SBI Fixed Deposit Scheme for 5 Years

SBI fixed deposit scheme for 5 years is 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 FD schemes for 5 years are available for a tenure ranging from 7 days to 10 years.

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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. 

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Eligibility

The following persons are eligible to open an SBI fixed deposit account for 5 years:

  • An Individual - resident Indian citizen or non-resident (overseas citizen of India or Person of Indian Origin) 

  • Sole proprietorships

  • Hindu Undivided Family

  • Society

  • Club

  • Association

  • Trust

  • Partnership firm

  • Company

Documents Required

    • For individuals, the documents required to open an SBI FD account are:

      • Latest Photograph

      • Self-attested copy of Permanent Account Number (PAN) card

    • Self-attested copy of one of the following official valid documents:

      • Aadhar Card

      • Passport

      • Driving Licence

      • Voter ID

    • For Public or Private Limited Company, the required documents are:

      • Certificate of incorporation or registration

      • Memorandum and articles of association

      • Board resolution for opening an account

      • Company PAN

      • Latest electricity bill or telephone bill or bank account statement.

      • KYC of the authorized signatories.

fd return beater
  • For a partnership firm, the required documents are:

    • Certificate of registration

    • PAN

    • Partnership deed

    • KYC of the authorized signatories

  • For Hindu Undivided Family, the required documents are:

    • PAN

    • Hindu Undivided Family (HUF) deed and declaration

    • KYC of Karta

  • For Statutory Board or Local Authorities, the required documents are:

    • Copy of the permission to invest granted by the Government Authority or respective Ministry

    • Certificate of incorporation or registration

    • PAN Card

    • Latest electricity bill or telephone bill or bank account statement

    • KYC of the authorized signatories

  • For Societies, the required documents are:

    • Certificate of incorporation or registration

    • Board resolution for the investment

    • PAN Card

    • Latest electricity bill or telephone bill or bank account statement

    • KYC of the authorized signatories

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Benefits of SBI Fixed Deposit Schemes for 5 Years

Following are the benefits provided by the SBI FD schemes:

  • Beating inflation – Beating the inflation rate is the essence of investing. SBI fixed deposit scheme for 5 years provide an interest rate of up to 6.20%, which is higher than the prevailing Consumer Price Inflation in India.

  • Ease of investing – SBI provides a fast and effortless process of investing in a fixed deposit. You can open an FD account from the comfort of your office or home. You may also invest in SBI fixed deposit schemes for 5 years by walking into any of the SBI branches, and the staff will be happy to help you with the offline fixed deposit account opening process.

  • Goal-based planning – SBI fixed deposit scheme for 5 years is a safe, low-risk debt instrument suitable for investors to earn steady returns. The stable nature of returns from the fixed deposit will enable investors to plan their financial goals, e.g., retirement income.

Guaranteed return plan Guaranteed return plan

How to invest in an SBI 5-year Fixed Deposit account?

SBI has two methods of FD account opening - online and offline mode. 

For the online method of opening a fixed deposit account and earning the benefits of SBI FD interest rate, you need to follow these steps:  

  • Open an SBI savings bank account for online banking

  • Visit their official website of SBI Bank

  • Log in with your user ID, Password, and One Time Password (OTP)

  • Under "Fixed Deposit," click on "Fixed Deposit (e-TDR / e-STDR)"

  • Type in the amount to be invested

  • Tick the 'Senior Citizen' option, if applicable

  • Select the term deposit options: 'STDR (Cumulative - Interest paid at maturity)' or 'TDR (Non-Cumulative - Interest paid at selected intervals)'

  • Select 'Tenure of Deposit' in terms of Days/ Months/ Years or a Maturity Date

  • Choose maturity instruction for your term deposit account from any of the below:

    • Auto-renew principal and interest 

    • Auto-renew principal and repay interest 

    • Repay principal and interest 

  • Enter the nominee's details to continue

  • Deposit the principal amount into your fixed deposit

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 and you can start earning the benefits of FD interest rates. You are advised to fill in the nomination form to avoid any complications at the time of succession.

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FAQs

  • What is the minimum investment amount for SBI 5-year Fixed Deposit?

    The minimum amount with which you can open an SBI 5-year FD is Rs 1,000 with incremental amounts in multiples of Rs 100.
  • What is the maximum investment amount for SBI 5-year Fixed Deposit?

    There is no maximum amount for investing in SBI's 5-year fixed deposit. A deposit of Rs 2 crore and more is classified as a bulk deposit, as per SBI policy.
  • What are the interest payment terms?

    Interest on SBI 5-year fixed deposit is payable to the depositor either quarterly or at maturity along with the principal. However, you may choose to receive interest at monthly, half-yearly, or yearly rests. Interest payable on monthly rests will be at a discounted rate compared to the quarterly coupon rate.
  • Can the SBI 5-year Fixed Deposit be opened at any SBI branch?

    You can open an SBI 5-year Fixed Deposit at any of the SBI branches in the country. What's more? You can transfer the deposit to any of the SBI branches in the country as per your preference.
  • Is the nomination facility available to all categories of depositors?

    The nomination facility is available to individual depositors only.

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