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SBI Fixed Deposit: Check Current Penalty Charges & Premature Withdrawal Rules
Fixed deposits are the ideal investment strategy for risk-averse investors because they allow customers to receive assured returns at fixed interest rates without having to endure market-based risks associated with other investment alternatives such as mutual funds. Bank FDs are available in a variety of tenures ranging from 7 days to up to 10 years. Fixed deposits are roughly classified into two types: those that allow for early or premature withdrawal and those that do not. In the event of a financial disaster, customers can elect for a premature withdrawal from their fixed deposits. But, as a penalty to the bank, the depositor may be obliged to pay a set amount. So if you are a customer of SBI and want to make a premature withdrawal from your fixed deposit, you must know about the rules and charges which are as follows:
SBI Premature Withdrawal Rules And Penalty Charges
- Customers must incur a 0.50 per cent penalty for premature withdrawals from SBI FDs up to Rs 5 lakh across all tenors.
- For premature withdrawals from SBI fixed deposits worth more than Rs 5 lakh but less than Rs 1 On deposits maintained for less than 7 days, no interest will be paid to the holder.
- For additional information, you can get in touch with the customer care team of SBI at toll-free number 1800-425-3800, 1800-11-2211 or 080-26599990.
SBI FD Rates For Regular Customers
Following the most recent adjustment, which took effect on January 8, 2021, SBI FDs with maturities ranging from 7 to 45 days will now return 2.9 per cent interest. Term deposits with terms ranging from 46 to 179 days will yield 3.9 per cent. FDs with maturities ranging from 180 days to less than one year will offer 4.4 per cent. Deposits with maturities ranging from one year to less than two years will fetch a 5% interest rate. FDs maturing in two to three years will yield 5.1 per cent. FDs maturing in 3 to 5 years will give 5.3 per cent, while term deposits maturing in 5 to 10 years will give 5.4 per cent.
| Tenure | Regular FD Rates |
|---|---|
| 7 days to 45 days | 2.90% |
| 46 days to 179 days | 3.90% |
| 180 days to 210 days | 4.40% |
| 211 days to less than 1 year | 4.40% |
| 1 year to less than 2 year | 4.90% |
| 2 years to less than 3 years | 5.10% |
| 3 years to less than 5 years | 5.30% |
| 5 years and up to 10 years | 5.40% |
| Source: SBI, W.e.f. 08.01.2021 |
SBI FD Rates For Senior Citizens
SBI provides elderly people with an additional 50 basis points on all tenors. Senior citizens will receive 3.4 per cent to 6.2 per cent on FDs maturing in 7 days to 10 years, according to the most recent modification. The SBI special FD scheme for the elderly would give interest rates that are 80 basis points (bps) higher than the rate offered to standard depositors. SBI now provides a 5.4 per cent interest rate on five-year fixed deposits to the general public. In contrast, the present interest rate for senior citizens is set at 6.20 per cent under the special FD scheme.
| Tenure | Senior Citizen FD Rates |
|---|---|
| 7 days to 45 days | 3.40% |
| 46 days to 179 days | 4.40% |
| 180 days to 210 days | 4.90% |
| 211 days to less than 1 year | 4.90% |
| 1 year to less than 2 year | 5.50% |
| 2 years to less than 3 years | 5.60% |
| 3 years to less than 5 years | 5.80% |
| 5 years and up to 10 years | 6.20% |
| Source: SBI |
4 Special FD Schemes Available For Senior Citizens Till June 30, 2021
Important update for SBI customers
The State Bank of India (SBI), India's largest lender, is going to modify the guidelines and charges for cash withdrawals from its ATMs and bank branches. The new restriction will go into force next month, according to the lender. The revised fees will apply to holders of Basic Savings Bank Deposit (BSBD) accounts. Every month, BSBD account users will be able to make four free cash withdrawals from ATMs and bank branches. For any transaction that exceeds the free limit, the bank will charge a fee of Rs 15 + GST. Cash withdrawal fees will apply at home branches, ATMs, and non-SBI ATMs. BBSD account holders will get 10 free cheque leaves every fiscal year from the bank. Following that, SBI will impose a fee for issuing cheques, which will be Rs 40 plus GST for 10 cheque leaves, Rs 75 plus GST for 25 cheque leaves, and Rs 50 plus GST for 10 leaves for an emergency Cheque Book. Senior persons, on the other hand, will be excluded from these cheque book service charges.
Non-financial and transfer (at all branch and other channels) transactions by BBSD account holders at home and non-home branches will be free of charge. SBI has officially upped the amount of cash that can be withdrawn by cheque to Rs 1 lakh per day. The daily limit for cash withdrawals using a withdrawal form and a savings bank passbook has been raised to Rs 25,000. Furthermore, third-party cash withdrawals have been limited to Rs 50,000 per month by cheque only. No cash payments to third parties via withdrawal forms will be permitted. The new ceilings are effective until September 30, according to the bank.
