SBI Fixed Deposit Double Scheme: Interest Rate, Eligibility, Features & Benefits

Special Term Deposit is a SBI fixed deposit double scheme plan that caters to the investors who want to get double return on their investment. This plan is a reinvestment policy in which the interest accumulated is added to the primary investment amount to generate compounding returns.

Let us understand the features and other elements of the Fixed Deposit Double Scheme.

What is SBI Fixed Deposit Double Scheme?

The traditional scheme of SBI fixed deposit (FD) where the invested amount is held for a duration ranging from 7 days to 120 months. You get to earn an interest under this scheme which is uniform till the FD matures. The returns earned in this way can be requested from the bank to be paid to you periodically such as on a monthly basis, half-yearly basis or even yearly basis.

Contrary to the traditional FD, the SBI Special Term Deposit or the SBI Fixed Deposit Double Scheme is a plan that never pays interest. Rather, it reinvests the quarterly interest earned in the FD account to earn compounding benefits. Hence, at the end of the tenure of the plan the investor receives a cumulative maturity amount that comprises the principal together with the accrued interest.

Interest Rates of SBI Fixed Deposit Double Scheme 2025

The interest rates offered under the SBI Double Scheme are fixed to meet the financial goals of investors. This scheme levies quarterly interest that is compounded on a cumulative basis to double the investment at maturity.

Here’s the updated SBI FD interest rates mentioned in the table below:

Tenure	Interest Rates for Regular Account Holders	Interest Rates for Senior Citizens
7 – 45 days	3.00	3.50
46 – 179 days	4.50	5.00
180 – 210 days	5.25	5.75
211 – 1 year	5.75	6.25
1 year – up to 2 years	6.80	7.30
2 year – up to 3 years	7.00	7.50
3 year – up to 5 years	6.50	7.00
5 year – up to 10 years	6.50	7.50

 

Some points to consider:

• The SBI FD double scheme offers an added 30 basis points for Senior Citizens in case of deposit tenure that is 5 years and above.
• It also pays them a preferential 50 basis points
• Besides, the scheme offers preferential 100 basis points to SBI staff

Maturity Value of SBI Special Term Deposit 

If you understand the applied interest rates of your SBI Special Term Deposit, you can check its maturity values easily. The table below explains the rough value at maturity for INR 100 each invested with varying monthly durations.

Table for Maturity Values (INR 100 Investment)

Tenure (monthly)	General Public	Staff
6	102.2121	102.7182
9	103.3364	104.1049
12	105.0945	106.1364
24	110.6670	112.8714
36	117.1114	120.6263
48	123.4428	128.4072
60	130.7600	137.3644
72	137.9654	146.3690
84	145.5677	155.9638
96	153.5890	166.1876
108	162.0523	177.0816
120	170.9819	188.6898

 

Up to 4 decimal places Effective from 15 January 2025

Eligibility Criteria of SBI Special Term Deposit

• The FD account can be operated singly or jointly. In case of a minor, the account is operated through a guardian or is self-operated
• Apart from the individuals, HUFs, , Local Bodies, Firms and any government departments can also invest under the scheme

SBI Special Term Deposit Features

The Special Term Deposit is a plan that allows the investor to grow their money to receive back double the investment at maturity. The plan aims to help the investor to meet his/her ultimate goal of achieving their financial objectives.

Here are some critical features and benefits of the scheme to understand:

• The SBI Special Term Deposit can be availed at all the branches of SBI
• The minimum duration of the plan is 6 months and the maximum duration is 10 years
• The least amount you can invest under the plan is INR 1000, while there is no upper limit to the maximum amount. It can be any multiple of 100. However, if you invest INR 2 Crore and above, it is categorized as a bulk deposit
• Further, under the SBI Special Term Deposit plan, the interest is compounded on a quarterly basis and paid at maturity along with the principal amount
• Also, the deposit can be transferred across all the branches of SBI in India as per your choice
• The scheme also allows the investor to avail a loan on your deposit as per the tenure of the plan

Special Features or Attributes of the FD Double Scheme

Below are the various advantages that come with the SBI Special Term Deposit that allow you to double money in 5 years and above:

1. FD double scheme interest rate:

The interest rate offered under this scheme is lucrative, which supports the investors to double the invested amount over a particular time period

2. Simple Account Opening Process:

The FD double Scheme offers a simple and hassle-free option to start an account, which can be done either by visiting the bank physically or via an online process through the official SBI portal.

