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Can you tell me about the eligibility required for opening the FD (Fixed Deposit) Account in SBI or State Bank of India? Also tell me about SBI or State Bank of India Current FD (Fixed Deposit) rates?
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#2
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SBI or State Bank of India offers FD (Fixed Deposit) schemes with features and interest rates that are very competitive and make for some of the best savings solutions. Under its numerous fixed deposit schemes, the bank reaches out to different investors with differing financial needs. The FD schemes serve to compound earnings on depositors savings or create a source of income for those in need of regular funds without eroding capital investments. Eligibility Any individual, private or public limited company, Hindu Unified Family, trust, partnership firm or society is eligible to open a fixed deposit account. For individuals, the terms and procedure for opening a fixed deposit account with SBI is the same as that for the savings account. SBI Current FD rates Tenure Interest Rate 30 Days 5.25% 45 Days 5.25% 60 Days 6.50% 90 Days 6.50% 120 Days 6.50% 6 Months 6.75% 9 Months 7.00% 12 Months 7.25% 18 Months 7.50% 2 Years 7.50% 3 Years 7.00% 4 Years 7.00% 5 Years 7.00% 7 Years 7.00% 10 Years 7.00% Short-term Fixed Deposit Rates SBI offers short-term deposits from interest rates of 5.25% p.a. – 7.25% p.a., quarterly compounded. The shortest term available is 30 days, which offers a 5.25% annual rate of interest. The rate of interest increases with an increase in the term of the FD. For deposit periods of 60, 90 and 120 days, the rate of interest is at 6.5% p.a. If you invest in a FD for 6 or 9 months, then the rate of interest you can earn are 6.75% & 7.0% p.a. respectively. The FD with deposit tenure of one year earns an interest of 7.25% p.a. Considering a quarterly compounding frequency, the effective or annualized interest is quite competitive and a profitable short-term investment Medium and Long-term Fixed Deposit Rates Fixed Deposits that feature tenures of more than a year, up to 5 years, have interest rates ranging from 7.0% p.a. -7.5% p.a. The term could be for 1.6, 2, 3, 4, and 5 years. While the rates for these tenures hover around 7.0% p.a., the rate on a 1.6 & 2-years FD will give you an added advantage of an extra 0.5% making the interest 7.5% p.a. Again these rates are compounded quarterly and give customers an effective yield that delivers attractive returns.
__________________ Answered By StudyChaCha Member |