State Bank of India, which is also known popularly as SBI, is the most prominent government financial institution in India and is also the most reliable bank in terms of deposit security. They offer a fixed deposit with versatile tenure that ranges from 7 days up to 10 years.
State Bank of India fixed deposit also regularly offers FD returns varying from 2.90 percent to 5.40 percent. In addition to this, they offer competitive interest rates for senior citizens ranging from 3.40 percent to 6.20 percent. If you have any doubt whether or not you should apply for a fixed deposit in SBI, the following discussion might clear your doubts.
Benefits of State Bank of India Fixed Deposit
Flexible tenures
As briefly mentioned, SBI fixed deposit allows investors to select the term of investment as per the convenience of each investor. Not only do they offer tenure of up to ten years, but they also provide various interest rates for each term.
Guaranteed returns
Today, SBI has FD values up to 5.40 percent. But it’s not the only good thing about this financial company. They provide investors with assured as well as guaranteed returns on a quarterly or monthly basis.
Loan against fixed deposit
FD investment is not only a stable investment plan, but it can also be a valuable asset. It’s because SBI allows an investor to borrow a protected loan up to 95 percent.
The best thing about this feature is that an investor doesn’t break their fixed deposit in order to borrow the secured loan.
Versatile investment
In addition to the versatility of tenure, the State Bank of India fixed deposit also provides the investors the flexibility of sum with a minimum amount of 1,000 rupees.
Additionally, an investor can also invest in the fixed deposit of SBI as much as they want. In other words, there is no limitation on how much you want to invest your money.
State Bank Of India SGD fixed deposit board rates.
| Deposit Range (% p.a) | $1,000 - $49,999 | $50,000 - $499,999 | $500,000 - $999,999 |
|---|---|---|---|
| 1 mth | 0.05 | 0.05 | 0.05 |
| 2 mths | 0.05 | 0.05 | 0.05 |
| 3 mths | 0.1 | 0.15 | 0.15 |
| 6 mths | 0.25 | 0.25 | 0.25 |
| 9 mths | 0.35 | 0.35 | 0.35 |
| 12 mths | 0.45 | 0.45 | 0.45 |
| 18 mths | 0.6 | 0.6 | 0.6 |
| 24 mths | 0.6 | 0.6 | 0.6 |
| 36 mths | 0.65 | 0.65 | 0.65 |
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How to Apply for SBI Fixed Deposit
- First and foremost, you need to locate the nearest SBI branch or customer center by bringing the following documents:
- One passport size photo
- Identity proofs, including passport, driving license, PAN card, and Aadhar card.
- Address proofs, including utility bills (water, electricity, and gas bills), passport, as well as ration card.
- Age proofs, including voter ID, birth certificate, and matriculation certificate.
- Details of bank account, including account number and passbook.
- Bring all the documents above to the customer service of SBI, and they will help you open a fixed deposit account and choose an FD scheme that best fits your preference. But keep in mind that not everyone is eligible for a fixed deposit in SBI. Here are those who are allowed to make use of the State Bank of India fixed deposit facility:
- Citizens of India
- Business firms
- Departments of government
- Trust accounts
- Limited private company employees
- Business enterprises
- Hindu Undivided Family members
- Branches of local government
