The fixed deposit is one of the products that are offered by the banks and are a kind of investment. If you keep the money in the fixed deposit then you garner more interest rate on the deposited amount than you garner if it is kept in the savings account. It is the product in which the depositor fix a certain amount as lump sum money for the fixed period of time and the bank incurred certain interest rate over the deposited principal amount. SBI is one of the largest banks in the country. It is one of the most trusted banks for the customers and thus the Fixed deposit SBI is one of the best options if you are trying to invest the money in FD.
The deposit made in SBI gives you all the important benefits and feature. It is one of the best ways to invest if you do not want to risk the money. The minimum amount that can be deposited as the term deposit is ₹ 1000. The tenure can vary anything from 7 days to 10 years. The depositor can make the deposit as per their convenience. They can opt for the short-term, mid-term, or long-term. The interest rate varies time to time, which depends on several factors.
Anyone can open the fixed deposit account to strengthen their financial status. It also comes with the tax saving scheme where the depositor can deposit anything between ₹1000 to ₹ 1.5 lakh with the lock in period of 5 years. The bank provides special interest rate to the senior citizen where they endow 0.50% more interest rate on the deposited amount than the interest rate for general depositors. The depositor has to name the nominee who gets the total amount in the case of the death of the depositor. The Fd account has the provision of pre- mature withdrawal. You can also avail the loan against it.
Eligibility Criteria Required:
To have a fixed deposit account you need to fulfill certain eligibility criteria and then you will be eligible to open the deposit account with the amount in the bank to earn the good rate of interest from them. Below mentioned individual or group are eligible for a fixed deposit
- The applicant should be the resident of India.
- Hindu undivided family
- Sole proprietorship firms
- Partnership firm
- Private limited companies
- Trust accounts
- For the investor who books the fixed deposit of worth more than ₹ 50,000, the PAN card is mandatory.
- For the Senior citizen, the Proof of age is required to establish that they are eligible under the senior citizen category or not.
Documents required:
The documents required by the individual, Hindu undivided family, and sole proprietorship while opening the fixed deposit account are-
- A coloured photograph
- Passport/ Driving License
- Last six months bank account details
Documents required from the trust, association/ clubs for the fixed deposit are as follow-
- Photographs of the member operating the account.
- A copy of the Trust Deed/ Bye- laws of the association.
- A copy of registration certificate.
- A copy of the resolution of trustee authorizing the member to operate and open the accounts.
Interest Rate:
One of the most important details you look for is to know the interest rate that is incurred on the deposited amount. Given below is the full details about the Interest Rate given by the bank
- 7 days to 45 days the rate of interest is 5.50%
- 46 days to less than 1 year the rate interest is 6 .50%
- 1 year to 455 days the rate of interest is 6.90%
- 456 days to 2 years the rate of interest is 6.75%
- 2 year to less than 3 years the rate of interest is 6.75%
- 3 years to 10 years the rate of interest is 6.50%
Interest Rate for Senior Citizens:
The interest rate payable on the amount deposited by the senior citizen is relatively more than other citizens. The details about the Interest rate for the senior citizen is given below:
- 7 days to 45 days the rate of interest is 6.00%
- 46 days to less than 1 year the rate interest is 7.00%
- 1 year to 455 days the rate of interest is 7.40%
- 456 days to 2 years the rate of interest is 7.25%
- 2 year to less than 3 years the rate of interest is 7.25%
- 3 years to 10 years the rate of interest is 7.00%
Thus, fixed deposit SBI is one of the safest ways to invest and get a good return over the amount deposited. The fixed deposit is one of the ways where you can put the money and withdraw it at the time of requirement. It is one of the most convenient ways to make the investment where the depositor is fully aware of the returns that they will get at the time of maturity. The depositor can use the Fixed deposit calculator available online to check the amount that they can get after the maturity of the fixed deposit. Thus, it is one of the safest ways to put the money without any risk involved.
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