SBI Term Deposit, or Fixed Deposit (FD), accounts allow customers to park their lump sum amount to avail guaranteed returns, choice of interest payout, liquidity through overdraft or premature withdrawal. A minimum deposit of Rs 1000 is to be made as Term Deposit for a period of 7 days to 10 years. The bank pays an extra 0.25% interest rate to senior citizens. Premature withdrawal penalty - For retail term deposits up to Rs 5 lakh, the penalty is 0.50% for all tenors. For deposits between Rs 5 lakh and Rs 1 crore, the penalty is 1% for all terms. 

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SBI Multi Option Deposit Scheme (MODS)

MODS are FDs linked to the savings or current account of individuals. It allows customers to withdraw in multiples of Rs 1000 as per their need, while the balance amount continues to earn the applicable FD rates applicable at the time of the first deposit. The maximum tenure of MOD is 5 years, the minimum is one. 

SBI Fixed Deposit (FD) rates

SBI offers attractive rates up to 7.25 per cent on select scheme. 

Tenors Existing for Public w.e.f. 28.05.2018 Revised For Public w.e.f. 30.07.2018 Existing for Senior Citizens w.e.f. 28.05.2018 Revised for Senior Citizens w.e.f. 30.07.2018
7 days to 45 days
5.75
5.75
6.25
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.35
6.35
6.85
6.85
211 days to less than 1 year
6.4
6.4
6.9
6.9
1 year to less than 2 year
6.65
6.7
7.15
7.2
2 years to less than 3 years
6.65
6.75
7.15
7.25
3 years to less than 5 years
6.7
6.8
7.2
7.3
5 years and up to 10 years
6.75
6.85
7.25
7.35

*(SBI deposit rates accessed from the official website of the bank on 9 September 2018)

SBI tax saving deposit

Any Indian resident can himself as an individual or in the capacity of the karta of the Hindu undivided family, having Income tax Permanent Account Number (PAN), can invest in SBO Tax Saving scheme for a minimum tenure of 5 years and maximum 10 years. Premature withdrawal is not allowed from tax-saving deposit account. 

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Loan/Overdraft against FD: One can get up to 90 per cent of the value of the fixed deposit as loan. The bank provides both on demand loan and overdraft facility as per the customer's requirement, with zero processing charges, no pre-payment penalties and at low interest rates. A customer can avail a minimum Rs 25,000 and maximum up to Rs 5 crore (for online overdraft against fixed deposit).