Eligibility for SBI Fixed Deposits

SBI Fixed Deposits are available to a wide range of individuals and entities, subject to standard banking norms and documentation requirements.

• 1

  Resident Individuals

  Indian residents eligible to open fixed deposits with SBI.

• 2

  Firms & Institutions

  Partnership firms, societies, trusts, and private or public limited companies are eligible.

• 3

  HUF (Hindu Undivided Families)

  HUF accounts are eligible to invest in SBI Fixed Deposits.

• 4

  Non-resident Indians and Persons of Indian Origin

  NRIs and Persons of Indian Origin (PIOs) can open NRE/NRO Fixed Deposits as per applicable rules.

Documents Required to Open SBI Fixed Deposit

Basic KYC documents are required to open an SBI Fixed Deposit, either online or at a branch.

• 1

  Identity Proof

  PAN Card, Aadhaar Card, Passport, Voter ID, or Driving Licence.

• 2

  Address Proof

  Aadhaar Card, Passport, Voter ID, Driving Licence, or other valid address proof.

• 3

  Photographs

  Recent passport-size photographs of the applicant.

• 4

  PAN Requirement (Optional Note)

  PAN is mandatory if the FD interest earned is taxable to avoid higher TDS deduction.

Apply via SBI NetBanking

Open an SBI Fixed Deposit online through SBI NetBanking in a few simple steps without visiting a branch.

1. 1

   Login to SBI NetBanking

   Visit the SBI NetBanking portal and log in using your user ID and password.

2. 2

   Select Deposit Scheme

   Go to the Deposit Scheme section and choose the Term Deposit option.

3. 3

   Enter FD Details

   Select the FD scheme, enter the deposit amount, tenure, and nominee details.

4. 4

   Choose Senior Citizen Option

   If applicable, select the senior citizen option to avail higher interest rates.

5. 5

   Review and Submit

   Accept the terms and conditions and submit the request to open the FD.

Apply via SBI YONO App

Open an SBI Fixed Deposit instantly using the SBI YONO mobile app.

1. 1

   Login to YONO App

   Download and open the SBI YONO app and log in using your credentials.

2. 2

   Navigate to Fixed Deposits

   Go to Deposits and select the Fixed Deposits option.

3. 3

   Enter Investment Amount

   Enter the amount you wish to invest and choose the FD tenure.

4. 4

   Confirm and Submit

   Accept the terms and conditions and submit the application.

Apply at SBI Branch

Open an SBI Fixed Deposit by visiting your nearest SBI branch.

1. 1

   Visit Branch

   Visit the nearest SBI branch and request a Fixed Deposit application form.

2. 2

   Submit Documents

   Fill in the required details and submit the form along with KYC documents.

3. 3

   Deposit Amount

   Deposit the FD amount as per the chosen scheme and tenure.

Investments made in the SBI Tax Savings Fixed Deposit are eligible for income tax deduction under Section 80C of the Income Tax Act. The maximum deduction allowed is up to ₹1.5 lakh per financial year. This FD comes with a mandatory lock-in period of 5 years, during which premature withdrawal is not allowed. Example: If you invest ₹1,00,000 in an SBI Tax Saver FD, you can claim a deduction of ₹1,00,000 under Section 80C while filing your income tax return.

Interest earned on SBI Fixed Deposits is fully taxable as per the investor’s applicable income tax slab. The interest income must be declared under “Income from Other Sources” while filing the income tax return. Example: If you earn ₹25,000 as interest from an SBI FD in a year, this amount will be added to your total taxable income and taxed as per your slab rate.

SBI deducts Tax Deducted at Source (TDS) on FD interest if the total interest earned in a financial year exceeds the prescribed limit. PAN is mandatory to avoid higher TDS deduction. Example: If your SBI FD interest exceeds the TDS threshold in a year, SBI will deduct TDS before crediting the interest to your account.

PAN is mandatory for SBI Fixed Deposits if the interest earned is taxable. In case PAN is not provided, SBI may deduct TDS at a higher rate as per income tax rules. Example: If you do not submit PAN while opening an SBI FD and your interest is taxable, higher TDS will be deducted from your interest payout.

What is the minimum amount required to open an SBI Fixed Deposit?

The minimum amount to open an SBI Fixed Deposit is ₹1,000, making it affordable for most investors.

What is the tenure range for SBI Fixed Deposits?

SBI Fixed Deposits can be opened for tenures ranging from 7 days to 10 years, depending on the FD scheme chosen.

Do senior citizens get higher interest rates on SBI FDs?

Yes, senior citizens receive additional interest over regular FD rates. Some special schemes like SBI We-Care offer extra benefits for long-term deposits.

Can I withdraw my SBI Fixed Deposit before maturity?

Yes, premature withdrawal is allowed for most SBI FD schemes, but a penalty may be applicable. Some non-callable FDs do not allow early withdrawal.

Is SBI Tax Saver Fixed Deposit eligible for tax benefits?

Yes, the SBI Tax Savings Scheme qualifies for tax deduction under Section 80C, with a 5-year lock-in period.

Are SBI FD interest rates fixed for the entire tenure?

Yes, once an SBI FD is booked, the interest rate remains fixed till maturity, regardless of future rate changes.

Can I take a loan against my SBI Fixed Deposit?

Yes, SBI allows customers to avail a loan or overdraft facility against their fixed deposit, usually up to 90% of the FD value.

How is interest paid on SBI Fixed Deposits?

Interest can be paid monthly, quarterly, or at maturity, depending on the payout option selected while opening the FD.

Is PAN mandatory for opening an SBI Fixed Deposit?

PAN is mandatory if the interest earned is taxable. If PAN is not provided, higher TDS may be deducted.

Can NRIs open Fixed Deposits with SBI?

Yes, Non-Resident Indians (NRIs) can open NRE and NRO Fixed Deposits with SBI, subject to applicable rules.