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SBI Fixed Deposit Double Scheme 2024

SBI offers its clients a number of choices for special-term deposits in addition to standard FDs. These SBI Fixed Deposit Double Scheme are made to meet the needs of different kinds of customers. SBI Tax-saving Scheme, SBI Special Term Deposit (also referred to as SBI Fixed Deposits Double Scheme), and SBI Sarvottam are a few examples of these unique FD programs.

Let’s talk about the features, eligibility requirements, interest rates, and other pertinent information about the SBI FD Double Scheme.

What is the SBI Fixed Deposit Double Scheme?

The conventional SBI fixed deposit (FD) plan, in which the invested money is retained for a period of time that can be anywhere from seven days to 120 months. Under this arrangement, you will get a constant interest rate until the FD expires. It is possible to ask the bank to pay you the returns you have earned in this manner on a monthly, half-yearly, or even annual basis.

The SBI Special Term Deposit, also known as the SBI Fixed Deposit Double Scheme, is an interest-free scheme in contrast to a standard FD. Instead, it reappears as quarterly interest in the FD account, providing compounding gains. Therefore, the investor gets an overall maturity amount at the end of the plan’s lifetime, which is made up of both the principle and the interest that has accumulated.

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SBI Fixed Deposit Double Scheme Interest Rates for 2024

The SBI Double Scheme’s interest rates are set to satisfy investors’ financial objectives. Quarterly interest is charged under this system, and it is compounded annually to double the amount invested by the time it matures.

The SBI FD rates of interest that are currently in effect are listed in the data table below:

Tenure Regular Account Holders Senior Citizens
7 – 45 days 3.00 3.50
46 – 179 days 4.50 5.00
180 – 210 days 5.25 5.75
1 year – up to 2 years 6.80 7.30
2 years – up to 3 years 7.00 7.50
3 years – up to 5 years 6.50 7.00
5 years – up to 10 years 6.50 7.50

Some things to note:

  • For Senior Citizens, the SBI Fixed Deposit Double Scheme  gives an additional 30 basis points if their deposit term is five years or more.
  • Additionally, they receive a bonus of 50 basis points.
  • Additionally, SBI employees receive an extra 100 basis points under the plan.

Value of SBI Special Term Deposit upon Maturity 

You may quickly verify the maturity values for your SBI Special Term Deposit if you are aware of the applied interest rates. The approximate value at maturation for INR 100 invested over various monthly periods is shown in the table below.

Maturity Value Table (100 Investment INR)

Tenure (monthly) General Public Staff
10 2.21 2.71
21 2.71 3.33
33 3.33 4.10
41 4.10 5.09
50 5.09 6.13
61 6.13 10.66
72 10.66 12.87
84 12.87 17.11
96 17.11 20.62
108 20.62 23.44
120 23.44 28.40
132 28.40 30.76
144 30.76 37.36
156 37.36 37.96
168 37.96 46.36
180 46.36 55.96
     

Eligibility for SBI Fixed Deposit Double Scheme

The eligibility criteria for SBI Fixed Deposit Double Scheme are mentioned below: 

  • Either one person or several people can manage the FD account. If the account holder is a minor, they can either operate it independently or through a guardian.
  • In addition to people, the plan allows investments from HUFs, Local Bodies, Firms, and any government departments.

Features of SBI Special Term Deposits

With the Special Term Deposit plan, investors may increase their money and, when the account matures, get twice as much as they originally invested. The plan’s ultimate purpose is to assist the investor in reaching their financial goals.

The following are some essential elements and advantages of the plan to comprehend:

  • The plan has a minimum term of six months and a maximum duration of ten years.
  • There is no maximum restriction on the amount you may invest under the scheme; the lowest amount is INR 1000. Any multiple for 100 will do. On the other hand, an investment of INR 2 crore or more is considered a bulk deposit.
  • Additionally, the interest earned on the SBI Special Term Deposit scheme is compounded quarterly and paid at maturity together with the principal amount.
  • Additionally, you have the option to transfer the deposit to any SBI bank in India.
  • In accordance with the plan’s duration, the program also enables investors to get loans based on their deposits.

Unique Characteristics or Features of the FD Double Scheme

The SBI Special Term Deposit offers the following benefits, which let you double your money in five years or more:

  1. Interest rate on the FD double plan

This scheme offers a profitable interest rate that encourages investors to double their investment amount over a set period of time.

