SBI Sarvotham FD: Huge income in just two years, SBI special schemeSarvotham Fixed Deposit Scheme is a non-callable deposit scheme. No breaking or closing of this account is allowed before maturity.
SBI Sarvottam FD Scheme: State Bank of India, the largest public sector bank in the country, operates a wide variety of fixed deposit schemes (SBI Fixed Deposits) for various tenures with attractive interest rates. Some of them have introduced special schemes. The tenure and interest rates of those deposits are slightly higher than other schemes. One such special scheme is Sarvotham Fixed Deposit Scheme.
Details of SBI Sarvotham Fixed Deposit Scheme:
Non-Callable Deposit Scheme
Sarvotham Fixed Deposit Scheme is a non-callable deposit scheme. No breaking or closing of this account is allowed before maturity.
How much can be deposited?
In SBI Sarvotham scheme minimum Rs. 1 Crore (SBI Sarvottam FD Minimum Deposit) should be invested. Earlier this minimum limit was Rs. 15 lakhs. There is no maximum deposit limit (SBI Sarvottam FD Maximum Deposit) in this scheme.
How much interest is earned? (SBI Sarvotham Scheme Interest Rate)
State Bank is offering an interest rate of 7.10 percent to 7.90 percent.
According to the State Bank website, money can be deposited in the SBI Sarvotham term plan with a term of one year or two years. There are two types of plans in this too. One plan for deposit amount of Rs.1 crore to Rs.2 crore; There is another plan for the amount exceeding Rs.2 crores.
Interest rate on deposits of Rs.1 crore to Rs.2 crore
The bank pays an interest rate of 7.10 percent to general citizens (those below 60 years) who make deposits with a one-year term limit. It offers 7.40 percent interest rate on two-year tenure deposits. For the same period, senior citizens (60 years or above) will get another 0.50 percent higher interest. That is.. 7.60 percent interest for senior citizens in Sarvotham scheme deposit for a period of one year. 7.90% interest rate on two year deposits. This translates to an annual return of 8.14%.
Interest rate on deposits exceeding Rs.2 crores
On deposits above Rs.2 crore, the interest rate for general public is 7.05 per cent for a period of one year. The interest rate offered on the same deposit for two years is 6.90 percent. Senior citizens can earn interest income of 7.55 percent if they deposit for one year. A deposit for two years earns 7.40 percent interest, which translates into an annual return of 7.61%.
The same interest rates are effective from February 17, 2023.
Who is eligible? (Eligibility For SBI Sarvotham Scheme)
Individuals and non-individuals can invest in SBI Sarvotham Fixed Deposit Scheme. Minors, NRIs are not eligible.
In SBI Sarvotham scheme, the deposits cannot be renewed after the expiry of the term. On completion of the deposit maturity period, the amount along with interest is credited to the investor’s account. If you want the scheme again, you have to make a fresh deposit again.
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