If you want to invest in SBI FD through offline mode, then here is step by step guide that you must follow:
That's it; your FD is created, and you will receive a fixed deposit receipt instantly.
Types of SBI Fixed Deposit Schemes
1. SBI Green Rupee Term Deposit (SGRTD)
As the name suggests, SBI GREEN RUPEE TERM DEPOSIT or SGRTD is a special fixed deposit scheme focused on using funds for financing green activities/projects.
Eligibility: Resident individuals, non-individuals, and NRIs (for NRO and NRE deposits).
Deposit Amount: Minimum - ₹1,000, Maximum - No limit.
Investment Tenure: 1111 days, 1777 days, and 2222 days.
Interest Rates: Up to 6.65% for regular customers and 7.15% for senior citizens.
Premature Withdrawal: Eligible for premature withdrawal as per the term deposits.
Loan Facility: Overdraft and demand loan options are available.
2. SBI 'Sarvottam' (Non-Callable) Term Deposit
SBI Sarvottam term deposit is another fixed deposit option offering a higher interest rate than a normal FD but with a mandatory lock-in. This means you can withdraw it before maturity.
Eligibility: Resident individuals and non-individuals are eligible. However, minor and NRI customers are not eligible.
Deposit Amount: Minimum - Rs 100.01 lacs, Maximum - upto Rs 2 Crore.
Investment Tenure:1 year & 2 years only
Interest Rates: For 1 year tenure, 30 bps over normal rate, and for 2 year tenure, 40 bps over normal rate.
Loan Facility: Demand loan against deposit is available.
Special Rate: Senior Citizens/ Staff/ Staff Senior Citizens are eligible for an additional interest rate over and above the special interest rate applicable to non-callable deposits.
3. SBI Annuity Deposit Scheme
The SBI Annuity Deposit Scheme is a special deposit scheme offered by SBI that allows you to receive a fixed monthly income throughout the tenure by investing a one-time lump sum amount.
Eligibility: Resident individuals, including minors. It can be opened jointly also.
Deposit Amount: The minimum deposit is based on a monthly Rs 1,000 annuity, with No maximum limit.
Investment Tenure: 36/60/84 or 120 months
Interest Rates: Similar to term deposit rates applicable to public and senior citizens.
Loan Facility: Up to 75% of the balance amount of the annuity can be granted in special cases.
4. SBI Multi Option Deposit Scheme (MODS)
Multi Option Deposit Scheme offers the combined benefit of fixed deposits and savings/current accounts in one account. Unlike traditional fixed deposits, where you have to withdraw the complete amount in one go, this option allows you to withdraw any amount in multiples of Rs 1000, and your remaining balance will continue to earn a fixed interest rate offered on fixed deposits.
Investment Tenure: 1 to 5 years
Interest Rates: Varies from time to time.
Deposit Amount: Minimum amount Rs 10,000 and no maximum limit.
Average Monthly Balance: Mandatory to maintain a minimum monthly balance applicable to a bank account.
5. SBI Tax Saver Deposit (SBI Tax Savings Scheme, 2006)
As the name suggests, SBI tax savings deposits benefit from tax savings under Section 80C of the Income Tax Act. You can claim a maximum deduction of upto Rs 1.5 lakh under this section by investing in these tax-saving FDs.
Eligibility: Resident individuals and Hindu undivided family (in the capacity of karta). It can be opened jointly also.
Deposit Amount: Minimum - Rs 1,000 and Maximum - Rs 1.5 lakh.
Investment Tenure: 5 years to 10 years.
Interest Rates: Similar to term deposit rates applicable to public and senior citizens.
Loan Facility: Loans/Advances are not available during the lock-in period.
Premature Closure: Available only after completion of 5 years as per the terms and conditions.
6. Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
The Motor Accident Claims Annuity Deposit Account (MACAD) is a special type of fixed deposit scheme that offers a fixed amount to accidental victims who have received claims under motor accident claims.
Eligibility: Resident individuals, including minors (in the name of guardian).
Deposit Amount: Minimum deposit based on Rs 1,000 annuity payment, and no limit on maximum amount.
Investment Tenure:36 to 216 months as per the Tribunal/Court directions.
Interest Rates: Rates applicable as per normal term deposit. Senior citizens are eligible for additional interest rates.
Loan Facility: Not available
Payment of Annuity: Annuity payments will begin on the anniversary of the month after the deposit month.
7. SBI Special Term Deposit
The SBI special term deposit is similar to other term deposits but differs in terms of interest compounding frequency. Under this deposit, interest is compounded quarterly, and the interest and principal are paid at maturity.
Deposit Amount: Minimum - Rs 1,000 and Maximum - No limit.
Investment Tenure: 7 days and 120 months.
Loan Facility: Available based on the remaining tenure of fixed deposit.
Other terms and conditions are applicable that are similar to normal term deposits.
8. Floating Rate Bulk Term Deposit (FRBTD)
Floating rate bulk term deposit offers a variable interest rate on your deposit amount, linked to external benchmarks such as repo rate. The interest rate varies depending on the change in the benchmark interest rate.
Eligibility: Individuals and non-individual customers, including NRIs. Minors are not eligible.
Deposit Amount: Minimum - Rs 2 Crore and Maximum - No Limit.
Investment Tenure: 91 days to 3 years. For NRE term deposits- 12 months.
Interest Rates: Similar to term deposit rates applicable to public and senior citizens.
Loan Facility: Available upto 90% of the investment amount. 1.5% p.a. interest rate will be applicable above the floating interest rate.
Premature Closure: Available with a penalty of 1% across any tenure. However, no interest will be payable if withdrawn within upto 91 days.
