SBI FD Scheme – The Indian government, in collaboration with major banks like State Bank of India (SBI), has introduced a new fixed deposit (FD) scheme aimed at supporting families, particularly women. By investing ₹2,22,222 in your wife’s name under the SBI FD scheme, families can now enjoy higher interest earnings and special tax-saving benefits. This initiative not only encourages savings but also empowers women financially through exclusive account benefits.
What Is the SBI Family Fixed Deposit Scheme?
The new SBI Family FD Scheme is tailored for individuals looking to secure their family’s future with guaranteed returns. It allows husbands to deposit a specific amount, such as ₹2,22,222, in their wife’s name, thereby unlocking higher interest rates and additional perks.
Key Features:
- Targeted specifically for female account holders
- Encourages long-term saving within families
- Offers competitive interest rates
- Eligible for tax benefits under Section 80C
- Special maturity options with flexible tenures
Benefits of Depositing in Wife’s Name
Depositing a fixed amount like ₹2,22,222 in your wife’s name under the SBI FD scheme offers multiple financial advantages. Not only does it help in tax planning and wealth distribution within the family, but it also empowers the non-earning spouse by giving her financial independence. Additionally, certain banks offer slightly higher interest rates for female account holders, making it a smarter and more rewarding investment choice.
Major Benefits:
- Higher Interest Rate: Women FD holders may get additional 0.20% interest.
- Tax Planning: Income may be clubbed, but gifting to spouse has separate exemptions.
- Security for Non-Earning Spouse: Gives financial control and stability.
- Nomination & Inheritance: Easier and clearer wealth transfer process.
- Women Empowerment: Encourages financial inclusion for women.
Interest Rate Table – SBI FD Scheme (2025)
Below is a comparative table of interest rates applicable under the new scheme, showing how much interest you can earn on ₹2,22,222 deposited for different durations.
| Tenure | Regular Interest Rate | Women FD Bonus Rate | Total Annual Return | Estimated Maturity Amount |
|---|---|---|---|---|
| 1 Year | 6.80% | +0.20% | 7.00% | ₹2,37,778 |
| 2 Years | 7.00% | +0.20% | 7.20% | ₹2,55,362 |
| 3 Years | 7.10% | +0.20% | 7.30% | ₹2,74,500 |
| 5 Years | 7.50% | +0.20% | 7.70% | ₹3,22,716 |
| 7 Years | 7.60% | +0.20% | 7.80% | ₹3,61,438 |
| Tax-Saver (5Y) | 7.50% | +0.20% | 7.70% | ₹3,22,716 |
| Senior Citizen | 8.00% | +0.00% | 8.00% | ₹3,38,496 |
How to Open SBI FD in Wife’s Name?
Opening a fixed deposit account in your wife’s name is a simple and secure process. Follow these steps to get started:
Step-by-Step Process:
- Visit the nearest SBI branch or log into your SBI online banking account.
- Choose the ‘Fixed Deposit’ option under account services.
- Select the amount (e.g., ₹2,22,222) and tenure.
- Enter your wife’s name as the account holder (if joint, ensure primary holder is wife).
- Submit KYC documents (Aadhaar, PAN, Passport size photo).
- Confirm and generate the deposit certificate.
Tax Benefits & Legal Provisions
One of the key attractions of this scheme is the tax advantage it offers. However, it’s essential to understand the clubbing rules and exemptions applicable.
Taxation Highlights:
- Gift to wife is exempt under Income Tax Act.
- Interest income may be clubbed with husband’s income under Section 64(1).
- Investment amount qualifies for 80C benefits (if deposited in wife’s name with her PAN).
- TDS applicable if annual interest exceeds ₹40,000 (₹50,000 for senior citizens).
Why Families Are Choosing This Scheme
With inflation rising and market volatility high, families are now turning to guaranteed return instruments like FDs. This SBI initiative is seen as a low-risk and high-value saving plan, particularly appealing to middle-class households.
Reasons for Surge in Demand:
- Safety of capital with assured returns
- Additional benefits for women
- No impact from stock market fluctuations
- Easy online management via SBI YONO app
- Trust in government-backed banks like SBI
Sample Returns – FD Growth Chart for ₹2,22,222
Below is a chart showcasing the maturity value of a ₹2,22,222 deposit over different periods under this scheme:
| Investment Year | Principal (₹) | Interest Earned (₹) | Total Maturity (₹) |
|---|---|---|---|
| 1 Year | 2,22,222 | 15,556 | 2,37,778 |
| 2 Years | 2,22,222 | 33,140 | 2,55,362 |
| 3 Years | 2,22,222 | 52,278 | 2,74,500 |
| 5 Years | 2,22,222 | 1,00,494 | 3,22,716 |
| 7 Years | 2,22,222 | 1,39,216 | 3,61,438 |
The new SBI Fixed Deposit plan in the name of one’s wife is a smart move for families looking to enhance financial security, earn guaranteed returns, and take advantage of tax benefits. With increasing focus on women’s financial inclusion, this scheme aligns perfectly with both personal and national financial goals. If you’re planning to invest a safe lump sum, this could be an excellent choice for long-term growth and peace of mind.
Frequently Asked Questions (FAQs)
1. Can I invest any amount in my wife’s name under SBI FD?
Yes, but ₹2,22,222 is suggested for optimal tax and interest benefits.
2. Will the interest be taxed in my wife’s name?
Possibly, but it may be clubbed with the husband’s income under tax rules.
3. What is the minimum tenure for this FD?
The minimum tenure is 7 days; however, tax-saving FDs require 5 years.
4. Can this be done online?
Yes, through SBI’s YONO app or net banking platform.
5. Is nomination facility available?
Yes, you can nominate any family member while opening the FD.