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

Single/Joint

Amount

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.

Tenure

Minimum: 365 Days

Maximum: 60 Months 

TDS

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)

Available

Auto Renewals

N.A.

SBI Multi Option Deposit Scheme Interest Rates:

Tenure

Interest rates (per annum)

1 Week to 45 Days

5.25%

46 Days to 179 Days

6.5%

6 Months to 210 Days

6.75%

211 Days to less than 365 Days

7%

365 Days to 455 Days

7.25%

456 Days to less than 730 Days

7.5%

730 Days to less than 3 Years

7.5%

3 Years to less than 60 Months

7%

60 Months and up to 120 Months

7

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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