GL Projects
| Feature | Details | | :--- | :--- | | | ₹1,000 | | Minimum Tenure | 7 Days | | Maximum Tenure | 10 Years | | TDS Applicable | Yes (Above ₹40k interest/year) | | Loan Against FD | Yes (Up to 90% of value) | | Premature Withdrawal | Allowed (With penalty) | | Tax Benefit | Yes (Only on 5-year Tax Saver FD) |
Specifically designed for senior citizens to provide higher interest on long-term deposits.
You can choose to receive interest monthly, quarterly, or as a lump sum at maturity (cumulative).
SBI offers an auto-renewal facility. Upon maturity, the FD (principal + interest) can be automatically renewed for the same period as the original deposit, saving the customer the hassle of visiting the branch.
Log in to your Online SBI account and go to the ‘Fixed Deposit’ tab.