SBI Fixed Deposit Scheme for 5 Years

This article discusses fixed deposit options offered by SBI for a tenure of 5 years. SBI fixed deposit schemes for 5 years offer up to 6.20% p.a. interest rate for senior citizen depositors and up to 5.40% p.a. interest rate for other depositors. Investing in an SBI fixed deposit scheme for 5 years is a simple and easy process. 

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

No

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

No

Life Cover

No

Tax on Profit

Taxable

Risk

High Risk

VIEW PLANS

*For annual premium upto ₹5 Lacs

Eligibility

The following persons are eligible to open an SBI fixed deposit account for 5 years:

• An Individual - resident Indian citizen or non-resident (overseas citizen of India or Person of Indian Origin) 

• Sole proprietorships

• Hindu Undivided Family

• Society

• Club

• Association

• Trust

• Partnership firm

• Company

Documents Required

• For individuals, the documents required to open an SBI FD account are:

• Latest Photograph

• Self-attested copy of Permanent Account Number (PAN) card

• Self-attested copy of one of the following official valid documents:

• Aadhar Card

• Passport

• Driving Licence

• Voter ID

• For Public or Private Limited Company, the required documents are:

• Certificate of incorporation or registration

• Memorandum and articles of association

• Board resolution for opening an account

• Company PAN

• Latest electricity bill or telephone bill or bank account statement.

• KYC of the authorized signatories.

• For a partnership firm, the required documents are:

• Certificate of registration

• PAN

• Partnership deed

• KYC of the authorized signatories

• For Hindu Undivided Family, the required documents are:

• PAN

• Hindu Undivided Family (HUF) deed and declaration

• KYC of Karta

• For Statutory Board or Local Authorities, the required documents are:

• Copy of the permission to invest granted by the Government Authority or respective Ministry

• Certificate of incorporation or registration

• PAN Card

• Latest electricity bill or telephone bill or bank account statement

• KYC of the authorized signatories

• For Societies, the required documents are:

• Certificate of incorporation or registration

• Board resolution for the investment

• PAN Card

• Latest electricity bill or telephone bill or bank account statement

• KYC of the authorized signatories

Benefits of SBI Fixed Deposit Schemes for 5 Years

Following are the benefits provided by the SBI FD schemes:

• Beating inflation – Beating the inflation rate is the essence of investing. SBI fixed deposit scheme for 5 years provide an interest rate of up to 6.20%, which is higher than the prevailing Consumer Price Inflation in India.

• Ease of investing – SBI provides a fast and effortless process of investing in a fixed deposit. You can open an FD account from the comfort of your office or home. You may also invest in SBI fixed deposit schemes for 5 years by walking into any of the SBI branches, and the staff will be happy to help you with the offline fixed deposit account opening process.

• Goal-based planning – SBI fixed deposit scheme for 5 years is a safe, low-risk debt instrument suitable for investors to earn steady returns. The stable nature of returns from the fixed deposit will enable investors to plan their financial goals, e.g., retirement income.

How to invest in an SBI 5-year Fixed Deposit account?

SBI has two methods of FD account opening - online and offline mode. 

For the online method of opening a fixed deposit account and earning the benefits of SBI FD interest rate, you need to follow these steps:  

• Open an SBI savings bank account for online banking

• Visit their official website of SBI Bank

• Log in with your user ID, Password, and One Time Password (OTP)

• Under "Fixed Deposit," click on "Fixed Deposit (e-TDR / e-STDR)"

• Type in the amount to be invested

• Tick the 'Senior Citizen' option, if applicable

• Select the term deposit options: 'STDR (Cumulative - Interest paid at maturity)' or 'TDR (Non-Cumulative - Interest paid at selected intervals)'

• Select 'Tenure of Deposit' in terms of Days/ Months/ Years or a Maturity Date

• Choose maturity instruction for your term deposit account from any of the below:

• Auto-renew principal and interest 

• Auto-renew principal and repay interest 

• Repay principal and interest 

• Enter the nominee's details to continue

• Deposit the principal amount into your fixed deposit

To open the account offline, you may visit the nearest SBI branch at your convenience. Submit the application form, complete the KYC process, and submit a cheque for depositing the principal. Your fixed deposit account will be ready and you can start earning the benefits of FD interest rates. You are advised to fill in the nomination form to avoid any complications at the time of succession.

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