Country's largest lender, State Bank of India (SBI) has a huge range of deposit schemes for its customers. But most famous is as always the Fixed deposit (FD) scheme, that SBI offers to the account holders and they get assured returns. In an SBI FD account, the depositor can invest lump sum amount and can avail various features like choice of interest payout and liquidity through overdraft (OD) or premature withdrawal etc, as per the SBI website. The lender has revised its FD interest rates with effect from May 9th, 2019. 

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Here are 10 things to know about SBI's fixed deposit (FD) account:

1. The account holder can park a minimum of Rs 1,000 and there is no maximum limit on the investment, according to SBI.

2. The tenure of fixed deposits ranges from 7 days to 10 years, as per SBI. 

3. The interest on FD is payable monthly or quarterly as per the selected option during the opening of account. While in case of monthly interest payment, the interest is paid at discounted rates to the investor. 

4. The senior citizens account holders can avail 0.25 per cent extra interest rate on FDs over Rs. 10,000, as compared to general customers.

5. At present the interest rates for the general customers is 5.75-6.75 per cent on an FD up to Rs. 2 crore. Here are the following FD interest rates are applicable on deposits below Rs. 2 crore, as per the SBI website with effect from May 9th, 2019:

         Period                        General public (% p.a.)     Senior citizens (% p.a.)

7 days to 45 days                         5.75%                                           6.25%

46 days to 179 days                    6.25%                                            6.75%

180 days to 210 days                   6.35%                                            6.85%

211 days to less than 1 year       6.4%                                               6.9%

1 year to less than 2 year            7.0%                                              7.5%

2 years to less than 3 years         6.75%                                           7.25%

3 years to less than 5 years         6.7%                                              7.2%

5 years and up to 10 years           6.6%                                              7.1%

6. In case the depositor does not claim the maturity amount, it gets reinvested in the same deposit scheme of fixed deposit. 

7. It is important to note that the interest earned on fixed deposit is eligible for a tax deduction. In case the customer does not submit the relevant Form 15G/15H, TDS (Tax deducted at source) is deducted before crediting the intrest amount. 

8. SBI also offersthe facility to convert the fixed deposit into a special fixed deposit and vice-versa at same FD rates, as per the bank's website.

9. Premature withdrawal at the end of the withdrawal is allowed with a penalty. Also for a fixed deposit (FD) up to Rs 5 lakh, the penalty for premature withdrawal is fixes at 0.50 per cent for all tenors. While for fixed deposits above Rs 5 lakh but below Rs 1 crore, the applicable penalty is 1 per cent for all tenors, as per the website of SBI.

10. The bank also provides nomination and loan facilities to uits customers, availing FD deposit schemes.