SBI Multi Option Deposit Scheme

The Multi Option Deposit Scheme offered by State Bank of India allows the depositor to link his/her savings account with the deposit scheme. This way when the depositor is issuing a cheque, and if the amount written in the cheque is not available in the depositor’s savings account, then the amount will be directly deducted from the depositor’s FD account.

SBI Multi Option Deposit Scheme Eligibility Criteria:

Every Indian citizen and sometimes NRIs are allowed to opt for this scheme. The deposit account can be either single or joint, and non-individuals such as groups, HUFs, institutions, etc. can also avail the benefits of this scheme.

SBI Multi Option Deposit Scheme Features:

Account Type



Minimum: Rs.10,000/-

If further deposits are made, then they need to be in multiples of Rs. 1,000.

Maximum: No limit set

Rate of Interest

Minimum: 7.25% per annum

Maximum: 7% per annum

The rate of interest will depend on the deposit’s holding period.


Minimum: 365 Days

Maximum: 60 Months 


If more than Rs.10,000/- is the interest earned on the deposit; then tax can be deducted.  

10% or 20% is the tax rates applicable on basis of ability of depositor to mention details of PAN Card.

Loan against the scheme

Not allowed

Nomination (if any)


Auto Renewals


SBI Multi Option Deposit Scheme Interest Rates:


Interest rates (per annum)

1 Week to 45 Days


46 Days to 179 Days


6 Months to 210 Days


211 Days to less than 365 Days


365 Days to 455 Days


456 Days to less than 730 Days


730 Days to less than 3 Years


3 Years to less than 60 Months


60 Months and up to 120 Months


SBI Multi Option Deposit Scheme Interest Rates as of 01-12-2015:

From the above-mentioned interest rates, the Multi Option Deposit Scheme by SBI provides the senior citizens with an additional 0.25% interest on their deposits. Moreover, those who are the employees of SBI or are now retired from the organization gets 1% extra on their deposits.

Kindly Note: The interest rates offered by the bank are liable to change.


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