The tenor range offered by SBI for this scheme is from 5 – 10 years with a rate of return of 7.35 per cent per annum. If one chooses to invest in the scheme for 211 days to 1 year they will enjoy an interest rate of 6.90% per annum. Subsequently, if the investment is made for 1 to 2 years, an interest rate of 7.20 per cent per annum is provided. Investing in a Fixed Deposit (FD) account does not come with any risks as they are not linked to the market. State Bank of India (SBI) offers several FD accounts at attractive interest rates. The tenure of the FD account offered by SBI ranges between 7 days and 10 years.
State Bank Of India Fixed Deposit Interest Rate Calculator calculates the interest earned on a fixed deposit with the help of outlined components:
(1) Deposit Amount
It is an amount which an FD account holder wants to invest in the fixed deposit. It is also called principal. It is to be remembered that this amount can be deposited only once hence you have to decide the amount to be invested according to your investment objectives.
(2) Interest Rate
It is the rate of interest offered by the bank where you open the FD. It differs for different tenures. Once FD is opened for a specific tenure then the interest rate will remain the same for the whole tenure.
(3) Term of Deposit (FD Tenure)
It is the duration for which the amount is invested in an FD which may vary from 7 days to 10 years. In the calculator, you can select the tenure in days, months or year.
(4) Compounding of Interest
Interest can be compounded on monthly, quarterly, half yearly or annual basis. It can be a simple interest as well. You need to enter it based on the offer by the bank.
Get details on SBI Bank Loan Against Fixed Deposit ✔ Interest Rates ✔ Processing Fee ✔ Loan Amount ✔ Tenure ✔ Margin ✔ Features ✔ Benefits.
Single account holder can avail overdraft TDR and STDR online through internet banking, avail loan upto 90% of deposit. Loan amount for online overdraft against FD is Rs 25000 to Rs 5 Crore.
Table of Contents
- 1 SBI Loan Against Fixed Deposit Details
SBI Loan Against Fixed Deposit Details
Fee & Charges of SBI Loan Against Fixed Deposit
| Interest Rate | 1% above the relative time deposit rate. |
| Amount of Loan | Minimum Rs 25000 to Maximum Rs 5 Crore. |
| Processing fee | Nil. |
| Repayment Period | Upto 5 years. |
| Margin | Avail loan up to 90% of your Time Deposit value. |
| Type of loan | Demand Loan & Overdraft. |
Sbi Term Deposit Interest Rate
Eligibility to Avail SBI Loan Against Fixed Deposit
Customers (Single/ Joint Account Holder) holding SBI’s TDR/STDR / RD / including NRE/NRO/RFC and FCNR(B) Deposit can avail this loan. Single Account Holder can also avail Overdraft against TDR and STDR online through Internet Banking platform.
SBI Loan Against Fixed Deposit Advantage
- Loan up to 90% of the value of term deposit.
- Both Demand Loan and Overdraft Facility as per your need.
- Low interest rates.
- Interest rate on a daily reducing balance.
- Zero processing charges.
- No prepayment penalties.
Important Points About Loan Against Fixed Deposit From SBI
- The tenor cannot exceed 5 years.
- You cannot avail loan/overdraft facility against tax-saving fixed deposit (with a lock-in of 5 years).
- Banks provide loans only against their fixed deposits.
- SBI minimum amount 25,000 has an upper cap at Rs 5 crore.
- Suitable repayment schedule will be fixed depending upon the repayment capacity of the borrower. Maximum repayment period upto 5 years against STDR/e-STDR and upto 3 years against TDR/e-TDR respectively for Overdraft availed online
FAQs
How much overdraft limit can be availed – The customer will be able to avail 90% of his e-STDR / STDR value and 75% of his e-TDR / TDR as Overdraft facility on the Internet banking platform. At Branch level the customer can avail 90% of his underlying security value as Demand Loan/ Overdraft facility.
Minimum and maximum overdraft limit – The minimum loan amount for availing overdraft facility is Rs 25,000 and maximum overdraft limit can be availed against your Fixed Deposits Rs 5 Crore.
Overdraft be availed in joint name – No, currently only Customer holding TDR/STDR/e-TDR/e-STDR with SBI in Single name only can avail the facility online. Joint Account Holders have to visit SBI Branches for availing facility.
Repayment period – The maximum repayment period overdraft against e-STDR / STDR is 5 years, maximum repayment period overdraft against e-TDR / TDR is 3 years (residual period which is less, subject to minimum of 6 months).
