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Fixed Deposits

State Bank of Patiala shares a celebrated history for almost 100 years now in the Indian Banking sphere. It is a state owned bank in 1917 by Late His Highness Bhupinder Singh, Maharaja of was initially incorporated as the 'Patiala State Bank'. The idea was to promote growth of agriculture, trade and industry in the region. On 1st April, 1960, Patiala state bank became a subsidiary of State Bank of India and hence was renamed as The State Bank of Patiala. Since then state Bank of Patiala has been one of the highest-flying banker to the growth of Indian Economy.

State Bank of Patiala offers various Fixed Deposit schemes with the most competitive rate of interest. The products are diversified considering the basic deposit requirements of their customers, which are discussed as follows:
 

Open State Bank of Patiala (SBP) Fixed Deposit Account

The fixed deposit has been premeditated to minimize loss of interest on premature closure. The Features of this fixed deposit are:

  • Zero penalty on premature withdrawal prior to the date of actual maturity
  • Customer can close the FD post 7 days from opening the account. In case customer withdraws FD prior 7 days, no interest is paid
  • Loan / Overdraft facility is available against the security of the deposit
  • Facility to transfer the TDR/STDR across any branches pans India
  • Multiple options for receiving the credit proceeds post maturity of the funds
  • Renewal facility of the term deposit basis their requirement for the same period as previous FD on the interest rate as applicable on date of maturity
  • Payment of interest is done on either at quarterly basis or calendar quarter as mentioned by customer while opening the account.
  • TDS rules applicable and tax will be deducted at applicable rates. A consolidated quarterly TDS certificate in Form 16 will be issued with all details of TDS deductions during the quarter. TDS will be deducted on the basis of interest accrued on the TDR/STDR

State Bank of Patiala Naunihal Deposit Scheme

This particular scheme has been customized for our little ones. While every person plans ahead for the future of our children well ahead in advance, this scheme allows customer to ensure all the financial planning is achieved at the actual time of requirement.

The features of this fixed deposits scheme are:

  • Tenure is of 92 months
  • Minimum Deposit amount should be Rs.50, 000/- and thereafter in multiple of Rs.50,000/-
  • Loan Facility is Available in the form of Demand Loan or Overdraft as per extent guidelines of the Bank

SBP Capital Gains Account

Most of people face the issue of dilemma amount investing surplus funds post selling any property. SBP Capital Gains Account intend to resolve this issue , by consolidating the funds as term deposit till the time customer decides on investing the same in further residential property.

The Product was incorporated under State Bank of Patiala Capital Gain Account Scheme 1988 , allows customer to claim exemption of Long Term Capital Gains Tax on sale of Capital Assets. While customer enjoys ample time to chose the kind of property , it gives additional benefit of interest rate while the funds is lying idle. 

Features and benefits of this scheme are as follows:

  • Claim exemption on tax gain under Sec 2(14) of IT Act, 1961
  • Liberty of time to invest in property of own choice
  • Maximum tenure should not exceed 2 to 3 years from the date of transfer of original asset as given below: - 
    24 months - if capital gains are U/s 54, 54B, 54 F 
    36 months - if capital gains are U/s 54, 54 D, 54 F, 54 G, 54 GB.
  • Premature withdrawal allowed
  • No separate interest rate slab for Senior citizen under this scheme
  • Facility available in all branches except rural branches
  • Nomination facility is available
  • No loan facility against this deposit is available This term deposit can neither be accepted as margin money for non-fund based nor as collateral to any type of fund-based / non-fund based facilities.
  • The scheme cannot be auto renewed Scheme as available in the regular Term Deposit or Special Term Deposit product. Post Maturity of Term Deposit or Special Term Deposit opened under Capital Gains Account Scheme; the proceeds will be credited into Savings Bank Account opened under Capital Gains Accounts Scheme.

