- Bank also slashes its Retail TD and Bulk TD interest rates by 10 bps and 30 bps respectively for 1 year to less than 2 years’ tenor w.e.f. 10th October, 2019,” the SBI said in a statement.
- State Bank of India (SBI) recently lowered its interest rates on fixed deposits (FDs) up to ₹ 2 crore. SBI, the country's largest bank, currently provides interest rates to the tune of 5-6.5 per.
- Investing in a Fixed Deposit (FD) account does not come with any risks as they are not linked to the market. State Bank of India (SBI) offers several FD accounts at attractive interest rates. The tenure of the FD account offered by SBI ranges between 7 days and 10 years.
Get details on SBI Bank Loan Against Fixed Deposit ✔ Interest Rates ✔ Processing Fee ✔ Loan Amount ✔ Tenure ✔ Margin ✔ Features ✔ Benefits.
SBI Fixed Deposit Interest Rates March 2021. SBI Fixed Deposit Interest Rates generally range from 2.90% - 6.20% per annum which is quite high seeing the current market standards. The bank pays an additional interest to senior citizens. To know the FD interest rate of different investment periods, check the interest rate table given below.
Single account holder can avail overdraft TDR and STDR online through internet banking, avail loan upto 90% of deposit. Loan amount for online overdraft against FD is Rs 25000 to Rs 5 Crore.
Table of Contents
- 1 SBI Loan Against Fixed Deposit Details
SBI Loan Against Fixed Deposit Details
Fee & Charges of SBI Loan Against Fixed Deposit
| Interest Rate | 1% above the relative time deposit rate. |
| Amount of Loan | Minimum Rs 25000 to Maximum Rs 5 Crore. |
| Processing fee | Nil. |
| Repayment Period | Upto 5 years. |
| Margin | Avail loan up to 90% of your Time Deposit value. |
| Type of loan | Demand Loan & Overdraft. |
Eligibility to Avail SBI Loan Against Fixed Deposit
Customers (Single/ Joint Account Holder) holding SBI’s TDR/STDR / RD / including NRE/NRO/RFC and FCNR(B) Deposit can avail this loan. Single Account Holder can also avail Overdraft against TDR and STDR online through Internet Banking platform.
SBI Loan Against Fixed Deposit Advantage
- Loan up to 90% of the value of term deposit.
- Both Demand Loan and Overdraft Facility as per your need.
- Low interest rates.
- Interest rate on a daily reducing balance.
- Zero processing charges.
- No prepayment penalties.
Important Points About Loan Against Fixed Deposit From SBI
- The tenor cannot exceed 5 years.
- You cannot avail loan/overdraft facility against tax-saving fixed deposit (with a lock-in of 5 years).
- Banks provide loans only against their fixed deposits.
- SBI minimum amount 25,000 has an upper cap at Rs 5 crore.
- Suitable repayment schedule will be fixed depending upon the repayment capacity of the borrower. Maximum repayment period upto 5 years against STDR/e-STDR and upto 3 years against TDR/e-TDR respectively for Overdraft availed online
FAQs
How much overdraft limit can be availed – The customer will be able to avail 90% of his e-STDR / STDR value and 75% of his e-TDR / TDR as Overdraft facility on the Internet banking platform. At Branch level the customer can avail 90% of his underlying security value as Demand Loan/ Overdraft facility.
Minimum and maximum overdraft limit – The minimum loan amount for availing overdraft facility is Rs 25,000 and maximum overdraft limit can be availed against your Fixed Deposits Rs 5 Crore.
Overdraft be availed in joint name – No, currently only Customer holding TDR/STDR/e-TDR/e-STDR with SBI in Single name only can avail the facility online. Joint Account Holders have to visit SBI Branches for availing facility.
Repayment period – The maximum repayment period overdraft against e-STDR / STDR is 5 years, maximum repayment period overdraft against e-TDR / TDR is 3 years (residual period which is less, subject to minimum of 6 months).
Want to earn safe returns on your investments? Then, look to invest in a fixed deposit that offers fixed returns over time. But the big question is, where should you open a fixed deposit? The question assumes significance given there are many banks and non-banking finance companies (NBFCs) waiting to make you a customer. But the largest public sector bank State Bank of India (SBI) has a distinctive advantage over others. The reason being the attractive interest rates as well as the massive PAN India presence with around 25,000 branches across the country. It won’t be wrong to say that SBI fixed deposit is a symbol of trust. Catch more of it in this page.
Table of Contents
- 2 SBI Fixed Deposit Interest Rates and Other Details
- 4 How To Apply for State Bank of India Fixed Deposit?
