SBI Sarvottam FD: Know How Much You Can Invest In This SBI Fixed Deposit Scheme & Interest Rate

Fixed deposit (FD) is a popular investment idea where people deposit their money with a bank to get returns in the form of interest rates. If you are someone who is yet to start an FD account and getting high returns is your aim, you can try the State Bank of India's Sarvottam FD scheme. Sarvottam is a non-callable fixed deposit offered by the country's largest public sector bank that comes with higher interest rates.

The Sarvottam FD scheme offers 7.9% annual interest to investors on what is claimed to be its best FD scheme. The Reserve Bank of India (RBI) recently increased the non-callable fixed deposit limit from Rs 15 lakh to Rs 1 crore. It is important to note that non-callable FDs come with high returns as Banks usually offer higher interest on these fixed deposits as your money is locked in for a certain duration.

Minimum amount to invest in SBI Sarvottam?

The minimum amount to invest in SBI Sarvottam scheme is Rs 1 crore. The minimum investment amount was Rs 15 lakh earlier.

Interest rates on 'Sarvottam (Non-Callable) Domestic Retail Term Deposits (above Rs. 1 crore to less than Rs. 2 crore)

The bank offers a 7.4% interest rate on SBI Sarvottam term deposits to the general public with a two-year term.

The interest rate is set at 7.10% for a one-year term. Senior citizens will earn an interest rate of 7.9% for deposits maturing in two years. This converts to an annualized return of 8.14%. For a year, they will get an interest rate of 7.6%.

Interest rates on 'Sarvottam (Non-Callable) Domestic Retail Term Deposits (Rs. 2 crore and above):

The bank offers a 6.90% interest rate on SBI Sarvottam term deposits to the general public with a two-year term.

The interest rate is set at 7.05% for a one-year term. Senior citizens will earn an interest rate of 7.40% for deposits maturing in two years. This converts to an annualized return of 7.61%. For a year, they will get an interest rate of 7.55%.

Resident individuals and non-individual customers can invest in the Sarvottam FD Scheme of SBI. However, minors and NRI customers are not allowed to invest in this scheme. Further, the scheme is available through branches only.

Pre-mature withdrawal under this scheme is not allowed.