3. Loan Facility Available Against FDs:

The investor can avail of loans against the SBI FD Double schemes without the worry of breaking the deposit scheme. Hence, they can be protected if there is a financial crunch.

4. Flexible in Terms of Deposit Amount:

The investor under this scheme has the flexibility to select the sum to be deposited as per their financial condition.

5. Nomination Facility Available:

The FD double scheme also allows a nomination facility where the depositor would nominate an individual on his/her behalf to receive the deposit amount. This is in case of the FD account holder’s unfortunate death before FD maturity.

6. Premature Withdrawal Option Available:

Some banks might allow premature withdrawal of the FD double scheme. However, they will charge penalties for withdrawing the FD before maturity. Hence, it is better to avoid it unless it is an unavoidable emergency

7. Taxes Deduction:

TDS is deducted from the income earned under the FD Double Scheme. If the interest earned is more than INR 40,000 in a year for regular citizens, the bank deducts TDS. Similarly, if INR 50,000 or more is earned as interest in a year for senior citizens, TDS is deducted. 10% TDS is deducted if the investor discloses PAN Card details and 20% is deducted if the PAN card details are not revealed.

Other Advantages of SBI Special Term Deposit

• The plan allows the investor to withdraw the sum prematurely before completing its tenure as per certain conditions, such as;
• If the investment is up to INR 5 lakh, the penalty charged for premature withdrawal is 0.50% for all tenures
• In case the deposit amount is INR 5 Lakh, 1% penalty is levied
• The investor cannot earn any interest if the FD amount is deposited for a duration of less than 7 days

Normal FD vs. FD Double Scheme – Know the Difference

Normal FD	FD Double Deposit Scheme
Under this scheme, the FD account holder can select the investment period as per their choice	Under this FD scheme, the investor is required to deposit a fixed sum of money for a pre-decided term period
The rate of interest under this FD deposit scheme depends on the term selected by the investor. A longer FD investment duration allows higher interest rates for the investor	Here, the interest remains fixed for the entire duration of the FD. However, it ensures that the invested sum gets doubled by the end of the predetermined period
The account holder receives the principal amount along with interest at the time of FD maturity	The interest received on the sum invested gets reinvested in the scheme
	The FD double schemes offer a greater rate of return as compared to the regular FD schemes

FD Rates Comparison for Different Banks in India

Name of bank	Tenure of FD	Interest rates
Axis Bank	6 months – 5 years	5.75% – 7.00%
Bank of Baroda	3 months – 10 years	4.50% – 6.50%
Bank of India	3 months – 10 years	4.50% – 6.00%
Bandhan Bank	3 months – 10 years	3.00% – 7.85%
Canara Bank	3 months – 10 years	5.50% – 6.70%
Co-operative Bank	1 year – 5 years	6.00% – 6.35%
DBS Bank	3 months – 10 years	3.00% – 6.50%
Equitas Bank	7 days – 10 years	3.50% – 7.25%
HDFC Bank	3 months – 10 years	4.50% – 7.00%
ICICI Bank	3 months – 10 years	4.50% – 6.90%
IDBI Bank	3 months – 20 years	4.50% – 4.80%
Indian Bank	3 months – 10 years	3.50% – 6.10%
Indian Overseas Bank	3 months – 10 years	4.50% – 6.50%
LIC	1 year – 5 years	7.25% – 7.75%
Punjab National Bank	3 months – 10 years	4.50% – 6.50%
Post Office	1 year – 5 years	6.90% – 7.50%
RBL Bank	3 months – 20 years	4.75% – 7.00%
SBI Bank	3 months – 10 years	3.00% – 6.50%
UCO Bank	3 months – 10 years	4.50% – 6.10%
Union Bank of India	3 months – 10 years	3.00% – 6.70%
Yes Bank	3 months – 10 years	4.75% – 7.00 %