SBI Floating Rate Bulk Term Deposit (FRBTD) is a deposit scheme where the interest rate is linked to an external benchmark, typically the Repo Rate. This means the interest rate on your deposit will fluctuate based on changes in the Repo Rate and/or a spread.
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
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*For annual premium upto ₹5 Lacs
Features of SBI Floating Rate Bulk Term Deposit (FRBTD)
Interest Rate: The interest rate is linked to the Repo Rate, ensuring it remains competitive with market rates.
Eligibility: All individuals (including NRIs) and non-individual customers can open FRBTD accounts. Minors are not eligible.
Tenor: The minimum deposit period is 91 days, and the maximum is 3 years. For NRE Rupee Term Deposits, the minimum period is 12 months
Deposit Amount: The minimum deposit amount is Rs. 2 crores, and subsequent deposits must be in multiples of Rs. 1,00,000. There's no maximum deposit limit.
Premature Withdrawal: A penalty of 1% applies for premature withdrawal of FRBTD for all tenors. No interest will be paid if the deposit is withdrawn before 91 days.
Loan/Overdraft: You can avail of a loan or overdraft facility up to 90% of your FRBTD amount. The interest rate will be 1.50% p.a. above the applicable floating interest rate.
Transferability: The deposit can be transferred between branches of SBI.
Benefits of SBI Floating Rate Bulk Term Deposit (FRBTD)
Competitive Interest Rates: The floating rate ensures your deposit earns interest that is competitive with market rates.
Flexibility: The interest rate adjusts to changes in the market, providing flexibility and potentially higher returns.
Loan Facility: The availability of a loan or overdraft can be convenient for short-term financial needs.
FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
SBI FD Interest Rates 2024 on Retail Domestic Term Deposits (Below Rs. 3 crore) as of 24 September 2024
Tenor
Interest Rates for General Citizens (in % p.a.)
Interest Rates for Senior Citizens (in % p.a.)
7 days to 45 days
3.50%
4.00%
46 days to 179 days
5.50%
6.00%
180 days to 210 days
6.25%
6.75%
211 days to less than 1 year
6.50%
7.00%
1 Year to less than 2 years
6.80%
7.30%
2 years to less than 3 years
7.00%
7.50%
3 years to less than 5 years
6.75%
7.25%
5 years and up to 10 years
6.50%
7.50%
SBI FD Interest Rates 2024 on Domestic Bulk Term Deposit of Rs. 2 Crore and above as of 10 October 2024
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply + Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023 #Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in