Most people do not venture into FDs because of the fear that when they have a sudden need for money, they may not be able to access it due to the rigidness of the scheme. Many banks now consider these aspects and design fixed deposit product that addresses all your concerns. When banking is moving to highly customer friendly ground, never let your money just sit in a savings account that offers very less interest. Let’s see here how the Fixed Deposit schemes offered by State Bank of India can help you in achieving your financial goals.
State Bank of India is the largest financial institution in India. It is a government-owned corporation and a multinational financial institution, which has become synonymous with the word ‘trust’. For any Indian, SBI would be a name that comes first to mind whenever he thinks of investment options.
How Fixed Deposit Schemes of SBI helps you?
There are several types of fixed deposit schemes offered by SBI. In Case of SBI FD Rates, Each one has its own features in terms of interest rates and returns. Read More
For Parents
If you want to save for the future of your children, a fixed deposit can be the ideal kind of investment. SBI offers junior savings plan that are built to suit exactly the needs of parents. You will not have to worry about education funds once your child grows up. You can keep adding to the deposited amount through roll over facilities. As you keep adding to the deposit amount the rate of interest also increases considerably. You can further link the interest earned from the FD to a savings account. The interest earnings can take care of your additional expenditure or become another savings option for your child.
For the Retired Community
Fixed Deposit is a great way to plan your retirement. If you plan smartly and put away a certain amount of money throughout your employment years it will come in handy during retirement. If you do not work for a company that gives pension, investing in Fixed Deposit is an ideal retirement plan. By the time you retire the money that you have saved as Fixed Deposit will earn enough interest to take care of your monthly expenditure. You can spend the rest of your retired life with peace of mind with the monthly interest gaining from your FD.
Middle aged Professionals
Professionals can take advantage of both short term and long term Fixed Deposit schemes offered by SBI. Investing in FD not only offers you higher returns, but helps you for your long term and short term financial goals like purchase of property, children’s education and marriage.
The best way to maximize the benefits of FD is to choose a longer tenure. Also one should allow the interest to be accumulated in their account, which is a sure shot way of increasing your savings systematically.
Fixed Deposit schemes offered by SBI
Tenure
|
General Interest Rates (w.e.f. 18.02.2014)
|
Interest Rate for Senior Citizens (w.e.f. 18.02.2014)
|
7 days to 90 days
|
7.5
|
7.5
|
91 days to 179 days
|
7.5
|
7.5
|
180 days to 210 days
|
7.0
|
7.0
|
211 days to less than 1 year
|
7.5
|
7.5
|
1 year to less than 2 years
|
9.0
|
9.25
|
2 years to less than 3 years
|
9.0
|
9.25
|
3 years to less than 5 years
|
8.75
|
9.0
|
5 years and up to 10 years
|
8.50
|
8.75
|
BankBazaar.com is the best platform to understand the FD schemes offered by SBI and the various benefits associated with it.
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