SBI Fixed Deposit Monthly Income Scheme for Senior Citizen & Retail Customer

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by: Admin

Planning to do Fixed deposit in State bank of India. just check FD rates, benefits, eligibility and simple guide of complete process of fixed deposit through online with FD calculator followed by required documents…

State Bank of India brings various benefits over the SBI fixed deposit account such as a personal loan or loans against deposit. Interest rates are fixed based on the applicant residence type and as well based on their age criteria. Moreover, customers who apply for SBI fixed deposit scheme can get a monthly interest returned to their account. Also for any queires on term deposits, you may call SBI customer care number for clarification.

How to Open SBI Fixed Deposit Monthly Income Scheme Online

SBI fixed deposit account for monthly income savings can be opened by visiting the official website of SBI or through reaching the SBI branch. No-SBI customer has to create their State Bank of India account from any nearest beach and then use the below process to open a monthly income savings scheme account.

  1. Go to SBI net banking login page or go through this link
  2. SBI bank customer can use their net banking credentials to login
  3. Under the service, click on ‘Deposit Schemes’ option
  4. Tap on ‘Term Deposit’ and then choose the option ‘Fixed deposit’
  5. Select the FD type along with the tenure to hold amount
  6. Enter the deposit amount and click on options provides
  7. Choose once or monthly investment under the investment type
  8. Once selected, click on submit application to process

State Bank of India FD Interest Rates

The tenure of State Bank of India fixed will be minimum 7 days and will go higher to 10 days. There are several benefits for customers based on their age and amount that they have deposited. The interest rates will mainly depend on senior citizens and non-senior citizens along with increasing with tenure of deposit.

SBI Fixed Deposit
SBI Fixed Deposit

You can find the below State bank of India fixed deposit interest rates for both non senior citizens and senior citizens to understand more about this scheme.

CategorySBI FD rates
Non – Senior Citizen3% – 7.25%
Senior Citizen3% – 7.25%
  • SBI Fixed Deposit Rates for Non Seniors: Minimum interest rate of non senior citizens is 2.90 percent and will go higher to 5.50 percent with respect to tenure.
  • SBI Fixed Deposit Rates for Seniors: Senior citizens will get 3.40 percent interest rate as minimum and will go highest to 6.30 percent for long term investment.

Benefits of State Bank of India Fixed Deposit

There are list benefits which are provided to the fixed deposit customer from State Bank of India.

  • Use one time investment or monthly investment plan under fixed deposit
  • Open a Fixed Deposit account with minimum amount of INR 1000
  • Get fixed return on your amount at the end of tenure
  • Enjoy fixed interest rates for throughout the tenure
  • Get eligibility to loan over the savings funds SBI loans options
  • Eligible for tax deduction under 80C up to a limit of 1.5 lakhs per annum

State Bank of India Fixed Deposit Eligibility

There are eligibility criteria which are to be met to open an account in State Bank of India for saving funds. Only eligible candidates will be allowed to use the fixed deposit scheme.

  • Individual to hold PAN card
  • Indian Resident
  • NRI
  • Sole proprietorship firms
  • Limited companies
  • Partnership firms
  • Trust society account

SBI Fixed Deposit Calculator – How to Use It?

Any individual who is using the State Bank of India Fixed deposit scheme capitalizes these formulas to calculate their future returns. These future returns will be assured and will be handed over to individual post completion of tenure.

M= P+P {(1+i/100) t-1}

Here, M is the total return, P is the principal invested amount, t is tenure and I am the interest rate applied.

Documents for SBI Fixed Deposit Monthly Income Scheme

Here is the list of documents which required to open a fixed deposit scheme from State Bank of India.

  • PAN card of the customer
  • Declaration form Income tax on form 60/61
  • Photograph of Customer
  • Aadhaar card or passport for identification
  • Certification of birth for age proof
  • Residential proof certificate
  • Bank account details in SBI

The amount deposited in the fixed account can change anytime by customer and applicable future interest rate along with the fixed return will automatically calculated.

What is the interest rate for 1 Lakhs in SBI for 1 month?

A. The state bank of India brings a minimum interest rate of 2.90 percent for senior citizens and 3.40 percent for non-senior citizens for savings for a period of 1 month. The interest rate will be minimum for a short time and will slightly vary with funds to be deposited.

Can I increase my monthly investment in SBI Fixed deposit?

A. The customers who have access to SBI internet banking can use their fixed deposit page and change the monthly contribution anytime as per their convenience. The changes made will be applicable with the next cycle and a similar rate of interest will be applied in future.

Can I cancel my SBI Fixed Deposit Monthly income scheme?

A. The SBI fixed deposit monthly income scheme can be anytime canceled by the customer by using the online option or visiting the branch. The bank manager or exec will calculate the exact return as per current date and will deposit back to your savings account in quick time.

4. Can I get monthly interest on my SBI fixed deposit scheme?

A. Yes, the SBI fixed deposit monthly income scheme is designed in a way that allows you to get interest per month on the amount that you have deposited.

Disclaimer: Above the above published information is only for reference purpose. For any changes in the content, we refer to visit the concerned official website, and we are not responsible for anything.

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