Term Deposits

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Term Deposits

To enable our customers to park lump sum amount and avail of features like guaranteed returns, choice of interest payout, liquidity through OD or premature withdrawal.

Features

  • Minor’s Account :A TD can be opened in the sole name of minor who has completed 10 years of age and can sign uniformly. The amount of TD can be of maximum Rs. 2.00 lacs. TD is also opened in the name of minor (of any age) jointly, with guardianship. Maximum amount can be Rs. 20.00 lacs in such cases.
  • Mode of Holding : Singly or Jointly
  • Period of deposit : 7 days to 10 Years
  • Available at : All branches.
  • Minimum deposit amount : Rs. 1,000/- and thereafter in multiples of Rs. 100/-
  • Maximum deposit amount
    • No Limit
    • A deposit of Rs. 1.00 crore and more is treated as bulk deposit. (Rs.2.00 cr & more)
  • Payment of interest
    • Payment of interest at Monthly/Quarterly/Calendar quarter basis as per your requirement. (Half yearly added)
    • Payment of Monthly interest will be at discounted rate. Interest will be paid at the contracted rate irrespective of change in the rates thereafter.
    • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
    • The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.
  • Tax deduction at source
    • TDS is applicable as per Income Tax Rules.
    • Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
  • Nomination : Available
  • Loan facility : Loans / OD up to 90% of the Principal deposit.
  • TD cash payment : Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
  • Transferability among our branches : Allowed

Eligibility

  • Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department

Premature closure

  • Available.
  • For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.

Others

  • Flexibility to convert Term Deposit (regular interest payout) to STDR (cumulative interest payout) and vice versa.
  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.

Interest Rates

6.80%* p.a.

w.e.f. 01.01.2021

*T&C Apply.

 

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