SBI Fixed Deposit For Girl Child

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.

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SBI Fixed Deposit Schemes

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. 

SBI Interest Rates On Domestic Term Deposits

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

  1. SBI Term Deposit

    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.  

    Important Features Of SBI Term Fixed Deposit For Girl Child

    • 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. 

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  2. SBI Special Term Deposit

    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.

    Important Features Of SBI Special Term Deposit For Girl Child

    • 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. 

    People also read: Best Child Plan

    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. 

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Benefits Of SBI Fixed Deposit For Girl Child

  • 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.

FAQ's

  • What is the minimum deposit amount for SBI fixed deposit for girl child?

    The minimum amount that one can deposit is Rs. 1000. Subsequent deposits can be increased in multiples of Rs. 100. 
  • Can I open an SBI fixed deposit account for my girl child?

    Yes, parents of a minor girl child can open an SBI fixed deposit account for their girl child. Alternatively, they can nominate their girl child to be entitled to the proceeds in the event of their death. 
  • Which is the best fixed deposit scheme for a girl child in India?

    SBI offers several options for parents to save for their girl child. SBI Sukanya Samriddhi Scheme offers the highest interest rate at 7.6% and is, therefore, an ideal choice for parents of a minor girl child.
  • Can I apply for loans with SBI fixed deposit?

    Yes, you can apply for a loan against your SBI fixed deposit account on the completion of a specific tenure.
  • Is premature withdrawal available with SBI fixed deposit for girl child?

    Yes, premature withdrawal option can be exercised if you have urgent liquidity needs. However, a penalty of up to 1% shall be levied on the amount withdrawn.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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