SBI Weekly FD Plan – If you’re someone looking for a stable and regular income without taking market risks, SBI has introduced a new fixed deposit scheme that might interest you. This plan offers a guaranteed payout of ₹8000 every week in return for a one-time lump-sum deposit. It’s a great fit for people like retirees, working professionals, or anyone who wants a consistent flow of money without worrying about market ups and downs.
What’s the SBI ₹8000 Weekly FD Scheme?
This fixed deposit plan by the State Bank of India allows you to invest a lump sum for a fixed period and receive a weekly return of ₹8000 directly in your bank account. The scheme is currently open for a limited time, and you’ll need to apply before the end of May 2025. Being backed by India’s most trusted public sector bank adds to the plan’s credibility and appeal.
Who Can Apply?
The scheme is open to resident Indian citizens who are at least 18 years old. Senior citizens are eligible too, and in fact, they might get slightly better interest rates under this plan, which makes it even more attractive for retirees.
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You’ll need to provide a few documents to get started:
- Aadhaar card and PAN card for identity verification
- Proof of address
- A passport-sized photo
- Your active bank account details
How Much Do You Need to Invest?
To earn ₹8000 every week from this scheme, you’ll need to invest a considerable amount upfront. The exact deposit depends on the interest rate and the duration you select. SBI offers different options based on how long you want to lock in your money.
Here are a few examples to give you an idea:
- For a one-year term at 7.2 percent interest, you’ll need to invest around ₹12 lakh
- For an 18-month term at 8 percent interest, the amount drops to ₹10.75 lakh
- A five-year term at 9 percent interest requires a deposit of ₹9.25 lakh
- For the longest term of six years at 9.2 percent, you’ll need just ₹9 lakh
Keep in mind that these rates can vary based on changes in RBI guidelines or your customer profile. Senior citizens often enjoy an extra half percent in interest.
How to Open This FD
There are two ways to start your investment: offline or online.
If you prefer visiting the bank:
- Head to your nearest SBI branch
- Carry your documents (originals and copies)
- Fill out the fixed deposit form
- Decide your tenure and deposit amount
- Collect your FD receipt and payout schedule
If you want to do it online:
- Log in to SBI Net Banking or use the YONO app
- Go to the fixed deposit section
- Look for this specific FD option
- Enter how much you want to invest and for how long
- Confirm the details and complete the application
Why Consider This Scheme?
This weekly payout FD offers a few key advantages:
- You receive a fixed weekly income, which can help with regular expenses
- It’s safer compared to market-linked investments like mutual funds or stocks
- There’s a range of tenure options, from one year up to six years
- Interest calculation is transparent and straightforward
- Some tenures may qualify for tax benefits under Section 80C
A Few Things to Keep in Mind
Before locking in your funds, here are a few important points to remember:
- Withdrawing your money before the FD matures could lead to reduced earnings
- The weekly returns are considered taxable income
- Make sure the investment amount and tenure suit your personal financial needs
- Check what other banks are offering before making a final decision
- If you’re a senior citizen, don’t forget to ask about the extra interest benefit
How Does It Compare with Other Banks?
SBI isn’t the only one offering high-interest FD options. Here’s a quick comparison:
- HDFC Bank offers about ₹7500 per week on ₹10 lakh over two years
- ICICI Bank provides around ₹7600 for the same amount and duration
- Axis Bank gives ₹7550 weekly for an 18-month term
- IDFC Bank offers ₹8200 a week for a shorter 12-month term but requires a slightly higher deposit
If you’re looking for a low-risk, steady source of income, this FD scheme from SBI is a reliable option. The weekly payout model is convenient and can help with budgeting or covering regular expenses. As always, make sure to read the fine print, consider your own financial goals, and consult with a financial advisor before making any long-term commitments.
