefit for deposits exceeding Rs. 10,000 for senior citizens.
Nomination Facility: This feature allows depositors to nominate family members or a spouse to receive the maturity amount, ensuring financial security for loved ones.
Auto-renewal and Loan Facility: The auto-renewal feature ensures continuity of investment, while the loan against FD provides financial flexibility in emergencies.
TDS Applicability: Tax Deducted at Source (TDS) is implemented as per the prevailing rates, subject to submission of Form 15G/15H.
Diversity in SBI's FD Schemes
Understanding the varied needs of investors, SBI offers an array of FD schemes, including the SBI Tax Saving Scheme, Reinvestment Plan, Multi Option Deposit Scheme, Money Multiplier Plan, Regular Fixed Deposit, Flexi Deposit Scheme, and the exclusive Amrit Kalash FD scheme. Each scheme is tailored to address different investment objectives and financial situations.
Comparing SBI FDs with Other Financial Institutions
While SBI's FD schemes are a beacon of stability and trust, savvy investors often compare them with offerings from other banks and financial entities like DHFL, AXIS Bank, Equitas Bank, HDFC Bank, ICICI Bank, LIC, Bandhan Bank, Canara Bank, and the Post Office. This comparison ensures that investors make well-informed decisions suited to their specific financial goals.
Investing in SBI FDs: A Simplified Process
The investment process in SBI FDs is streamlined and user-friendly, with both online (via internet banking and mobile apps) and offline options available. The bank has leveraged technology to ensure a hassle-free investment experience, catering to the tech-savvy generation while also maintaining its traditional banking channels for those who prefer the personal touch of branch visits.
Eligibility and Documentation for SBI FDs
Before investing, it's crucial to understand the eligibility criteria and the necessary documentation required for opening an FD with SBI. This includes basic KYC documents such as identity and address proof, photographs, and details of the bank account.
Tax Implications and Loans Against SBI FDs
Investors should also be aware of the tax implications of their FD investments. SBI offers the 'SBI Tax Savings Scheme, 2006', which provides tax benefits under Section 80C of the Income Tax Act. Additionally, the facility to avail loans against FDs adds a layer of financial security, enabling investors to meet urgent cash requirements without liquidating their deposits.
State Bank of India’s Fixed Deposit schemes are a hallmark of the bank’s enduring commitment to providing secure and lucrative investment options. Catering to a wide range of customers, these schemes offer both safety and attractive returns, making them an ideal choice for investors across various age groups and economic backgrounds. From short-term financial goals to long-term security, SBI FDs stand as a testament to the bank's legacy and its role in shaping India's banking sector.
State Bank of India (SBI), the largest and one of the most trusted banks in India, plays a pivotal role in the country's banking sector. With a rich history spanning over two centuries, SBI has established a robust network across the nation and beyond, serving a diverse customer base of approximately 42 crore people. Headquartered in the bustling city of Mumbai, SBI is not just a household name in India but also an emblem of reliability and financial stability in the global banking landscape.
The bank's extensive range of financial products and services, including savings accounts, loans, credit cards, and particularly fixed deposits (FDs), caters to the varied needs of its vast clientele. Among these offerings, SBI's Fixed Deposit schemes are particularly noteworthy, attracting a wide array of customers seeking secure and profitable avenues for their savings.
SBI Fixed Deposits: A Blend of Security and Attractive Returns
SBI's Fixed Deposit schemes are designed to provide a safe and secure option for investing surplus savings while earning attractive interest rates. These FDs offer interest rates ranging from 3.00% to 6.50% for general citizens and a higher rate of 3.50% to 7.50% for senior citizens, acknowledging the additional financial needs of the elderly.
Unique Features of SBI FDs
Versatility in Tenure: SBI FDs offer a flexible tenure range from as short as 7 days to as long as 10 years, catering to both short-term and long-term investment goals.
Accessible Minimum Deposit: With a minimum deposit requirement of just Rs. 1,000 and no upper limit, these FDs are accessible to a wide economic demographic.
Additional Benefits for Senior Citizens: Recognizing the special needs of senior citizens, SBI offers them an additional interest rate of 0.50% for deposits exceeding Rs. 10,000.
