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 In case of unforeseen or extraordinary circumstances, if the fixed deposit is withdrawn prematurely, it attracts a penalty.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.
