SBI Special Term Deposit
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon
Features
Minimum period of deposit – 6 Month
Maximum period of deposit- 10 Years
Available at all branches
Minimum deposit: Rs. 1,000/-, Maximum deposit: No upper Limit
A deposit of Rs. 2 crore and more is treated as bulk deposit
Interest on deposit is compounded quarterly and paid to depositor at the end of the term
Nomination available in favour of individual only
Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
Transferability allowed among our branches
TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
Loan against deposit is allowed with applicable margin as under:
| Residual tenor of Deposit as on Date of availing loan (For Public) | Margin |
|---|---|
| Up to 36 Months | 5% |
| >36 months & up to 60 months | 10% |
| >60 months | 15% |
Eligibility
Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department
Terms And Conditions
Premature closure available.
For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
