SBI Sarvottam FD State Bank of India has launched SBI Sarvottam FD scheme for the customers. In this scheme one has to invest for 1 or 2 years. Compared to other schemes, it offers higher interest. In this scheme the investor gets 7.4 percent interest. Whereas senior citizens get interest of 7.90 percent.
The country’s largest public sector State Bank of India (SBI) brings many offers for the customers. Currently the bank is running SBI Sarvottam FD scheme for its customers. The bank is offering 7.4 percent interest in this FD scheme. This interest is higher than other investment options like PPF, NSC and Post Office Scheme.
Apart from this, the biggest feature of this scheme is its tenure. This scheme is for only 1 or 2 years. The bank is offering 7.4 percent interest to the general public on 2-year FD , while it is offering 7.90 percent interest to senior citizens.
The bank is offering 7.10 percent interest to the general public and 7.60 percent interest to senior citizens on FD with tenure of 1 year.
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What is the investment limit?
In SBI Best Term Deposit Scheme (SBI Sarvottam Fixed Deposit Scheme), the investor will have to invest at least Rs 15 lakh. A maximum investment of Rs 2 crore can be made in this scheme. The bank has given the investor the option of 1 year and 2 years tenure in this scheme.
This scheme is best for those who have retired. When he gets the money from PPF fund, he can invest in this scheme. If he invests more than Rs 2 crore in the scheme, the interest he gets will be reduced by 0.05 percent.
How will interest be calculated?
Compound interest will be available in this scheme. Apart from this, the bank is also providing yield facility to senior citizens. The best 1 year deposit for senior citizens is getting an annual yield of 7.82 percent. Whereas on 2 year deposit, a yield of 8.14 percent is available.
If a bulk deposit of Rs 2 crore to Rs 5 crore is made in this FD scheme, then senior citizens are getting 7.77 percent interest in 1 year and 7.61 percent interest for 2 years.
This is a non-callable scheme. In this you cannot withdraw before the tenure. If withdrawal is made before tenure, additional charges will have to be paid.
There is no information yet on SBI website regarding how long to invest in this scheme.
