INSUBCONTINENT EXCLUSIVE:
SBI offers maturity period ranging from seven days to 10 years for fixed deposits.Fixed deposits (FDs) are secure investment avenue offered
by commercial banks, non-banking financial companies, small saving banks and post offices
Also known as term deposits, these accounts offer higher rate of interest than savings accounts
The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to tenor of a fixed deposit
Country's largest lender State Bank of India (SBI) last revised its FD interest rates with effect from November 28, 2018.Quantum of
contributionThe minimum amount that one requires to open a fixed deposit with SBI is Rs 1,000, noted SBI on it's corporate portal- sbi.co.in
The minimum amount required to open a fixed deposit with post office is Rs 200
However, there is no limit on maximum deposit in both SBI and post officeMaturitySBI offers maturity period ranging from seven days to 10
FD account offers payment of interest at monthly/quarterly basis which can be availed as per investor's requirement
The following FD interest rates are applicable on deposits below Rs
1 crore, according to bank's website - sbi.co.in:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
28.11.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less
than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.35 years and up to 10 years6.857.35(Source: sbi.co.in)In
a post office FD account, interest is payable annually but is calculated quarterly
Given below are FD interest rates offered by post office:PeriodRate1yr.A/c7.00%2yr.A/c7.00%3yr.A/c7.00%5yr.A/c7.80%Transfer of FD accountA
post office FD account can be transferred from one post office to another
SBI, on other hand, offers flexibility to convert fixed deposit (regular interest payout) to special term deposit (cumulative interest
payout) and vice versa.Premature withdrawalPremature withdrawal facility is available with SBI's FD account
The interest shall be 0.50 per cent or 1 per cent below rate applicable at time of deposits for period deposit remained with bank or 0.50
per cent or 1 per cent below contracted rate, whichever is lower
