The fixed deposits offered by the State Bank of India (SBI) are a solution for investors, particularly senior citizens, searching for steady income. What's more? They are quasi-sovereign, i.e., with an inherent backing from the Government of India. SBI fixed deposit schemes for 5 years are available for a tenure ranging from 7 days to 10 years.
Save upto ₹46,800 in tax under Sec 80C
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This article discusses fixed deposit options offered by SBI for a tenure of 5 years. SBI fixed deposit schemes for 5 years offer up to 6.20% p.a. interest rate for senior citizen depositors and up to 5.40% p.a. interest rate for other depositors. Investing in an SBI fixed deposit scheme for 5 years is a simple and easy process.
The following persons are eligible to open an SBI fixed deposit account for 5 years:
Following are the benefits provided by the SBI FD schemes:
SBI has two methods of FD account opening - online and offline mode.
For the online method of opening a fixed deposit account, you need to follow these steps:
To open the account offline, you may visit the nearest SBI branch at your convenience. Submit the application form, complete the KYC process, and submit a cheque for depositing the principal. Your fixed deposit account will be ready. You are advised to fill in the nomination form to avoid any complications at the time of succession.