SBI Fixed Deposit Double Scheme

The SBI Fixed Deposit Double Scheme is named Special Term Deposit to cater to investors looking to double their money at maturity. In other words, it is a reinvestment plan where the accrued interest is added to the principal to generate compounding benefits.

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Before delving into the features in the scheme, let us understand the elements of the Fixed Deposit Double Scheme.

Understanding SBI Fixed Deposit Double Scheme

The traditional SBI Fixed Deposit holds your invested funds for 7 days to 120 months duration and earns uniform interest rates until maturity. You can request interest payment periodically every month, half-yearly, or yearly. 

On the contrary, SBI Special Term Deposit does not pay interest but reinvests it in the account. Interest applied quarterly is reinvested for a compounding benefit. As a result, you receive the cumulative maturity value at the tenure’s end comprising the invested principal plus the accumulated interest.  

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SBI Special Term Deposit Interest Rates

The FD interest rates applied in the SBI Fixed Deposit Double Scheme are crucial to meeting your financial goals. Interest is applied quarterly and compounded for a cumulative maturity value to double your investment. 

Accordingly, the latest SBI FD interest rates applied in Fixed Deposits are tabulated below. 

SBI Domestic Term Deposit Rates up to  Rs. 2 Cr 
Tenors Account Holders (%) Senior Citizens %
7 days thru 45 days  2.90 3.40
45 days thru 179 days  3.90 4.40
180 days thru 210 days  4.40 4.90
211 days thru 1 year  4.40 4.90
1 year thru less than 2 years 5.10 5.60
2 years thru less than 3 years 5.10 5.60
3 years thru less than 5 years 5.30 5.80
5 years thru less than 10 years 5.40 6.20
Effective from 15 January 2022

Points to Note:

  • Senior Citizens are paid an additional 30 basis points for deposit tenors of 5 years and above under their “SBI WeCare” scheme up to 31 March 2022 

  • It is above the preferential 50 basis points paid to them

  • SBI staff earns a preferential 100 basis points over the card rate

SBI Special Term Deposit Maturity Value

It is time to check out the maturity values of your investment in the Special Term Deposit after thoroughly understanding the applicable interest rates. The grid below describes the approximate maturity value for every Rs. 100 invested over varying monthly tenors.  

Standard Table for Maturity Values on Rs. 100 Investment
Monthly Tenors General Public Staff
6 102.2121 102.7182
9 103.3364 104.1049
12 105.0945 106.1364
24 110.6670 112.8714
36 117.1114 120.6263
48 123.4428 128.4072
60 130.7600 137.3644
72 137.9654 146.3690
84 145.5677 155.9638
96 153.5890 166.1876
108 162.0523 177.0816
120 170.9819 188.6898
Up to 4 decimal places Effective from 15 January 2022

You get a glimpse of how your deposit doubles over increasing tenors due to quarterly compounding through the above grid. 

SBI Special Term Deposit Eligibility

All resident individuals are allowed to park their funds in the deposit. In addition, the following are significant:

  • You can operate the account singly or jointly. Minor accounts are self-operated or through a guardian. 

  • Apart from the individual investors, HUF Karta, Firm, Company, Local Bodies, and any other Government Department can invest in the deposit scheme. 

SBI Special Term Deposit Features

The primary reason for choosing the Special Term Deposit is to help your money grow in anticipation of receiving double the investment. However, the ultimate goal is to meet your life’s milestones and achieve your financial objectives. Thus, you must look at the scheme’s critical features to grasp how it works. 

  • You can avail of the scheme at all SBI branches.

  • The minimum tenor is 6 months, while the maximum is 120 months or 10 years.

  • Your minimum investment must be Rs.1000 followed by multiples of Rs.100, without any upper limit. However, an investment of Rs.2 Cr and above is classified as a bulk deposit. 

  • The interest in the deposit is compounded quarterly and paid only on maturity and the invested principal.

  • You can transfer the deposit across all SBI branches according to your choice.

  • You can seek a loan on your deposit with applicable margins based on the remaining tenor. The following is illustrative:

  • Up to 36 months: 5% margin.

  • More than 36 months but lesser than 60 months: 10% margin

  • More than 60 months: 15% margin. 

SBI Special Term Deposit Advantages

You have understood that bank deposits are safe and flexible investment vehicles offering an eclectic product range to meet your varied financial objectives. Thus, it is helpful to explore the several advantages that come with the SBI Special Term Deposit, not the least to double your money. 

  1. Hassle-free Account Opening

    You can open an account in any SBI branch after opening a savings account with them. The same customer ID allotted to you acts as the master identification to avoid KYC compliance once again. A simplified account opening form with an instruction to debit your account suffices. In addition, you can request the account opening online or offline, according to your convenience. 

  2. Flexibility

    You can choose the amount to invest and the tenor aligned to your specific financial objectives. Whether the deposit is big or small, there are no restrictions prescribed for the scheme. 

  3. Liquidity

    Though the deposit is for a contracted period, you are allowed to withdraw the deposit prematurely, subject to complying with the underlying conditions. So let us see what they are:

    • The penalty for premature withdrawal for deposits up to Rs. 5 Lac is 0.50% across all tenors. 

    • For deposits above Rs.5 Lac, the penalty is 1%.

    • The bank’s applicable interest for the deposit period is 0.50% or 1% below the card rate and 0.50% or 1% below the contracted rate, whichever is lower. 

    • However, you do not earn any interest on the deposit tenor lesser than 7 days. 

  4. Nomination

    You can assign a nominee while opening the account or later. In addition, you can change the nominee subsequently, anytime within the maturity date. 

In Conclusion

SBI Special Term Deposit is tailored for your goal to double your investment after a period. It is a safe investment vehicle with the option to stay invested for up to 10 years. In addition, you have the option to renew the investment for a like period without any restrictions. With attractive quarterly compounded interest rates, your search finally ends with the SBI scheme providing the means to double the investment.


  • Does SBI apply TDS to the accrued interest of their Special Term Deposit?

    As per the IT Act, 1961, the accrued interest in the scheme during a financial year is subject to TDS at applicable rates after considering exemptions.
  • Can you request a TDS waiver for the accrued interest in the SBI Special Term Deposit?

    According to your eligibility, TDS is not applied to the account if you submit a 15G or 15H form. However, the request is valid during the financial year it is submitted. 
  • How is the maturity value in the SBI Special Term Deposit disbursed?

    The maturity value of the deposit is transferred to the linked account. It is essential to understand that a maturity value above Rs.20000 is not cashable.
  • What is the fate of the deposit if the primary account holder dies before maturity?

    If it is a joint account, the deposit can continue until maturity after deleting the primary account holder’s name. However, the nominee is paid the closure proceeds for deposit in individual name.
  • Is the interest rate applied in the SBI Special Term Deposit floating?

    The applied interest is fixed throughout the deposit’s tenure ignoring the subsequent revisions.

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