Reinvestment Plan

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Reinvestment Plan

This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon

Features

  • Minimum period of deposit - 6 Month
  • Maximum period of deposit- 10 Years
  • Available at all branches
  • Minimum deposit amount Rs. 1,000/- and thereafter in multiples of Rs. 100/-
  • Maximum deposit amount No Limitrs
  • A deposit of Rs. 1.00 crore and more is treated as bulk deposit.rs
  • Rate of interest as applicable to Term Deposits with Quarterly compounding.
  • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
  • The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.
  • Nomination available
  • Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
  • Loans / OD upto 90% of the Principal deposit. (interest may include)
  • Transferability among our branches Allowed
  • A TD can be opened in the sole name of minor who has completed 10 years of age and can sign uniformly. The amount of TD can be of maximum Rs. 2.00 lacs. TD is also opened in the name of minor (of any age) jointly, with guardianship. Maximum amount can be Rs. 20.00 lacs in such cases.
  • Mode of Holding Singly or Jointly
  • Payment of interest Paid out on maturity only.
  • TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.

Others

  • Flexibility to convert Term Deposit (regular interest payout) to STDR (cumulative interest payout) and vice versa.
  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.

Eligibility

  • Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department

Terms And Conditions

  • Premature closure available.
  • For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.

Interest Rates

6.90%* p.a.

w.e.f. 19.10.2020

*T&C Apply.

 

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