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Business News/ Money / Personal Finance/  Want to withdraw SBI FD before maturity? Know penalty charges and other rules
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Want to withdraw SBI FD before maturity? Know penalty charges and other rules

SBI FD premature withdrawal: A certain amount may be required to be paid by the depositor as a penalty to the bank
  • SBI offers fixed deposits (FDs) ranging from 7 days to ten years
  • SBI offers 80 bps higher to senior citizens on deposits maturing in five years and more. (Mint)Premium
    SBI offers 80 bps higher to senior citizens on deposits maturing in five years and more. (Mint)

    Bank fixed deposits (FDs) are one of the most preferred saving tools in India. Bank FDs offer a wide range of tenures to choose from, ranging from 7 days to up to 10 years. Fixed deposits can be broadly categorised into two types – FDs with premature withdrawal and FDs without premature withdrawal. In case of any crisis, depositors can opt for easy premature withdrawal from their fixed deposits. However, a certain amount may be required to be paid by the depositor as a penalty to the bank.

    Here are key things to know about SBI's premature withdrawal rules for fixed deposits (FDs):

    -For premature withdrawal from SBI FDs up to 5 lakh, customers are required to pay a penalty of 0.50 per cent across all maturities.

    -For premature withdrawal from SBI fixed deposits above 5 lakh but below 1 crore, the bank has fixed the penalty at 1 per cent for all tenors.

    -No interest will be paid on deposits which remain for a period of less than 7 days.

    SBI latest FD interest rates

    SBI FDs between 7 days to 45 days will now fetch 2.9% .Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 4.9% now instead of 5.1%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will give 5.4%. These rates are with effect from 10 September.

    7 days to 45 days - 2.9%

    46 days to 179 days - 3.9%

    180 days to 210 days - 4.4%

    211 days to less than 1 year - 4.4%

    1 year to less than 2 years - 4.9%

    2 years to less than 3 years - 5.1%

    3 years to less than 5 years - 5.3%

    5 years and up to 10 years - 5.4%

    SBI special FD scheme for senior citizens

    SBI offers 80 bps higher to senior citizens on deposits maturing in five years and more. If a senior citizen puts a fixed deposit under the special FD scheme - SBI Wecare', then interest rate applicable to the FD will be 6.20%.

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    Published: 18 Nov 2020, 10:26 AM IST
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