SBP Swapan Luxmi Recurring deposit Scheme

The Swapan Luxmi Recurring deposit Scheme allows for the investment of a small initial amount for Women with recurring additions on a monthly basis for a predetermined fixed period of time. The Interest earned during this tenure is added to the balance on a quarterly basis, which is finally consolidated with the principal amount.

The features and benefits of the scheme are: 

  • Designed completely keeping in mind the small savings made by Indian Women customer class.
  • Loan / Overdraft facility available
  • Tenure of the deposit is 3 years
  • Minimum Amount per Installment is Rs.500/- and in multiple thereof
  • Nil Charges to Facility to transfer of RD between branches

SBP Corporate Liquid Term Deposit Scheme

The Fixed Deposits Scheme has been designed to provide a unitized break up term deposit scheme to Corporate and Institutions. The other Features and benefits of the account are 

  • Facility of partial withdrawals is permitted in units of Rs. 5000/- each
  • No loan facility is available
  • A minimum deposit of Rs. 50,000 is required to be maintained in the Corporate Liquid Term Deposits at all times. Should the balance fall below this level during any day in a month, a service charge of Rs.50/- for a month would be levied.

SBP Tax Saving Term Deposit Scheme

Customer may avail the benefit of saving on tax by enrolling for this particular term deposit scheme. Section 80 C of Income Tax Act, customer can avail the benefits.

The other features of this scheme are as:

  • Fixed tenure of 5 years which is a lock-in period
  • Min. Deposit of Rs. 100 and Max. Deposit – Rs. 1,50,000/- in a year

Can be operated singly or jointly. However Tax benefits can be availed only by the 1st account holder

• Interest Rates (revised on 03/10/2015)

DEPOSIT CATEGORY

 

DEPOSIT TENURE

INTEREST RATES (% p.a)

Domestic Deposits

General Public

Senior Citizen

(Less than 1 crore)

271 days to 1 year

7.27

7.27

 

1 year to 555 days

7.77

8.17

 

556 days to 1 year

7.52

7.92

Domestic Deposits

 

 

 

(Less than Rs 1 crore to 5 crore)

271 days to 1 year

7.35

NA

 

1 year to 554 days

7.75

NA

 

556 days to 5 years

7.77

NA

Tax Saver Fixed Deposits

 

 

 

(Up to Rs 1 lakh)

5 years

7.42

7.82

NRO Fixed Deposits

 

 

 

(Less than 1 crore)

1 year to 555 days

7.77

NA

 

556 days to 5 years

7.56

NA

 

5 years to 10 years

7.42

NA

NRO Fixed Deposits

 

 

 

(Rs 1 crore to Rs 5 crore)

1 year to 554 days

7.75

NA

 

555 days

7.77

NA

 

556 days to 5 years

7.77

NA

NRE Fixed Deposits

 

 

 

(Less than 1 crore)

365 days

7.77

NA

 

Above 365 days to 555 days

7.77

NA

 

556 days to less than 5 years

7.52

NA

NRE Fixed Deposits

 

 

 

 

365 days

7.15

NA

 

Above 365 days to 555 days

7.17

NA

 

556 days to less than 5 years

7.15

NA

Documents Required for Account Opening

1) Passport
2) Driving License
3) Permanent Account Number Card
4) Voters Identity Card issued by Election commission of India
5) Job Card issued by NREGA duly signed by an officer of the state govt
6) Letter issued by the Unique Identification Authority of India containing details of Name, Address and Aadhaar number

  • Customer has to provide either PAN number in the account opening form or else declaration in Form 60/61.
  • For FD in name of MINOR, the date of birth of minor has to be mentioned in the form along with appropriate proof.

Nomination facility

As per RBI directives, SBP offers nomination facility on its term deposit schemes. This ensures the payment of proceeds to the nominee in case of the death of the depositor. Minor can be nominated as well, however the account holder has to appoint any guardian to receive the proceeds in even of death of the depositor.