State Bank of Hyderabad FD
The subordinate of State Bank of India, State Bank of Hyderabad is known for providing a wide range of offers and banking services to the customers. Currently, the bank is offering the clients with fixed deposit schemes of varying tenures.
The shortest holding period for a fixed deposit is seven days which can be availed at attractive returns. However, the interest rates pegged are decided on the basis of the investment amount of a fixed deposit, the deposit period of the fixed deposit and special cases like the customer being a senior citizen or an employee of State Bank of Hyderabad.
State Bank of Hyderabad Short-Term FD Rates:
For the holding period of 7-45 days, the bank allows interest rates to be pegged at 6% per annum which is enhanced to 6.5% per annum for the holding period of 46 days to three months. Furthermore, it is enhanced by 0.25% to 6.75% per annum for the holding period of three months to six months. Moreover, the depositors can enjoy the highest rate of 7.25% per annum for the tenure of six months to one year.
State Bank of Hyderabad Medium and Long-Term FD Rates:
For the deposit period of one year to less than three years, the rate of interest is calculated at an attractive 7.5% per annum whereas; it remains the same at 7.5% per annum for the deposit period ranging between three to five years.
SBI is one of the most reliable FD providers amongst a number of FD providers in the market. SBI FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on SBI FD is 5.40%. THE latest SBI FD interest rate for senior citizens, on the other hand, ranges between 3.40% to 6.20%.
Tenure | FD Interest Rates | Senior Citizen FD Interest Rates |
---|---|---|
7 days to 45 days | 2.90% | 3.40% |
46 days to 179 days | 3.90% | 4.40% |
180 days to 210 days | 4.40% | 4.90% |
211 days to 364 days | 4.40% | 4.90% |
1 year to 1 year 364 days | 4.90% | 5.50% |
State Bank of Hyderabad Senior Citizen FD Rates:
Unlike other financial institutions, the State Bank of Hyderabad offers senior citizens an additional 0.3% on the interest rates for the tenure of more than one year. This implies that the senior citizen will be benefited with the highest rate of 8.05% per annum whereas, the lowest being 6.3% per annum. Moreover, the best rates can be availed for the holding period of 1-3 years.
SBI FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than a savings account. Key Features of SBI Fixed Deposit are:
SBI Best FD Plan
We need to compare tenure wise latest FD rate of SBI to choose the tenure at which it provides the highest interest rate. SBI FD rates are best for the deposits with a tenure of 5 years to 10 years, wherein the current FD rate of interest is 5.40% p.a
If one is looking to invest in short term deposits with SBI, FD interest rates range from 2.90% p.a. to 4.40% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term SBI FD rates for senior citizens range from 3.40% to 4.90% p.a.
If one is looking to invest in long term deposits, SBI FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.40%. Senior citizens are offered special rates from the bank with the highest deposit rates of 6.20% p.a. on long term FDs.
Fixed Deposits of SBI have a higher interest rate compared to their saving deposits. The benefits of opening an FD account in SBI are:
Documents required to open Fixed Deposit Account in SBI
SBI Fixed Deposit Rates – Premature Withdrawal
Premature closure of Term Deposit with SBI is along with the lower interest rate of 0.50% to 1% than the contracted rate. The penal provisions for premature closure on SBI FD are subject to change from time to time and may also vary with deposit schemes.
Loan against Fixed Deposit SBI
SBI offers loan up to 90% against its own deposit. Note that SBI will not give you a loan against FD of any other bank. SBI offers Loan against FD at the rate of 3.9% to 6.4%
Maximum loan tenure is restricted up to the maximum tenure of the FD.
Illustration – Mr Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in SBI. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at a 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.
FD Account Opening Process at SBI
To open a Fixed Deposit account in SBI, you can visit the official website and login into your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select the ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the SBI FD after reading the terms and conditions.
State Bank of Hyderabad Fixed Deposit Interest Rates
Domestic Deposit Rates (Deposit Rates as on 30th Sep, 2016)
Period of Deposit | Less than Rs. 1 Crore | Rs. 1 Cr-5 Cr | Above Rs. 5 Cr-Less than Rs. 10 Cr |
---|---|---|---|
7-45 Days | 5.75% | 5.50% | 5.50% |
46-90 Days | 6.50% | 6.00% | 6.00% |
91-179 Days | 6.75% | 6.00% | 6.00% |
180-210 Days | 7.00% | 6.25% | 6.25% |
211 Days-Below 1 Year | 7.25% | 6.25% | 6.25% |
1 Year-455 Day | 7.45% | 6.25% | 6.25% |
456 Days-Below 2 Years | 7.50% | 6.25% | 6.25% |
2 Years-Below 3 Years | 7.50% | 6.50% | 6.50% |
3 Years-Below 5 Years | 7.25% | 6.00% | 6.00% |
5 Years-10 Years | 7.00% | 6.00% | 6.00% |
Nomination Facility on SBI FD
SBI offers a nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as the nominee. You can fill in nominee details while opening an SBI fixed deposit. The nominee has to submit his/her identification proof at the time of claim.
SBI Fixed Deposit Scheme
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FAQs
✅What is the highest FD rate for SBI?
You can earn a maximum interest of 5.40% on SBI fixed deposit.
✅Are there any special rates for senior citizens FD of SBI?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.90% to 5.40%. Compared to this, the rate of senior citizens FD are in the range of 3.40% to 6.20%.
✅What are the current SBI FD interest rates for 2021?
The current interest for FD in SBI ranges between 2.90% – 5.40%.
✅Is there any minimum amount that I have to give for opening a Fixed Deposit with SBI?
The minimum deposit amount required to book an FD with SBI is ₹ 1,000.
✅Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.
✅Who is eligible for opening an FD account in SBI?
All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.
✅What documents are required to open an FD account in SBI?
The documents required to open an FD account in SBI includes PAN Card or declaration in Form No. 60 or 61 as per the Income Tax Act.