SBI Fixed Deposit Double Scheme

How Does SBI Fixed Deposit Double Scheme Work?

The SBI FD Double Scheme offers higher fixed interest rates than that of regular FD rates. One of the best features of this scheme is that the interest is not paid, but rather gets reinvested 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.

Advantages of SBI Fixed Deposit Double Scheme

The SBI FD Double Scheme is one of the most preferred investment options in India. It helps your money grow in anticipation of receiving double the investment. The common advantages offered by the SBI Fixed Deposit Double Scheme in India are:

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 account opening online or offline, according to your convenience.

2. Competitive Interest Rates:

   The SBI FD Double Scheme offers higher interest rates than those of regular FDs, which helps you double your deposits at a predetermined time in the future.

3. Flexibility:

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

4. 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 deposit tenors less than 7 days.

5. Nomination:

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

6. Overdraft Facility:

   You can seek a loan on your deposit with applicable margins based on the remaining tenor.

Difference Between SBI Regular FD and SBI FD Double Scheme

An SBI regular FD and an SBI FD Double Scheme have certain differences in their core nature. Given below are the common differences between a regular FD and an FD Double scheme at SBI:

What is the Eligibility Criteria for Fixed Deposit Double Scheme?

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

• Both senior citizens and the general public qualify to establish an account through this scheme.

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

• The FD Double Scheme is open to applications from clubs, partnerships, and various organizations.

• HUF Karta, Firms, Companies, Local Bodies, and any other Government Department can invest in the SBI Fixed Deposit Double Scheme.

• Schools, colleges, and other educational bodies may also participate in this scheme.

• The SBI FD Double Scheme is accessible to joint-stock companies.

List of Banks Offering Fixed Deposit Double Scheme

Apart from the State Bank of India, some of the major banks that offer the Fixed Deposit Double Scheme are:

• HDFC Bank

• ICICI Bank

• Bank of Baroda

• Axis Bank

• Punjab National Bank

• Union Bank of India

• Canara Bank

Conclusion

The SBI Fixed Deposit Double Scheme is a specialized investment that aims to nearly double your principal at maturity through quarterly compounding. Offering higher interest rates than regular FDs, it's ideal for long-term investors seeking significant wealth growth rather than regular income. While providing flexibility in investment amount and essential facilities, it also entails penalties for premature withdrawals. Consider if this scheme aligns with your long-term financial goals.

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