| TENURE | REGULAR RATES | SENIOR CITIZEN |
| 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 year | 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% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 444 days (Amrit Vrishti) | 7.25% | 7.75% |
SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
The SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD) is a specialized savings account designed to hold and manage compensation amounts awarded to victims of motor accidents. The account provides for a systematic repayment of the principal amount and interest in monthly annuity installments.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
- Home
- FD Interest Rates
- SBI FD Interest Rates
- SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
SBI FD Interest Rates
SBI FD Interest Rates 2024 (Yearly Slabs) Highlights (September 2024)
| Tenure | SBI FD Interest Rates 2024 (in % p.a.) |
| For 400 days | 7.10% p.a. (highest slab rate) |
| For 1 year | 6.80% p.a. |
| For 2 years | 7.00% p.a. |
| For 3 years | 6.75% p.a. |
| For 4 years | 6.75% p.a. |
| For 5 years | 6.50% p.a. |
| Tax-Saving FDs | 6.50% p.a. |
Comparison Between
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
*For annual premium upto ₹5 Lacs
Features of SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
Below are the features of SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD):
-
Purpose: To deposit and manage compensation amounts awarded by tribunals or courts to motor accident victims.
-
Deposit Amount: There is no maximum limit for the deposit amount. The minimum deposit amount is determined based on a minimum monthly annuity payment of Rs. 1,000.
-
Tenure: The tenure of the account ranges from 36 to 216 months, as directed by the tribunal or court. For periods shorter than 36 months, a normal Term Deposit account will be opened.
-
Interest Rate: The interest rate is determined based on the tenure of the deposit. Deposits with a maturity period exceeding 120 months may be subject to a higher interest rate.
-
Receipts and Passbook: No receipts will be issued for MACAD deposits. A passbook will be issued for the account. For normal Term Deposits (less than 36 months), a Term Deposit advice will be issued.
-
Loans and Advances: Loans or advances against the annuity deposit are not allowed.
-
Nomination: Nomination facility is available for the account.
-
Payment: The annuity payments will start on the anniversary date of the month following the month of deposit. If that date is non-existent, the payment will be made on the 1st day of the next month.
-
Payment Methods: Annuity payments, premature closure payments, or part lump sum payments can only be made through a linked MACT claims SB account.
-
Account Transfer: Account transfers are not allowed without the permission of the tribunal or court.
-
Mode of Holding: The account can only be held by a single individual.
-
Additional Points to Consider Under SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD).
FD interest rates India have fallen consistently over the last 12 years.
Additional Points to Consider
-
The MACAD account is specifically designed to comply with the requirements of motor accident claims tribunals and courts.
-
The account offers a structured and secure way for victims to receive their compensation payments.
-
The interest earned on the deposit may be subject to taxation as per applicable laws.
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% |
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
SBI FD Interest Rates 2024 on Domestic Bulk Term Deposit of Rs. 2 Crore and above as of 10 October 2024
| Tenure | Regular Customers Interest Rates (p.a.) | Senior Citizens Interest Rates (p.a.) |
| 7 days to 45 days | 5.25% | 5.75% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.60% | 7.10% |
| 211 days to less than 1 year | 6.75% | 7.25% |
| 1 year to less than 2 years | 7.00% | 7.50% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.25% | 6.75% |
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FAQs
-
What is the minimum and maximum deposit amount for MACAD?
There is no maximum deposit limit. The minimum deposit amount is based on ensuring a minimum monthly annuity payment of â‚ą1,000 for the relevant period. -
What is the tenure of the MACAD?
The tenure ranges from 36 to 216 months, as directed by the Tribunal or Court. If the period is less than 36 months, a normal Term Deposit will be opened instead. -
What interest rate is applicable to MACAD?
The prevailing rate of interest will apply based on the tenure. For deposits exceeding 120 months, the interest rate applicable for a 120-month tenure will be applied, or as decided by the bank from time to time. -
Will I receive a receipt for the MACAD?
No, receipts are not issued for MACAD. However, a passbook will be provided. In the case of a normal Term Deposit (if the period is less than 36 months), a Term Deposit advice will be issued. -
Can I take a loan or advance against the annuity deposit?
No, loans or advances are not allowed against the annuity deposit. -
Is a nomination facility available for MACAD?
Yes, the nomination facility is available and should be made as directed by the Tribunal or Court.
*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
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