State Bank of Hyderabad FD Fixed Deposit

⋆ Interest Rate 9.99% ⋆

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      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:

      • Deposit Amount: SBI FD can be opened with an amount of a low ₹ 1,000 to up to No Limit.
      • FD Tenure: Ranges between 7 days to 10 years.
      • Interest Rate Range: 2.90% p.a. to 5.40% p.a.
      • Senior Citizens FD Rate: 3.40% to 6.20% p.a.
      • Highest Interest Rate: As per today’s rate, SBI’s highest interest rate on FD is 5.40% offered for a tenure of 10 years.
      • Safety of SBI Deposits: SBI deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
      • Loan against FD: SBI provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
      • Auto-Renewal Facility: Available
      • Nomination Facility: Available
      • Popular FD Schemes: SBI Tax Savings Scheme, Reinvestment Plan, SBI Multi Option Deposit Scheme, Regular Fixed Deposit, Money Multiplier Plan, Flexi Deposit Scheme, SBI Wecare Deposit

      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:

      • Interest on deposit is paid only at the time of the maturity
      • Nomination facility available
      • The extra interest of 0.25% to 0.50% payable to the senior citizens
      • Availability of auto-renewal facility on the deposit
      • Earn higher returns on the money deposited

      Documents required to open Fixed Deposit Account in SBI

      • PAN Card or declaration in Form No. 60 or 61 as per the Income Tax Act

      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%

      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

      SBI Tax Savings Scheme

      Description:

      • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
      • Tax benefits on deposit under section 80C of Income Tax Act, 1961
      • Nomination facility available
      • Loan facility upto 90 per cent is available on the deposit
      • Interest on deposit is paid only at the time of the maturity
      • Extra interest of 0.50 per cent payable to the senior citizens

      Who is eligible?

      • Resident Indians, Karta for a HUF with a valid PAN number
      Reinvestment Plan

      Description:

      • This scheme is a variant of a fixed deposit under which interest is paid out only at the time of maturity.
      • Interest on deposit is paid only at the time of the maturity
      • Nomination facility available
      • Loan facility up to 90 per cent is available on the deposit
      • Availability of auto-renewal facility on the deposit
      • The extra interest of 0.50 per cent payable to the senior citizens

      Who is eligible?

      • Resident Indians of 18 years of age and above
      SBI Multi Option Deposit Scheme

      Description:

      • Account linked to the savings or current account in which you can withdraw multiples of Rs. 1,000 from your MOD account as per your need.
      • Interest on deposit is paid only at the time of the maturity
      • Nomination facility available
      • Loan facility upto 90 per cent is available on the deposit
      • Deposits made under this scheme are completely liquid
      • Withdrawal in multiples of Rs. 1,000

      Who is eligible?

      • Resident Indians, non resident Indians, hindu undivided family, companies and organisations
      Regular Fixed Deposit

      Description:

      • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
      • Interest on deposit is paid only at the time of the maturity
      • Nomination facility available
      • Extra interest of 0.50 per cent payable to the senior citizens
      • Availability of auto renewal facility on the deposit
      • Earn higher returns on the money deposited

      Who is eligible?

      • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
      Money Multiplier Plan

      Description:

      • Money multiplier plan allows the depositor to link fixed deposit account to their savings account giving you the higher rate of interest.
      • Loan facility upto 90 per cent is available on the deposit
      • Nomination facility available
      • Interest on deposit is paid only at the time of the maturity
      • Extra interest of 0.50 per cent payable to the senior citizens
      • Tax benefits on deposit under section 80C of Income Tax Act, 1961

      Who is eligible?

      • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
      Flexi Deposit Scheme

      Description:

      • This scheme is similar to recurring deposits where a depositor can make multiple deposits anytime during a month instead of doing a single fixed deposit.
      • Deposits can be made anytime during a month and any number of times
      • Nomination facility available
      • Interest on deposit is compounded quarterly
      • Loan facility upto 90 per cent is available on the deposit
      • Extra interest of 0.50 per cent payable to the senior citizens

      Who is eligible?

      • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
      SBI Wecare Deposit

      Description:

      • This scheme was introduced to offer financial aid to the senior citizens in the times of falling interest rates due to the Covid-19 pandemic.As per the scheme, senior citizens can earn extra 30 bps on FD interest rates, over and above the additional 50 bps offered to them to fixed deposits.
      • SBI Wecare senior citizen deposit was launched to provide a higher fixed deposits interest rates to senior citizens in the current situation.
      • The scheme stands extended till March 31, 2021.
      • This deposit scheme is applicable for term deposits above 5 years
      • The benefits can be availed on fresh deposit and renewal of maturing deposits.

      Who is eligible?

      • Resident Indian citizens of age 60 years and above.

      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.

       

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