If you are thinking about how to grow your money then it would be better to make a safer investment. Fixed deposits have always been the preferred most option by most of the individuals and when it’s with State Bank of India you surely do not need to give it a second thought. SBI fixed deposit offers you with a good opportunity to enjoy better interest rates over your investment. Being a completely secured medium you can enjoy a peace of mind that your money is absolutely safe. The period of deposit can however vary from a period of 7 days to 10 years depending upon your financial requirements. The minimum amount for the deposit is INR 10,000 however there is no limit to the maximum amount. One of the greatest benefits of these deposits with such a reputed bank is that you can easily choose your payment of interest option by the bank as whether monthly or quarterly. The bank pays the interest on your deposited amount at the discounted rate as well.
Sbi bank fixed deposits secure your future and also save you from any form of financial crisis. The premature withdrawal facility is also available with the bank wherein you only require paying a nominal amount for withdrawing your deposit before the mentioned period. In case you do not provide any maturity instructions regarding your deposit then the same gets auto renewed at the same rate of continuing interest even though the current interest rate might have reduced. The nomination facility is also available in case of the deposits. SBI fixed deposit rates however vary with the duration. The bank also provides an additional interest to the senior citizens based on their investment tenure.
Interest Rates
If you are planning to invest from 7 days to less than 1 year then the rate of interest payable is 6.5% for both the resident Indians and senior citizens. From 1 year to up to 10 years the interest rate is 8.75% however in case of senior citizens the rate payable is 9%. These deposit rates are for the deposits made below INR 1 crore. For investments made above 1 crore the interest rate is 7.5 % for 7 days to less than 1 year whereas from 1 year to 10 years the existing rate payable is 8.75%. Whether you are concerned about your child’s education or marriage these surplus funds would help you meet all your requirements. The SBI term deposit facility however also includes tax saving schemes, reinvestment plans, SBI mods, recurring deposit, annuity deposit scheme and flexi deposit scheme for you to choose from. It is necessary that prior making any deposit you read the terms and conditions of the bank to avoid any discrepancy at a later date.