Nomination Facility: SBI provides a nomination facility, allowing depositors to nominate family members or spouses to collect the maturity amount.
Auto-renewal and Loan Against FD: The auto-renewal facility ensures continuity of investment, while the loan against FD feature provides financial flexibility in times of need.
TDS Deduction: Tax Deducted at Source (TDS) is applied as per prevalent rates unless Form 15G/15H is submitted.
SBI FD Schemes: Catering to Diverse Needs
SBI offers various FD schemes like the SBI Tax Saving Scheme, Reinvestment Plan, Multi Option Deposit Scheme, Money Multiplier Plan, Regular Fixed Deposit, Flexi Deposit Scheme, and the Amrit Kalash FD scheme. Each of these schemes is tailored to meet different investment objectives and financial conditions of the depositors.
Investment Options Beyond SBI
While SBI FDs stand out for their reliability and favorable rates, it's always prudent for investors to compare with other banks and financial institutions. Banks like DHFL, AXIS Bank, Equitas Bank, HDFC Bank, ICICI Bank, LIC, Bandhan Bank, Canara Bank, and even the Post Office offer competitive FD rates, providing investors with a range of choices.
Investing in SBI FDs: The Process
Investing in SBI FDs is straightforward, with both online and offline options available. Customers can easily open an FD account via Internet banking, mobile applications like SBI Yono, or by visiting a bank branch. The process involves selecting the FD type, providing nominee information, and accepting the terms and conditions.
Eligibility and Documentation
To open an SBI FD, investors need to meet certain eligibility criteria and provide necessary documentation, including identity and address proofs like PAN, Aadhaar, Voter ID, etc., photographs, and bank account details.
Taxation and Loans Against SBI FD
SBI's 'Tax Savings Scheme, 2006' offers tax benefits under Section 80C of the Income Tax Act, with a lock-in period of 5 years and a maximum tenure of 10 years. The bank also provides a facility for loans against FDs, offering liquidity without having to break the FD.
Premature Closure Policy
SBI allows the premature closure of FDs with a nominal fee, ensuring that customers have access to their funds in times of unexpected financial needs.
Conclusion:
The Comprehensive Guide to SBI Fixed Deposits
As we conclude this detailed exploration of the State Bank of India's Fixed Deposit schemes, it's evident that SBI, with its legacy and stature, stands as a bastion of reliability and trust in the Indian banking landscape. The variety and flexibility of its FD products not only cater to the diverse financial needs of its vast customer base but also mirror the bank's commitment to inclusive banking.
Synthesis of SBI FD Features and Benefits
The Fixed Deposit schemes of SBI are characterized by their accessibility, competitive interest rates, and the safety of investment. With tenures ranging from as short as 7 days to as long as 10 years, and the minimum investment threshold set at an affordable Rs. 1000, these FDs are tailored to accommodate every savings plan, whether it's for a short-term goal or a long-term financial aspiration. The additional interest rate benefits for senior citizens underline SBI’s focus on offering value-added services to every segment of society.
Comparative Edge and Investment Wisdom
When juxtaposed with other banks and financial institutions, SBI FDs hold their ground in terms of returns, security, and flexibility. This comparative analysis is crucial for potential investors to make informed decisions that align with their financial objectives and risk appetites. Moreover, the convenience of online and offline investment avenues underscores SBI's adaptability to the evolving technological landscape, catering to both digitally savvy customers and those who prefer traditional banking methods.
Tax Efficiency and Additional Perks
The 'SBI Tax Savings Scheme, 2006' emerges as a highlight, offering tax-saving benefits under Section 80C of the Income Tax Act. This feature is particularly appealing to investors looking for avenues to reduce their taxable income. Furthermore, the loan facility against FDs ensures liquidity and financial support during emergencies, thereby adding another layer of convenience and flexibility to these investment vehicles.
