INSUBCONTINENT EXCLUSIVE:
SBI Bank FD: Under SBI's reinvestment plan, facility of premature withdrawal is available.SBI (State Bank of India) offers various types of
A term deposit is a fixed-term deposit held at a financial institution
SBI offers reinvestment plan, a variant of term deposits but instead of interest being paid out at a regular frequency during the period of
deposit, it is paid out only at the time of maturity
Regular interest is added to the principal and compound interest calculated and paid thereon, said the country's largest lender on its
offcial website - bank.sbi
Interest will be paid out on maturity only.(Read: FD Interest Rates Of SBI, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank
Compared)Tenure: The minimum tenure for SBI's reinvestment plan is 6 months and the maximum is 10 years.Premature withdrawal: The facility
of premature withdrawal is available
For retail term deposit up to Rs 5 lakh, the penalty for premature withdrawal will be 0.50 per cent
For retail term deposits above Rs 5 lakh but below Rs 1 crore, applicable penalty will be 1 per cent.The interest shall be 0.50 per cent or
1 per cent below the rate applicable at the time of deposits for the period deposit remained with the bank or 0.50 per cent or 1 per cent
below the contracted rate, whichever is lower
However, no interest will be paid on the deposits logged in for a period of fewer than 7 days.Loan facility: One can avail a loan/overdraft
of up to 90 per cent of the deposit amount plus accrued interest, at 1 per cent above the STDR (special term deposit) rate.Auto renewal is
