Savings are an important aspect of our lives, and fixed deposits are a convenient and secure way of saving money for the future. This saving scheme assists you in expanding your investment portfolio and is highly suitable for businessmen and individuals. Fixed deposits offer a high rate of interest on the money with long-term benefits. If you’re planning to open a Fixed Deposit account in SIDBI and looking for the interest rates on FDs, read the below article comprising all details about SIDBI Fixed Deposit Rates.
SIDBI Fixed Deposit Rates – All You Need to Know
SIDBI, also known as the Small Industries Development Bank of India, is crucial in supporting and nurturing India’s MSME (Micro, Small, and Medium Enterprises) sector. Since its establishment in 1990, SIDBI has been the guiding force behind the growth of this vital industry. Through its dedicated efforts, it offers a range of beneficial schemes, including Term/Fixed Deposits, which financially stabilise entrepreneurs.
SIDBI’s Fixed Deposits are designed to offer attractive interest rates, ensuring that your hard-earned money grows steadily. The bank provides a variety of options, with the highest interest rate being an impressive 6.40% per annum. Meanwhile, the lowest rate stands at a respectable 5.50% per annum. With such competitive rates, investing in a SIDBI Fixed Deposit is wise.
Applying for a fixed deposit with SIDBI is hassle-free, offering both convenience and flexibility. You can choose to visit the nearest branch and interact with their friendly staff, who will guide you through the application process with care and professionalism. Alternatively, you can opt for the convenience of online banking, allowing you to apply for a fixed deposit from the comfort of your own home or on the go using your internet or mobile banking facilities.
Experience the warmth of personalized service at SIDBI and secure your financial future with their attractive Fixed Deposit options.
SIDBI Fixed Deposit Scheme Features
| Particulars | Details |
| Account Type | Single or Jointly |
| Interest Rates | Minimum: 6.25%Maximum: 6.35% |
| Tenure | Minimum: 1 yearMaximum: 5 years |
| Amount | Minimum: Rs.10,000 |
SIDBI Interest Rates for Fixed Deposits below 50,00,000
| Tenure | General Rate of Interest (Per Annum) | Senior Citizen Interest Rates (Per Annum) |
| 12 – 13 months | 6.25% | 6.40% |
| 14 – 37 months | 6.25% | 6.40% |
| 38 – 60 months | 6.35% | 6.50% |
SIDBI Interest Rates for Fixed Deposits Above Rs. 51Lakh and Below Rs. 2 Crore
| Tenure | General Rate of Interest (Per Annum) | Senior Citizens of Interest Rates (Per Annum) |
| 12 – 13 months | 6.25% | 6.40% |
| 14 – 36 months | 6.25% | 6.40% |
| 37 – 60 months | 6.35% | 6.50% |
SIDBI Interest Rates for Fixed Deposits Above Rs. 2 Crore
| Tenure | General Rate of Interest (Per Annum) | Senior Citizens of Interest Rates (Per Annum) |
| 12 – 13 months | 7.25% | 77.5% |
| 14 – 36 months | 7.25% | 77.5% |
| 37 – 60 months | 7.50% | 8.00% |
SIDBI Fixed Deposit Eligibility Criteria
The eligibility criteria for the fixed deposit scheme in SIDBI are as follows:
- Individuals over the age of 18
- Minors below the age of 18
- Corporates, an association or a group of people, and societies
- Hindu Undivided Families (HUF)
Documents Required for SIDBI Fixed Deposit Scheme
The documents required for the fixed deposit scheme in SIDBI are as follows:
- Proof of age
- Proof of address
- Proof of identity
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Frequently Asked Questions (FAQ’s)
Q1. Does SIDBI accept deposits?
Ans: Yes. You can make a minimum deposit of Rs. 10,000 and can then make deposits in multiples of Rs. 1,000. To open an FD in SIDBI, you need to open it for a minimum tenure of 1 year whereas the maximum tenure is up to 5 years.
Q2. Is SIDBI a government bank?
Ans: SIDBI is one of the four All India Financial Institutions the Reserved Bank of India regulates. Other three include India Exim Bank, NHB and NABARD. However, according to a recent report, NHB was found under government control by taking over 51% stake.
Q3. What is the special interest rate for senior citizens under the fixed deposit schemes in SIDBI?
Ans: Senior citizens get an extra discount of 0.50% under the fixed deposit schemes in SIDBI.
Q4. What is the fixed deposit interest rate in SIDBI?
Ans: SIDBI offers up to 5.25% per annum interest rate on fixed deposits for regular citizens and 5.75% per annum for senior citizens.
Q5. What is the minimum deposit amount for fixed deposit schemes in SIDBI?
Ans: The minimum deposit amount for fixed deposit schemes in SIDBI is Rs.10,000.
Q6. Does SIDBI accept deposits?
Ans: Yes. You can make a minimum deposit of Rs. 10,000 and can then make deposits in multiples of Rs. 1,000. To open an FD in SIDBI, you need to open it for a minimum tenure of 1 year, whereas the maximum tenure is up to 5 years.
Q7. What is the highest interest rate on FD schemes offered by the SIDBI?
Ans: 6.40% is the highest rate of interest on FD schemes by the SIDBI.
Q8. What is the lowest interest rate on FD schemes offered by the SIDBI?
Ans: 5.50% is the lowest rate of interest on FD schemes by the SIDBI.
