WHAT ARE THE FIXED DEPOSIT SCHEMES THAT ARE OFFERED BY STATE BANK OF INDIA ?
State Bank of India ( SBI )
SBI is the India's largest bank. SBI is a govt owned corporation which was known as the Imperial Bank of India until 1955. The govt of India holds 58.6% shares in SBI and the remain is divided by other shareholders. One among them is Life Insurance Corporation (LIC) of India which is not a promoter for SBI but still holds 14.99% shares in the bank.
SBI Fixed Deposit Schemes
SBI has a lot of schemes to choose from when it comes to choosing a term deposit that is ideal for your personal needs. Some of these are:
a) SBI Tax Savings Scheme, 2006
Under this savings scheme, any individual who is a resident of India or has a PAN number can apply for a term deposit. Minimum deposit amount is 1,000 and maximum amount in a year is 1.5 lakhs. Minimum period is 5 years & maximum period is 10 years. This plan, cannot be end before the initial 5 year period is over.
b) Reinvestment Scheme
In this scheme the deposit can be made for a minimum of 6 months to a maximum of 10 years. In case the amount deposited is less than Rs. 15 lakhs. Minimum installment is Rs.1000 and maximum installment is no limit. As applicable to term deposits with quarterly compounding. Paid out on maturity only.
c) SBI Multi Option Deposit Scheme (MODS)
These term deposits linked to savings account/current account. Minimum amount for such a deposit is 10,000 and the time period is 1 to 5 years. Withdrawals from this deposit can be done in multiples of 1,000 via cheques. Balance amount in your MODS will continue to earn term deposit rates applicable at time of initial deposit. You can create a MODS Account through Online SBI or by visiting your nearest branch.
d) Annuity Deposit Scheme
Under this Annuity Deposit scheme a person can deposit a lump sum amount and start receiving equated monthly instalments (EMIs) and the interest on the reducing amount, which starts a month after the deposit is made. The minimum amount for this scheme is 25,000 and maximum amount is no limit, can be opened for periods of 3, 5, 7 or 10 years.
e) Recurring Deposits
These term deposits feature provides an opportunity to build up savings like minimum monthly deposits of Rs. 100. Minimum period 12 months ( 1 Year) and maximum 10 years , overdraft and loan facilities of up 90% of the deposited amount.
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