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State Bank of India is the largest bank of India, having its branches in many countries. It is completely government owned and ranked 236th in the Fortune Global 500 list of the world's biggest corporations of 2019.
Note: All information has been sourced from the official website of SBI.
The different types of Fixed Deposit offered by SBI are
You can park your lump sum amount in an SBI Term Deposit online through the website of SBI or by visiting the nearest branch. Term Deposit accounts can be opened by individuals, private and public limited companies, partnership firms, HUFs/specified associations, societies, trusts etc.
This is a deposit scheme where an individual pays a one-time lump sum amount in order to receive the same in Equated Monthly Installments (EMIs). The EMIs are received on a monthly basis and comprise of the principal amount plus interest.
These (MODS) are Term Deposits linked to the Savings or Current Account. Under this account, you can withdraw from a MODS account in multiples of Rs. 1000. The balance amount in the MODS account shall continue earning the Term Deposit rates applicable during the time of initial deposit.
In this type of Term Deposit, the interest is paid out only at the time of maturity. The regular interest is added to the principal and compound interest calculated and paid thereon.
This is similar to SBI Term Deposit scheme. It comes with a 5-year lock-in period and Income Tax Benefit under Section 80C of the Income Tax Act, 1961.
State Bank of India offers the following SBI FD Interest Rates on deposits below Rs. 2 crores with effect from November 10, 2019.
|Interest Rate Term||Interest Rate General Public||Interest Rate Senior Citizens|
|7 days to 45 days||4.50%||5%|
|46 days to 179 days||5.50%||6%|
|180 days to 210 days||5.80%||6.30%|
|211 days to less than 1 year||5.80%||6.30%|
|1 year to less than 2 year||6.25%||6.75%|
|2 years to less than 3 years||6.25%||6.75%|
|3 years to less than 5 years||6.25%||6.75%|
|5 years and up to 10 years||6.25%||6.75%|
If you are looking to open an FD account, SBI is an excellent investment option.