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Fixed Deposits

State Bank of Bikaner and Jaipur was established in 1963, it is a subsidiary of the State Bank of India. It is a merger of State Bank of Bikaner and the State Bank of Jaipur. While many of its branches are found mainly in Rajasthan, there are branches that can be found all over the country.

State Bank of Bikaner and Jaipur provides income saving schemes in the form of Fixed Deposits. The fixed deposit schemes can be availed through any of the bank’s branches located throughout the country or even online, wherever applicable.

SBBJ fixed deposit schemes are attractive investment options that help to maximize return on investments by the depositors. With competitive rates, flexible payout options and deposit tenures.
 

Types of Fixed Deposit Schemes Offered by State Bank of Bikaner and Jaipur

  • Term Deposit Scheme:  This is a traditional Fixed Deposit account where the accountholders have to deposit one-time money for fixed deposit tenure. This deposit scheme aims to provide liquidity and returns.
  • SBBJ Tax Saver Term Deposit scheme:  This deposit account provides benefits of tax exemption under section 80C of Income Tax Act to the individuals eligible for tax exemptions.
  • SBBJ Special Term Deposit Scheme: in this term deposit scheme, the minimum amount that can be deposited is Rs. 1000. Any further deposit can be made in multiples of Rs. 100. The SBBJ Special Term Deposit Scheme can be opened for periods that range between 6 months to 10 years, in multiples of three months.
  • SBBJ Capital Gain Scheme 1988: this fixed deposit scheme may be opened by a HUF, a group of people or an individual. The minimum amount that may be deposited under this scheme is Rs. 5000. The accountholders of this term deposit scheme are eligible for tax benefits under Sections 54, 54B, 54D, 54F and 54G of the Income Tax Act.
  • SBBJ Special Scheme for Senior Citizens:  this is a special scheme for senior citizens for flexible time period at a special rate of interest. In case of joint account, then this scheme will be applicable if the first holder in the account is a senior citizen.
  • SBBJ Flexi Deposit Scheme: this is a special fixed deposit scheme available for the Non-Resident Indians. Minors who are above the age of 10 may also avail of this scheme. The depositor must have a savings account with the State Bank of Bikaner and Jaipur. The minimum deposit amount in this scheme is Rs 5000. Any further deposits have to be made in multiples of Rs 1000. The term of this fixed deposit scheme is between 6 months to 60 months (5 years).

Rates of interest Charged by SBBJ

Rates of interest rates for Fixed Deposit accounts are reliant on two major aspects; one is, the duration of the term and two, the amount that has been deposited in the account. Senior citizen account holders are eligible for interest rates 0.50% higher than the general.

DEPOSIT  CATEGORY

DEPOSIT AMOUNT

INTEREST RATE

Domestic Deposit

Less than 1 crore

General Public

Senior Citizen

1 year

 

7.25

7.75

1 year to 3 years

 

7.25

7.75

3 years to 5 years

 

7.00

7.50

Domestic Deposit

Rs 1 crore to Rs 10 crore

 

 

1 year

 

7.20

7.45

1 year to 3 years

 

7.00

7.25

3 years to 5 years

 

6.75

7.00

Tax Saver Deposit

Rs 1 lakh

 

 

5 Years

 

7.00

7.50

NRO Fixed Deposit

Less than 1 crore

 

 

1 year

 

7.25

NA

1 year to 3 years

 

7.25

NA

3 years to 5 years

 

7.00

NA

NRO Fixed Deposit

Rs 1 crore to Rs 10 crore

 

 

1 year

 

7.20

NA

1 year to 3 years

 

7.00

NA

3 years to 5 years

 

6.75

NA

NRE Fixed Deposit

Less than 1 crore

 

 

1 year

 

7.25

NA

1 year to 3 years

 

7.25

NA

3 years to 5 years

 

7.00

NA

NRE Fixed Deposit

Rs 1 crore to Rs 10 crore

 

 

1 year

 

7.20

NA

1 year to 3 years

 

7.00

NA

3 years to 5 years

 

6.75

NA

Eligibility

The eligibility criteria that the State Bank of Bikaner and Jaipur states for opening a Fixed Deposit account is given below:

  • The applicant should be self-employed/professional
  • The applicant should be under employment and earning a  salary
  • The applicant can be a small trader
  • The applicant has to be a resident of India
  • The applicant can be a small trader
  • Hindu Undivided Families may apply
  • Minors may open a fixed deposit account with SBBJ either individually or along with someone else.

Tax Deductions Under the Re-Investment Scheme

The customers who have fixed deposit accounts with the State Bank of Bikaner and Jaipur are eligible for tax exemption on the interest that they earn. There are tax benefits under Section C as well as Sections 54, 54B, 54D, 54F and 54G of the Income Tax Act.

More Aspects of the SBBJ Fixed Deposit Account

  • Bulk deposit amount: the maximum amount that a depositor can deposit in the SBBJ Fixed Deposit schemes is Rs. 10 crore.
  • Loan against Fixed Deposit: a depositor may avail of a loan against their fixed deposit with the State Bank of Bikaner and Jaipur. However, the condition is that a loan cannot be availed from a fixed deposit account that has tax saving benefits.
  • Pre-closure: State Bank of Bikaner and Jaipur allows its customers to break the Fixed Deposit accounts that belong to them, otherwise known as pre-closure, and withdraw the money that has accumulated in their account. This is subject to minimum moratorium requirements.
  • Holder of the deposit: SBBJ allows the Fixed Deposit account to be opened by a single person or jointly by two individuals. Such accounts are listed as payable to either or survivor. However, when it comes to saving tax, only the person whose name is listed first in the account may claim the tax benefit.
  • Transfer of deposit: State Bank of Bikaner and Jaipur customers may transfer their fixed deposit accounts from one branch of the bank to another. Inter-bank transfers, however, are not permitted.
  • Facility to appoint a nominee: By submitting a nomination form, customers may nominate an individual of their choice for their SBBJ Fixed Deposit accounts.

Documents required for opening a Fixed Deposit Account

  • Identity Proof: Customers may submit a photocopy or a scanned copy of their Passport / PAN Card/ Voter’s ID Card / Driving License / Photo Ration Card / Government Identity Card/ Senior Citizen ID Card as Identity Proof
     
  • Address Proof: Customers may submit a photocopy of their Ration Card / Rental Agreement / Electricity or Telephone Bill / Certificate or ID issued by Post Office/ Passport/ Bank Statement with cheque, Address Proof