With the help of SBI term Deposit you can avail some features like guaranteed returns, choice of interest payout, liquidity through OD or premature withdrawal.
Important Information on Term Deposit
| Minimum Deposit | Rs 1000 |
| Maximum Deposit | There is no limit for depositing maximum amount. |
| Mode of Interest Payment | The mode of Interest payment is based on the requirements of the customer. It could be
· monthly · quarterly · calendar quarterly |
| Benefits for Senior Citizen | Senior Citizen gets a benefit of 0.25% extra interest rate for an amount above Rs 10,000. |
| Payment of Interest | *The payment of monthly interest rate is at discounted rate.
*Even though the bank might change the interest rates, the interest rate is paid at the contracted rate and the changes does not matter. |
| Tenure | The tenure period is from 7 days to 10 years. |
| Loan Facility | Loans/OD upto 90% of the principal deposit. |
| Nomination Facility | Nomination afcility is avilable and is recommended. |
| TDS | If form 15G/15H is not submitted than TDS at prevalent rate is deducted. |
Terms and Conditions
- The premature penalty shall remain NIL for Retail Term Deposits up to Rs 5.00 lacs, despite of the fact that the deposits have remained with the bank for a period of at least 7 days.
- The prepayment penalty of 1% for all tenure (0.50% at present) is charged for term deposits above Rs 50 lacs but less than 1 crore.
- You can pay your interest on monthly intervals on a discounted rate.
- The interest rates are also paid on the basis of calendar quarterly.
- If form 15G/15H is not submitted than a TDS at prevalent Income tax rate is deducted.
- If maturity instructions are not give the bank has full rights to exercise aud renewal of the account.