Closing Thoughts: SBI's Role in Your Financial Journey
As one of the oldest and largest banking institutions in India, SBI's Fixed Deposit schemes represent more than just investment products; they symbolize trust, stability, and a promise of security in an otherwise volatile financial world. These FDs are not merely financial instruments but are gateways to realizing dreams, securing futures, and building legacies. Whether it's saving for a child’s education, planning a dream vacation, preparing for retirement, or simply growing one's wealth, SBI’s FDs offer a dependable and profitable route to achieving these goals.
Looking Ahead: The Future of Banking with SBI
In an era where financial markets are often unpredictable, the assurance of a fixed and steady return on investments like SBI’s FDs is invaluable. As SBI continues to innovate and adapt to changing market dynamics and customer expectations, its FD schemes are likely to evolve, offering even more tailored solutions to meet the burgeoning needs of its customers.
In conclusion, State Bank of India’s Fixed Deposit schemes stand as a testament to the bank’s commitment to providing financial products that combine the best of safety, returns, and flexibility. For anyone embarking on their savings journey, contemplating a risk-averse investment, or seeking stable returns in their golden years, SBI’s FDs offer a comprehensive solution. As we move forward into an era of digital banking and financial inclusivity, SBI’s role in empowering its customers with robust, reliable, and rewarding banking experiences continues to be pivotal. With SBI, your journey towards financial security and prosperity is not just assured but also enriched with a legacy of trust and excellence.
SBI's Fixed Deposit schemes embody the bank's commitment to providing secure, profitable, and customer-friendly investment options. Catering to a diverse customer base, these schemes offer the dual benefits of safety and attractive returns, making them an ideal choice for investors across various age groups and economic backgrounds. Whether it's for short-term gains or long-term security, SBI FDs stand as a testament to the bank's enduring legacy in India's banking sector.
FAQs 🤔
What are the current interest rates for SBI Fixed Deposits for regular and senior citizens?
For regular customers, SBI offers FD rates ranging from 3.00% to 7.10%, depending on the tenure. For senior citizens, the rates are slightly higher, ranging from 3.50% to 7.60%.
What is the minimum amount required to open an FD in SBI?
The minimum deposit amount required to open a Fixed Deposit account in SBI is Rs. 1000. There is no defined upper limit on the maximum deposit.
Can I avail of a loan against my SBI Fixed Deposit?
Yes, SBI provides the facility to avail a loan against your FD. Customers can get a loan up to 95% of their deposit value.
Is there a penalty for premature withdrawal of SBI FD?
Yes, SBI charges a nominal fee for premature withdrawals. For deposits less than Rs. 5 lakh, the penalty is 0.50%, and for deposits above Rs. 5 lakh, it is 1%.
Are there any tax benefits available with SBI Fixed Deposits?
Yes, SBI offers a 'Tax Savings Scheme, 2006', which allows deposits between Rs. 1,000 and Rs. 1.5 lakh with tax benefits under Section 80C of the Income Tax Act. The scheme has a lock-in period of 5 years and can extend up to 10 years.
What are the current interest rates for SBI Fixed Deposits for regular and senior citizens?
For regular customers, SBI offers FD rates ranging from 3.00% to 7.10%, depending on the tenure. For senior citizens, the rates are slightly higher, ranging from 3.50% to 7.60%.
What is the minimum amount required to open an FD in SBI?
The minimum deposit amount required to open a Fixed Deposit account in SBI is Rs. 1000. There is no defined upper limit on the maximum deposit.
Can I avail of a loan against my SBI Fixed Deposit?
Yes, SBI provides the facility to avail a loan against your FD. Customers can get a loan up to 95% of their deposit value.
Is there a penalty for premature withdrawal of SBI FD?
Yes, SBI charges a nominal fee for premature withdrawals. For deposits less than Rs. 5 lakh, the penalty is 0.50%, and for deposits above Rs. 5 lakh, it is 1%.
Are there any tax benefits available with SBI Fixed Deposits?
Yes, SBI offers a 'Tax Savings Scheme, 2006', which allows deposits between Rs. 1,000 and Rs. 1.5 lakh with tax benefits under Section 80C of the Income Tax Act. The scheme has a lock-in period of 5 years and can extend up to 10 years.
Author
Pluto Team
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