- 5 SBI Fixed Deposit Form
- 5.1 A Look at SBI’s Branch Network
SBI Fixed Deposit Schemes
The bank offers several fixed deposit plans to cater the diverse financial needs of the customers. It provides deposits for tenures ranging from 7 days to 10 years at varied interest rates. You can open a fixed deposit account with the lowest amount of INR 1,000. Interestingly, the 5-year tax saver fixed deposit of SBI doesn’t come with the maximum limit on deposits. You have the option to select the investment period and the amount of investment as per your financial goals. Depositors can receive interest at the payout frequency decided by them.
SBI Fixed Deposit Interest Rates and Other Details
| Fixed Deposit Aspects | Details |
|---|---|
| Minimum Deposit Amount | INR 1,000 |
| Maximum Deposit Amount | No Limit |
| Rate of Interest | 2.90% - 6.20% per annum |
| Tenure | 7 days to 10 years |
| Loan Facility | Upto 90% of the Principal Deposit |
| Premature Withdrawal Facility | Available |
| Interest Payout Frequency | Monthly/ Quarterly/ Half Yearly/ Yearly |
SBI Fixed Deposit Interest Rates March 2021
SBI Fixed Deposit Interest Rates generally range from 2.90% - 6.20% per annum which is quite high seeing the current market standards. The bank pays an additional interest to senior citizens. To know the FD interest rate of different investment periods, check the interest rate table given below:
Interest Rates on Retail Deposits Below INR 2 Crore
| Deposit Periods | Interest Rates for General Public (in per annum) | Interest Rates for Senior Citizens (in per annum) |
|---|---|---|
| 7 - 45 Days | 2.90% | 3.40% |
| 46 - 179 Days | 3.90% | 4.40% |
| 180 - 210 Days | 4.40% | 4.90% |
| 211 Days - Less Than 1 Year | 4.40% | 4.90% |
| 1 Year - Less Than 2 Years | 5.10% | 5.60% |
| 2 Years - Less Than 3 Years | 5.10% | 5.60% |
| 3 Years - Less Than 5 Years | 5.30% | 5.80% |
| 5 Years - 10 Years | 5.40% | 6.20% |
Interest Rates on Retail Deposits of INR 2 Crore and Above
| Deposit Periods | Interest Rates for General Public (in per annum) | Interest Rates for Senior Citizens (in per annum) |
|---|---|---|
| 7 - 45 Days | 2.90% | 3.40% |
| 46 - 179 Days | 2.90% | 3.40% |
| 180 - 210 Days | 2.90% | 3.40% |
| 211 Days - Less Than 1 Year | 2.90% | 3.40% |
| 1 Year - Less Than 2 Years | 2.90% | 3.40% |
| 2 Years - Less Than 3 Years | 3.00% | 3.50% |
| 3 Years - Less Than 5 Years | 3.00% | 3.50% |
| 5 Years - 10 Years | 3.00% | 3.50% |
SBI Fixed Deposit Calculator
The SBI Fixed deposit calculator is the tool which gives an exact idea about the amount of interest that you can get on the principal amount deposited under the scheme. Using it they can calculate the total amount they are likely to receive after the maturity of the fixed deposit. They can even reinvest the interest amount to yield more interest at maturity.
How To Apply for State Bank of India Fixed Deposit?
To apply for a fixed deposit at SBI, the candidate needs to fill the application form by visiting the nearest bank branch. Other way is to download the application form from the bank’s official website and submit it along with the requisite documents at the branch office. Candidates can even open the FD account online from the comfort of your home/office and save your precious time. You must have the following to apply online.
Sbi Fixed Deposit Interest Rates 2019
- Savings Account with SBI
- Internet banking username and password
- At least one transaction account should be mapped to the username
Sbi Term Deposit Interest Rate
Steps To Apply Online
- Log in to the Online SBI account.
- Enter the username and password
- Click on the Login button
- Once the savings account is visible, click on the e- Fixed Deposit link provided on the menu.
- On clicking, the page will open where the depositor can create various deposits online.
- From the left-hand side menu, select the e-TDR/STDR option.
- Now feed the savings account number that is to be debited. Enter the amount and select the TDR or STDR option.
- Click on the confirmation button. Now, the online fixed deposit account is generated.
SBI Fixed Deposit Form
The SBI fixed deposit form is available online as well as at branch offices. In order to avail the benefits of fixed deposits, you need to fill the following details in the form:
- Customer status – existing customers or new to the bank
- Applicant’s details
- Co-applicant’s details
- Funding account details i.e., the account to be debited
- Term of deposit
- Product name or the name of deposit scheme
- Frequency of interest payable
- Details of account in which interest is to be credited
- Maturity instructions (tenure of policy, auto-renewal)
- Signature of both the customers
A Look at SBI’s Branch Network
SBI is an Indian multinational, public sector banking and the financial company which has its headquarters in Mumbai. It is one of the most trustworthy bank in the country. It has a wide network of 14,000 branches spread across the country.