  1. Easy Account Opening Process

The FD Double Scheme provides a straightforward and hassle-free way to open an account, which may be completed online via the official SBI portal or by physically visiting the bank.

  1. Loan Facility Accessible for FDs

Investors don’t have to worry about jeopardizing the deposit plan in order to take advantage of loans available against SBI FD Double programs. Therefore, in the event of a financial crisis, they will be safeguarded.

  1. Nomination Facility

The FD double plan also provides a nomination facility, enabling the depositor to choose a person who will get the deposit sum on that person’s behalf. This is in the terrible event that the FD beneficiary passes away before the FD matures.

  1. Option for Premature Withdrawal

Some banks may permit early withdrawal from the FD double plan. If the FD is withdrawn before maturity, there will be penalties. Thus, if it is an urgent situation that cannot wait, it is preferable to avoid it.

  1. Tax Deduction

Under the FD Double Scheme, taxes are withheld (TDS) from income. The bank subtracts TDS if a typical citizen earns over INR 40,000 in interest in a year. Similarly, TDS is withheld from elderly persons’ interest earnings if they earn INR over 50,000 in a year. If the investor divulges their PAN card information, 10% TDS is withheld; if not, 20% TDS is withheld.

Additional Benefits of the SBI Fixed Deposit Double Scheme

There are various benefits of SBI Fixed Deposit Double Scheme such as: 

  • The plan permits early withdrawal of the invested amount prior to the plan’s completion under specific conditions. For example, if the investment exceeds INR 5 lakh, there will be a penalty of 0.50% for each term.
  • If the deposit is INR 5 Lakh, there will be a 1% penalty.
  • If the investor deposits the funds for fewer than seven days, they will not be eligible to receive interest.

Normal FD vs. FD Double Scheme

Let’s compare Normal FD and FD Double Scheme:

Feature Normal FD FD Double Scheme
Tenure Selection Flexible tenure chosen by investor Predetermined fixed tenure
Interest Rate Varies based on chosen tenure, generally higher rates for longer durations Fixed interest rate throughout the scheme
Return on Investment Principal + accumulated interest at maturity Principal doubled at maturity
Interest Payment Received along with principal at maturity Reinvested automatically, compounding effect
Overall return Generally lower Higher due to compounding
Flexibility More flexible with choice of tenure, suitable for various financial goals Less flexible, best for long-term goals where doubling capital is desired
     

Interest rates comparison

Here is the interest rates comparison between FDs of different banks and SBI 

Bank Name Tenure (Months) Interest Rates
LIC 1 year – 5 years 7.25% – 7.75%
Post Office 1 year – 5 years 6.90% – 7.50%
Co-operative Bank 1 year – 5 years 6.00% – 6.35%
Axis Bank 6 months – 5 years 5.75% – 7.00%
Canara Bank 3 months – 10 years 5.50% – 6.70%
RBL Bank 3 months – 20 years 4.75% – 7.00%
Yes Bank 3 months – 10 years 4.75% – 7.00%
HDFC Bank 3 months – 10 years 4.50% – 7.00%
ICICI Bank 3 months – 10 years 4.50% – 6.90%
Bank of Baroda 3 months – 10 years 4.50% – 6.50%
Indian Overseas Bank 3 months – 10 years 4.50% – 6.50%
Punjab National Bank 3 months – 10 years 4.50% – 6.50%
UCO Bank 3 months – 10 years 4.50% – 6.10%
Bank of India 3 months – 10 years 4.50% – 6.00%
IDBI Bank 3 months – 20 years 4.50% – 4.80%
Equitas Bank 7 days – 10 years 3.50% – 7.25%
Indian Bank 3 months – 10 years 3.50% – 6.10%
Bandhan Bank 3 months – 10 years 3.00% – 7.85%
Union Bank of India 3 months – 10 years 3.00% – 6.70%
DBS Bank 3 months – 10 years 3.00% – 6.50%
SBI Bank 3 months – 10 years 3.00% – 6.50%

The SBI Fixed Deposit Double Scheme is designed to help you achieve your objective of doubling your investment over time. With a ten-year investment period, it’s a secure investment instrument. Furthermore, you are free to extend the investment for an equivalent length of time. Your search is now over since the SBI program offers the opportunity to double your money with its appealing quarterly compound interest rates.

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