SBI Reinvestment Plan

SBI Reinvestment Plan
Minimum Deposit Amount Rs. 1,000
Tenure 6 months to 10 years
Interest Rate 5.30% to 5.40%

SBI Reinvestment Plan is a term deposit scheme of up to 10 years. The minimum amount to invest is Rs. 1,000. The State Bank of India Fixed Deposit (FD) applies interest (compounding of interest) on the principal invested amount. The interest is paid in full with the principal amount at the time of maturity. You cannot withdraw the interest in regular intervals (monthly, quarterly, half-yearly, or yearly). You can also avail of a loan on this FD.

In this post, we will discuss SBI Investment Plan and Fixed Deposit features, eligibility criteria, interest rate, premature closure, returns, and frequently asked questions.

SBI Reinvestment Plan Eligibility Criteria

Eligible applicants (residents) under the following constitution are eligible under this scheme-

SBI Reinvestment Plan Interest Rate

Here are the details of the SBI Reinvestment Plan Interest Rate:

SBI Reinvestment Plan Premature Closure

Here are the applicable terms and conditions for this SBI Fixed Deposit Plan:

SBI Reinvestment Plan Returns

The standard chart to calculate the maturity value of a deposit of Rs. 100 corresponding to various tenures under SBI Reinvestment Plan is detailed here:

Period (in years) Public/ NRE/ NRO Scheme Staff Scheme
6 months 102.212 102.718
9 months 103.336 104.105
1 105.095 106.136
2 110.667 112.871
3 117.111 120.626
4 123.443 128.407
5 130.76 137.364
6 137.965 146.369
7 145.568 155.964
8 153.589 166.188
9 162.052 177.082
10 170.982 188.69

*The maturity value in this chart is calculated as per the IBA Master Chart of the bank.

Frequently Asked Questions about SBI Reinvestment Plan

Here are the FAQs:

1. In Which State Bank of India Branch is the Reinvestment Option Available?

This scheme is available in all the branches of the bank throughout the country. One can avail of the benefits of the SBI Reinvestment Plan in any branch across India.

2. Can You Transfer this SBI FD to Another Branch?

The account can be transferred anytime from one branch of the bank to another.

3. Can You Take a Loan against SBI FD?

Yes, you can avail of a loan against the fixed deposit. But the margin the bank applies depends on the tenure left for the FD’s maturity.

4. Is Option for Premature Closure Available?

You can preclose the FD before maturity. However, penalty charges will apply depending on how soon you close the fixed deposit and its value.

5. How Much Interest is Applicable on Rs. 2 crores and over FDs?

The interest applicable in this case is as per the bank’s discretion for bulk deposit interests.