SBI Fixed Deposit for the girl child is a risk-free investment or savings avenue for parents to explore. The deposits earn an interest of 2.9% to 5.5% depending on the tenure of the account for deposits below Rs. 2 Crore. SBI also offers savings options for girl child such as Sukanya Samriddi Yojana, SBI Pehla Kadam, and SBI Pehli Udaan.Read more
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SBI offers two FD options to parents of girls or any minors to create a corpus for them. These are SBI Term Deposit and SBI Special Term Deposit. These SBI fixed deposits for girl child can ensure that they don’t have to struggle for finances related to their education, marriage, or other needs. Parents can either nominate their girl child to receive the maturity payouts or transfer the account in their name once they reach the age of 18 years.
|Deposit Amount||Interest Rate|
|Deposits of below Rs. 2 Crores||2.9% to 5.5% (varies per the tenure)|
|Deposits of Rs. 2 Crores & above||3.10%|
Let’s look at the features of SBI fixed deposit schemes for girl child.
SBI term deposit account allows parents to deposit a lump sum amount against which they earn interest of up to 5.5% per annum. The interest earned depends on the tenure of the account and the amount deposited.
There is no maximum limit to the amount that a parent may want to deposit for their girl child.
Parents can claim the interest amount quarterly to pay for the needs of their child or get it at maturity along with the whole sum.
Loans can be availed against the deposit amount to take care of urgent liquidity needs of the girl child.
The account can be transferred in the name of the girl child once they reach the age of 18 years.
Parents can also nominate the child to receive the benefit amount should they pass away before the end of the tenure.
This SBI fixed deposit account is a variant of the SBI Term Deposit; the only difference lies in the interest payout. With SBI Special Term Deposit, the quarterly compounded interest is only paid out at maturity. Therefore, parents of the girl child can claim the entire benefit under this SBI FD scheme at the end of the chosen tenure.
Parents can choose from a deposit period of 6 months to 10 years, at the completion of which they can claim the benefit amount along with the interest.
Loans can be availed to finance the needs of your girl child, be it their education or other needs such as medical treatment.
A girl child can have her own account or through their parent/guardian with the SBI special term deposit scheme.
The girl child can be nominated to receive the maturity payout on the death of the parent on whose name the account was originally opened.
Apart from these SBI fixed deposits for girl child, parents can also look at SBI Sukanya Samriddhi Yojana for girl children below the age of 10 years to grow a sizeable corpus for them. The interest rate for this account is currently the highest at 7.6%. The only limitation to this scheme is that there is a cap on the maximum sum that one can deposit annually, viz Rs. 1.5 Lakhs.
Nomination - Parents with an SBI FD account can name their girl child as the nominee to receive the maturity amount. This ensures that no other party can claim the proceeds in the event of the parent's death.
Reasonable Interest Rate - FD accounts are associated with an interest rate that compounds quarterly and is added to the amount deposited. This accrued interest along with the maturity amount ensures increased returns.
Zero Risk - The returns from your SBI fixed deposit account is risk-free. You can rest assured that the amount you deposit shall earn interest and can be claimed in full at the time of maturity.
Tax Benefit - The capital gains from SBI fixed deposit for girl child are eligible for tax deductions up to a certain amount.
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