SBI Sarvottam Fixed Deposit Scheme 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|
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 In case of unforeseen or extraordinary circumstances, if the fixed deposit is withdrawn prematurely, it attracts a penalty.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.