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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.

NameSBI Sarvottam FD Scheme
Minimum Deposit AmountRs. 15 Lakhs
Maximum Deposit AmountRs. 5 Cr
Interest Rate7.10% p.a to 7.90% p.a
Tenure1 Year and 2 Year

SBI Sarvottam Fixed Deposit Interest Rates

TenureRegular CitizensSenior Citizens
1 Year7.10%7.60%
2 Years7.40%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 In case of unforeseen or extraordinary circumstances, if the fixed deposit is withdrawn prematurely, it attracts a penalty.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.