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State Bank of India (SBI) FD Rates 2020

Updated on July 8, 2020 , 6090 views

State Bank of India, most known as SBI, is one of the most leading and entrusted bank in the country. It has a wide network of 14,000 branches that is spread across the country. The fixed deposit offered by SBI is the product where the customer deposit certain amount and the interest is accrued on the deposited money. SBI FD Rates vary according to the investment tenure and as as per the investment amount. Let's have a look!

State-Bank-of-India

SBI Fixed Deposit Rates (Below INR 2 crore)

Here are the tenures and interest rate offered by the bank for deposits below Rs.2 crore:

w.e.f January 10, 2020-

Tenure Interest Rates
7 days to 45 days 4.50%
46 days to 179 days 5.50%
180 days to 210 days 5.80%
211 days to less than 12 months 5.80%
12 months to less than 24 months 6.40%
24 months to less than 36 months 6.25%
36 months to less than 60 months 6.25%
60 months to 120 months 6.25%

Figures mentioned in the above table are subject to change without prior information.

SBI Senior Citizen Fixed Deposit Rates (Below INR 2 crore)

Here are the tenures and interest rate offered by the bank for senior citizen on deposits below Rs.2 crore:

w.e.f January 10, 2020-

Tenure Interest Rates
7 days to 45 days 5.00%
46 days to 179 days 6.00%
180 days to 210 days 6.30%
211 days to less than 12 months 6.30%
12 months to less than 24 months 6.75%
24 months to less than 36 months 6.75%
36 months to less than 60 months 6.75%
60 months to 120 months 6.75%

Figures mentioned in the above table are subject to change without prior information.

SBI Fixed Deposit Scheme

The bank offers several deposit schemes. The depositor can invest in the scheme of their choice:

  • SBI MODS
  • SBI annuity Deposit
  • SBI Reinvestment Plan
  • SBI Tax Savings Scheme

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SBI Fixed Deposit: Premature Withdrawal

On Fixed Deposits ranging from Rs. 5 lakh to Rs. 1 crore, the penalty is charged at 1%. The penalty on premature withdrawals on fixed deposits of up to Rs. 5 lakhs is 0.50% of the principal amount.

*The penalty is as mentioned above for Fixed Deposits of all tenures.

Documents to Open FD Account in SBI

PAN card or declaration in Form No. 60 or 61 as per the income tax Act.

Liquid Funds- An Alternative to Bank Savings Account

  • With liquid Mutual Funds one gets the flexibility to invest or withdraw whenever one wants to without any penalty or exit load.
  • When investing in Mutual Funds, some fund houses also offer ATM card to withdraw money. This further adds on to your convenience.
  • Some of the Best Liquid Funds offer much better interest rate than that of Savings Account.

Based on certain parameters, we can figure out the difference between Liquid Funds and savings account. Let’s figure out those parameters.

Factors Liquid Funds Savings Account
Rate of Return 7-8% 4%
Tax Implications Short-term capital gains tax is levied based on investors' applicable income tax slab tax rate Interest rate earned are taxable as per investors' applicable income tax slab
Ease of Operation No need to go to a bank to get cash. If there is same amount that needs to be paid, it can be done online Money gets deposited to the bank account first
Suitable for Who want to invest their surplus to earn higher return than saving account Who want to just park their surplus amount

Best Liquid Funds 2020

FundNAVNet Assets (Cr)1 MO (%)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2019 (%)
PGIM India Insta Cash Fund Growth ₹260.362
↑ 0.02
₹5820.31.22.55.56.776.7
JM Liquid Fund Growth ₹54.6391
↑ 0.00
₹2,6410.312.35.26.576.6
Indiabulls Liquid Fund Growth ₹1,945.36
↑ 0.14
₹2550.30.92.35.26.56.96.6
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 10 Jul 20

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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