SBI Online : SBI Recurring Deposit : SBI Hikes FDs rates - mymoneykarma

SBI Online: Latest SBI Fixed deposits Interest rate

Latest Good news to the large number of depositors, especially retired people The India’s Largest Bank, State Bank of India (SBI) has revision interest rates in select maturities below Rs.1 Crore by 25

Bps with effects from 28^th may 2018.SBI has Increased the interest rates for fixed deposits from 6.4% to 6.65 % and for senior citizen from 6.9% to 7.15% with a maturity of 1 year to less than two years.

With a maturity of two to three years fixed deposits the interest rates has increased from 6.60 % to 6.65% and for senior citizen from 7.10 % to 7.15 % has increased.

There is no change in interest rates across other maturities.

To apply for SBI Fixed deposits you need to submit Pan card,Aadhar card and your photograph and its exception for SBI Customers.

Apply for SBI Fixed deposits through SBI Online and Offline.

Mymoneykarma provide an option to calculate your SBI Fixed deposit maturity amount using the financial tool and you can also choose the best scheme that’s needs for you.

Types of fixed deposit scheme:

1. SBI Term Deposit
2. SBI Tax Saving Scheme
3. SBI Fixed Deposit Reinvestment Plan
4. SBI MODS
5. SBI Recurring Deposit
6. SBI Annuity Deposit Scheme
7. SBI Flexi Deposit Scheme

For more details regarding the FDs rates and apply for fixed deposit through @ mymoneykarma

SBI Term Deposit: Depending up on the choice of the customer the SBI term deposit ranges from 7 days to a long term of 10 years.

SBI Tax Saving Scheme: this scheme is designed for tax exemptions with a fixed period of 5 years and the customer can also extend up to 10 years.

SBI Fixed Deposit Reinvestment Plan: In this scheme the quarterly interest is added to the principal amount and to that interest is calculated. So, interest is reinvested in the deposit amount as and when it accrues yielding interest and a higher maturity value.

SBI MODS (Multi option deposit scheme): this scheme provides liquidity in the form of withdrawal facility form the deposit account by linking it with a Savings or Current Account. TDS will be deducted on the interest earned at the applicable rates.

SBI Recurring Deposit: This scheme is like fixed period of time for monthly deposits.

SBI Annuity Deposit Scheme: Lump sum is deposited from where annuity payments are made.

SBI Flexi Deposit Scheme: A recurring deposit scheme wherein the deposit installment can vary.
Interest is compounded quarterly on the balance outstanding at the month end.

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