State Bank of India (SBI) has launched the innovative 1111 Day Special Fixed Deposit Scheme, designed to attract retail investors with competitive interest rates and flexible options amid India’s evolving savings landscape. This limited-period offering builds on SBI’s popular special FD series like Amrit Vrishti, providing higher yields for a precise 1111-day tenure—roughly three years and 14 days—for those seeking secure, predictable returns. Available to general public and seniors, it emphasizes accessibility with low entry barriers and comprehensive features.
Scheme Highlights and Eligibility
The minimum deposit starts at ₹1,000, with no upper cap, suiting everyone from salaried individuals to retirees parking surplus funds. Tenure locks funds for exactly 1111 days, qualifying as a retail domestic term deposit under ₹3 crore. Eligible depositors include resident Indians, HUFs, non-individual entities, and NRIs through NRO/NRE accounts. Payout choices cover cumulative (quarterly compounding) or non-cumulative (monthly, quarterly, half-yearly, or annual interest), plus nomination, loan against FD up to 90%, and auto-renewal at maturity.
Premature closure incurs a 0.50%-1% penalty on applicable rates, offering liquidity without full lock-in rigidity. Book via SBI branches, YONO app, internet banking, or authorized agents; DICGC covers up to ₹5 lakh per depositor for safety. Unlike tax-saving FDs, this scheme focuses on yield optimization rather than Section 80C benefits.
Attractive Interest Rates
Post-2025 revisions, general customers earn 6.20% p.a., while seniors get 6.70% p.a. on the 1111-day slab—elevated from earlier 5.90%/6.40% levels to counter inflation. Super seniors may stack additional 0.50% through linked schemes like Patrons Deposit. For illustration, ₹1 lakh at 6.20% compounded quarterly matures to about ₹1,20,500, per standard calculators.
Rates beat regular 2-3 year FDs (6.45%-6.95%) and align with festive specials, ensuring SBI remains competitive against private banks offering 6.8-7.2%. Expect quarterly tweaks; check sbi.co.in for latest.
Comparison Across SBI Special FDs
| Tenure/Scheme | General Rate (% p.a.) | Senior Rate (% p.a.) | Key Perk |
| 1111 Days | 6.20 | 6.70 | Mid-term flexibility |
| 444 Days | 6.60 | 7.10 | Short-term high yield |
| 1777 Days | 6.20 | 6.70 | Balanced growth |
| 2222 Days | 5.95 | 6.95 | Long-haul stability |
| 400 Days Annuity | 7.10 | 7.60 | Regular income stream |
The 1111-day variant excels for laddering strategies, maturing before market cycles shift.
Taxation and Risk Factors
Interest counts as ‘Income from Other Sources,’ taxable per slab with TDS at 10% (20% without PAN) if crossing ₹50,000 (general) or ₹1 lakh (seniors) yearly. File Form 15G/15H for low-income holders to skip TDS; claim in ITR. No direct 80C deduction, but pairs well with ELSS or PPF.
SBI’s AAA rating minimizes default risk, far safer than corporate FDs or bonds yielding 8-9% but with credit concerns. Post-tax real returns hover at 4-5% against 5% inflation, ideal for conservative portfolios.
Strategic Advantages for Investors
This scheme suits risk-averse savers diversifying from volatile stocks or mutual funds, especially post-2025 rate cuts. Seniors gain most from the 0.50% boost, funding pensions reliably. Families can stagger deposits for steady cash flows, while NRIs hedge rupee depreciation. In a digital era, YONO’s seamless booking and real-time tracking enhance convenience over branch visits.
Versus peers: HDFC/ICICI specials hit 7.1-7.5%, but SBI’s 24,000+ branches and trust factor prevail for mass appeal. Track via SBI FD calculator for personalized projections.
Booking Process and Tips
Log into YONO/internet banking, select ‘Fixed Deposit,’ choose 1111-day special, enter amount/tenure, and confirm. Branches require KYC, cash up to ₹50,000. Tips: Lock rates during upcycles, ladder with 444/2222 days, monitor revisions quarterly. Avoid over-reliance; blend with equity for inflation-beating growth.
SBI’s 1111 Day Special FD reinforces its deposit mobilization drive, blending tradition with modern needs for millions building wealth securely. Verify details on official channels before investing.
