SBI Fixed Deposit Scheme – State Bank of India (SBI), the country’s largest public sector bank, has launched a special 210-day Fixed Deposit (FD) scheme offering attractive interest rates. This move is designed to cater to customers looking for secure short-term investment options with high returns. At a time when market volatility remains a concern, this limited-period FD scheme from SBI is attracting significant attention from both senior citizens and regular depositors. Let’s break down all the key details about SBI’s 210-day FD scheme, including interest rates, eligibility, benefits, and how to invest.
What is the SBI 210-Day Fixed Deposit Scheme?
SBI’s new 210-day Fixed Deposit is a short-term investment option that allows customers to lock in their money for just seven months and still earn comparatively high interest. The scheme is ideal for individuals who want safety, guaranteed returns, and liquidity within a short timeframe.
Key Features of the Scheme:
- Tenure: Exactly 210 days (around 7 months)
- Interest: Higher than regular short-term FDs
- Type: Fixed Deposit (Non-recurring)
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit (within RBI regulations)
- Premature Withdrawal: Allowed with penalty
- Eligible for: General public and senior citizens
Interest Rates on SBI 210-Day Fixed Deposit
The SBI 210-Day Fixed Deposit offers competitive interest rates, making it a strong choice for short-term investors. Regular customers can earn up to 6.25% interest, while senior citizens enjoy a higher rate of 6.75%. These rates are significantly better than those offered on standard short-term deposits, ensuring attractive returns in just seven months. SBI has announced attractive interest rates on this special FD, with senior citizens receiving a higher rate compared to general customers.
Interest Rate Table for SBI 210-Day FD
| Customer Type | Interest Rate (%) | Effective Yield (Approx.) | Tenure |
|---|---|---|---|
| Regular Customers | 6.25% | 6.41% | 210 days |
| Senior Citizens | 6.75% | 6.92% | 210 days |
| Bulk Deposits | 6.40% | 6.55% | 210 days |
| NRE Customers | Not Applicable | – | Not allowed |
| Tax Saver FD | Not Applicable | – | Not eligible |
| Auto-Renewal | Available | Based on prevailing rate | 210 days |
| Nomination | Available | – | Optional |
| Loan Facility | Up to 90% of FD | Interest + 1% | On request |
Benefits of SBI’s 210-Day FD Scheme
This FD plan offers multiple advantages, especially for customers who want to grow their savings in less than a year.
Top Benefits:
- Short-Term Commitment: Ideal for investors who don’t want to lock their funds for long.
- Higher Interest Rate: Better returns than a regular savings account or shorter-term deposits.
- Flexible Investment: Starts from ₹1,000 with no upper limit.
- Senior Citizen Advantage: Extra 0.50% interest for individuals above 60 years.
- Safe and Secure: Backed by India’s most trusted bank – SBI.
How to Open SBI 210-Day Fixed Deposit
Opening an FD under this scheme is quick and hassle-free. Customers can apply through both online and offline modes.
Step-by-Step Guide:
- Online via SBI Net Banking or YONO App:
- Log in to SBI net banking or YONO.
- Select “Fixed Deposit” under the deposit section.
- Choose the 210-day tenure and enter the deposit amount.
- Confirm and submit.
- Offline (Branch Visit):
- Visit your nearest SBI branch.
- Fill out the FD form and submit KYC documents.
- Deposit the amount at the counter.
Comparison With Other SBI FD Tenures
Let’s compare the returns of this 210-day FD with other popular FD durations offered by SBI.
| Tenure | Regular Rate (%) | Senior Citizen Rate (%) | Lock-in Period |
|---|---|---|---|
| 7 days–45 days | 3.50% | 4.00% | Short |
| 46–179 days | 4.75% | 5.25% | Short |
| 210 days | 6.25% | 6.75% | Moderate |
| 1 year | 6.80% | 7.30% | Longer |
| 2 years | 7.00% | 7.50% | Longer |
| 5 years | 6.50% | 7.00% | Long-term |
| Tax Saver 5 yr | 6.50% | 7.00% | Locked-in |
Who Should Invest in SBI’s 210-Day FD?
This scheme is best suited for individuals looking for:
- Safe parking of funds for 6–8 months
- Better returns than savings accounts
- A secure short-term alternative to volatile markets
- No-risk guaranteed returns
- Retirement-aged investors looking for low-risk growth
Things to Keep in Mind Before Investing
- Premature withdrawal attracts penalty (typically 0.50% – 1.00% lower rate).
- Interest is taxable as per your income slab.
- Not eligible for tax saving benefits under Section 80C.
- FD will auto-renew if not closed on maturity.
SBI’s 210-Day Fixed Deposit scheme is a strategic offering for those seeking short-term gains without risking their capital. With interest rates close to long-term deposits, it strikes a perfect balance between safety, liquidity, and returns. Whether you are a salaried individual, a senior citizen, or someone parking surplus funds, this scheme is worth considering—especially in uncertain financial times.
Frequently Asked Questions (FAQs)
Q1. Can I invest in SBI’s 210-day FD online?
Yes, you can open this FD using SBI’s net banking or the YONO app.
Q2. What is the minimum and maximum deposit amount for this scheme?
The minimum deposit is ₹1,000. There is no upper limit, subject to RBI guidelines.
Q3. Do senior citizens get any extra benefit?
Yes, senior citizens receive an additional 0.50% interest on the 210-day FD.
Q4. Is premature withdrawal allowed for this FD?
Yes, but it may attract a penalty in the form of reduced interest.
Q5. Will the interest earned be taxable?
Yes, the interest is fully taxable as per your income tax slab.