SBI FD Scheme : The State Bank of India (SBI), the country’s largest and most trusted public sector bank, has recently introduced a powerful and attractive Fixed Deposit (FD) scheme. This new FD scheme is specifically designed with a maturity period of 36 months (i.e., 3 years) and is gaining attention for offering lucrative interest rates to both general citizens and senior citizens. If you’re considering a low-risk investment option that ensures guaranteed returns and security of your capital, this could be the ideal time to park your funds in SBI’s latest 36-month Fixed Deposit scheme.
Let’s explore in detail what this new SBI FD scheme offers, the interest rates applicable for different categories of investors, and the returns you can expect by investing ₹2,00,000 for a 3-year term.
SBI FD Scheme : Why the SBI 36-Month FD Scheme is a Great Investment Option
In times of fluctuating market conditions and unpredictable economic situations, Fixed Deposits continue to be one of the most trusted and secure investment instruments. SBI, being a government-backed bank with a long-standing reputation, provides investors a sense of safety and reliability when it comes to their deposits. With its new 36-month FD scheme, SBI aims to provide not just security, but also attractive returns to its customers.
One of the key highlights of this scheme is the differentiated interest rates offered to general citizens and senior citizens. Let’s take a look at what these rates are and how they translate into actual returns.
SBI FD Scheme : Interest Rates Offered in SBI’s 36-Month FD Scheme
As per the newly launched FD scheme by the State Bank of India:
-
General Citizens are offered an interest rate of 6.30% per annum.
-
Senior Citizens (aged 60 years and above) are eligible for a higher interest rate of 6.80% per annum.
This difference in interest rates ensures that senior citizens, who often rely on fixed income from their savings, get better returns on their investments, thus enhancing their financial stability during retirement.
SBI FD Scheme : Returns on Investment of ₹2,00,000 Over 36 Months
Let’s now understand how much return an investor would receive if they were to invest ₹2,00,000 under this scheme for a period of 36 months.
1. For General Citizens:
-
Investment Amount: ₹2,00,000
-
Interest Rate: 6.30% per annum (compounded quarterly)
-
Tenure: 36 months (3 years)
-
Maturity Amount: ₹2,41,252
-
Total Interest Earned: ₹41,252
So, if a general citizen deposits ₹2 lakh in the 36-month FD scheme at 6.30% annual interest, they will earn ₹41,252 in interest over the period. This takes their total maturity amount to ₹2,41,252.
2. For Senior Citizens:
-
Investment Amount: ₹2,00,000
-
Interest Rate: 6.80% per annum (compounded quarterly)
-
Tenure: 36 months
-
Maturity Amount: ₹2,44,839
-
Total Interest Earned: ₹44,839
For senior citizens, the same investment of ₹2 lakh yields a maturity value of ₹2,44,839, offering a higher interest income of ₹44,839 over 3 years due to the additional 0.50% interest rate benefit.
This clearly shows that senior citizens are at an advantage with this scheme, getting a better yield for the same investment amount.
SBI FD Scheme : Why You Should Consider Investing in This FD Scheme
Here are some compelling reasons to consider investing in SBI’s 36-month FD scheme:
1. Guaranteed Returns
Unlike equities or mutual funds, Fixed Deposits offer assured returns. There is no market risk involved, and your principal amount remains safe throughout the tenure.
2. Backed by India’s Largest Bank
SBI, being a government-owned bank, adds a layer of safety and trust. Depositors can rest assured that their money is in safe hands.
3. Attractive Interest Rates
While the Reserve Bank of India (RBI) has kept repo rates steady, SBI’s 36-month FD still offers attractive rates above the average savings account or short-term FD returns. Especially for senior citizens, the 6.80% rate is quite appealing.
4. Suitable for Medium-Term Goals
A 3-year FD is ideal for those planning for medium-term financial goals like buying a vehicle, planning a wedding, or saving for a child’s education.
5. Easy Liquidity (With Penalty)
In case of emergencies, SBI allows premature withdrawal of FDs (though with a nominal penalty), making it a liquid investment compared to other long-term lock-in instruments.
Additional Features and Benefits
-
Nomination Facility: SBI offers the option to nominate someone who can claim the FD proceeds in the event of the investor’s demise.
-
Loan Against FD: You can avail a loan or overdraft facility against your FD up to 90% of the deposit amount.
-
Online and Offline Booking: The 36-month FD can be booked through SBI’s YONO app, internet banking, or by visiting a nearby SBI branch.
-
Flexible Interest Payout Options: You can choose to receive interest at regular intervals (monthly/quarterly), or opt for cumulative interest at maturity.
SBI FD Scheme : Tax Implications
Interest earned on Fixed Deposits is fully taxable as per the investor’s income tax slab. Additionally, TDS (Tax Deducted at Source) is applicable if the interest income exceeds ₹40,000 for general citizens and ₹50,000 for senior citizens in a financial year. However, investors can submit Form 15G or 15H (for senior citizens) to avoid TDS, provided they meet the eligibility criteria.
Conclusion
SBI’s newly launched 36-month Fixed Deposit scheme stands out as an excellent investment option for both general and senior citizens. With attractive interest rates of 6.30% and 6.80% respectively, along with the safety and trust associated with the State Bank of India, this FD scheme offers a perfect blend of security, returns, and flexibility. Whether you are looking to park a lump sum for your medium-term financial goals or seeking a steady income stream post-retirement, this scheme deserves your serious consideration.
If you have idle funds sitting in your savings account or are looking for a safe investment option that delivers better returns, SBI’s 36-month FD scheme might be the perfect opportunity. Visit your nearest SBI branch or log in to your net banking account to invest today.
