The State Bank of India has introduced a new deposit programme called SBI “Sarvottam” (non-callable) Term Deposits for both individual and business customers. This deposit plan, according to the SBI website, offers a higher interest rate but no early withdrawal option. To learn more, please use the gallery below.
To join this plan, you have to put down a minimum of Rs 15 lakh. After that, you have to put down multiples of Rs 1,000. For both retail and wholesale SBI Sarvottam term deposits, the only terms that can be chosen are 1 and 2 years.
Instead of renewing SBI Sarvottam deposits, the customer’s account will get the amount that would have been renewed.
Elders, employees, and staff The elderly are entitled to a greater rate of interest than the public rate for non-callable deposits.
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NRI employees are not permitted to invest in the SBI Sarvottam plan. While NRI customers under the age of 18 and NRI elderly people are not eligible to participate in this plan, NRI employees are not permitted to invest in the SBI Sarvottam plan.
For balances above Rs 15 lakhs but less than Rs 2 crores, the 1-year resident interest rate is 7.1%, while the senior citizen interest rate is 7.55 %. The bank offers a 2-year tenor at 7.4 percent for the general public and 7.9 percent for older citizens.
Standard FDs from SBI have interest rates that range from seven days to ten years, with a difference of three to seven percent.Moreover, interest rates for seniors range from 3.5% to 7.5%. These tariffs will become effective on February 15, 2023.
The interest rate offered for deposits between Rs 2 crore and Rs 5 crore for a term of one year is 7.05 percent for residents and 7.55 percent for senior citizens.