A member of the leadership team with over 17 years spent working at the
intersection of Investment Analysis, Personal Finance, and Technology.
Hands-on experience across multiple functions including Index Construction,
Index Maintenance, Asset Allocation, Portfolio Construction, Managing a
team of Digital Relationship Managers, etc
A member of the leadership team with over 17 years spent working at the
intersection of Investment Analysis, Personal Finance, and Technology.
Hands-on experience across multiple functions including Index Construction,
Index Maintenance, Asset Allocation, Portfolio Construction, Managing a
team of Digital Relationship Managers, etc
State bank of India offers SBI fixed deposit scheme named as Sarvottam FD is a non-callable term deposit offering a higher interest rate. The Sarvottam deposit scheme doesn’t allow premature withdrawals.
Name
SBI Sarvottam FD Scheme
Minimum Deposit Amount
Rs. 15 Lakhs
Maximum Deposit Amount
Rs. 5 Cr
Interest Rate
7.10% p.a to 7.90% p.a
Tenure
1 Year and 2 Year
SBI Sarvottam Fixed Deposit Interest Rates
Tenure
Regular Citizens
Senior Citizens
1 Year
7.10%
7.60%
2 Years
7.40%
7.90%
Features of SBI Sarvottam Term Deposit
The following are the key features of the SBI Sarvottam Term Deposit:
Minimum Investment Amount: INR 15.01 Lakhs (Retail) and INR 2 Cr (Bulk) and in multiples of INR 1,000 thereafter.
Maximum Investment Amount: Less than INR 2cr (Retail) and Less than INR 5 Cr (Bulk)
Eligibility: Resident Individuals and Non-Individual Customers (excluding minors and NRI customers)
Tenure (Retail and Bulk): 1 Year and 2 Years only
Interest Rate:
30 bps over Card Rate, for 1-year tenor
40 bps over Card Rate, for 2 years tenor
Additional Interest Rates: Senior Citizens, staff, and staff Senior Citizens are eligible for additional interest rates on SBI Sarvottam deposits.
Premature Withdrawal: Not Allowed
Renewal of Deposit: Not allowed. The maturity amount will be credited to the savings bank account, current account, CC and OD account.
Loan Facility: Only demand loan against deposit is allowed with applicable margin
TDS: Applicable as per Income Tax Rules
Account Opening: SBI Sarvottam is available only through branches.
Benefits of SBI Sarvottam Deposit
The following are the benefits of the SBI Sarvottam fixed deposit scheme:
Higher Interest Rate: SBI Sarvottam fixed deposit scheme offers a higher interest rate than many post office savings schemes like PPF, Post Office FD, NSC and KVP.
Short Tenure: The fixed deposit scheme is for a short tenure of 1 and 2 years.
Safety: SBI is a government-owned bank, so the Sarvottam deposit is a safe and secure investment option.
What are Non-Callable Deposits?
Non-callable fixed deposits are schemes that do not allow premature withdrawals. In case of unforeseen or extraordinary circumstances, if the fixed deposit is withdrawn prematurely, it attracts a penalty. The interest rates will be lower than the guaranteed rate. Thus, non-callable term deposits have a lock-in period until the scheme’s maturity.
Sannihitha Ponaka is an MBA graduate from Symbiosis and has more than 5 years of experience in the financial sector. Following her dreams in the field of finance, she leverages writing to communicate the importance of investing. Your go-to guide to creating amazing and easily understood investment content.
Her forte lies in investment advisory and strategy with expertise in fundamental analysis and research.
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