SBI Sarvottam Scheme|SBI Sarvottam FD

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sbi online|sbi fd interest rates|sbi interest rates calculator|sbi fixed deposit scheme|sbi fixed deposit double scheme|sbi interest rates on fd:State Bank of India has introduced a new deposit scheme for resident individuals and non-individual customers. The bank is offering a higher interest rate than PPF, NSC and various other Post Office deposit schemes, under SBI Sarvottam (non-callable) term deposit scheme, senior citizens can get a 7.9 per cent interest rate on deposits of 2 years. The general public can get 7.4 per cent interest on the scheme’s deposits of two years.

According to the SBI’s website, under the Sarvottam scheme on one-year deposits, senior citizens will get the benefit of a 7.6 per cent interest rate, while the general public will gain a 7.1 per cent interest. The interest rate for Sarvottam (Non-Callable) Domestic Retail Term Deposits has been also revised and will be in effect from February 17.

sbi sarvottam scheme

State Bank of India has launched a new deposit programme called SBI “Sarvottam” (Non-Callable) Term Deposits for resident individuals and non-individual customers. According to the SBI website, this deposit plan offers a greater rate of interest without a premature withdrawal option. Scroll the gallery ahead to know more.

The Annualised Yield for 1-year Sarvottam deposits of above Rs 15 lakh to Rs 2 crore is 7.82 per cent for senior citizens while the yield for a two-year deposit is 8.14 per cent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering 7.77 per cent for 1 year and 7.61 per cent for 2 years to senior citizens.

SBI also recently revised its interest rates for regular term deposits where it is offering 7.5 per cent interest to senior citizens for deposits of two years to less than three years and 5 years to 10 years. SBI is offering 7.6 per cent interest to senior citizens and 7.1 per cent to others under a special Amrit Kalash deposit of 400 days.The current interest rates offered on Various small saving schemes and post office deposits for senior citizens are comparatively less than SBI Sarvottam Term Deposit rates.

Minimum & maximum Amount
Minimum amount of investment under this scheme is Rs 15 lakh in retail and In multiples of Rs 1,000 thereafter.

Minimum Amount (In multiples of ₹1000/- thereafter)Rs 15.01 lacsRs 2 cr.
Maximum Amount< Rs 2 cr.< Rs 5 cr.

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SBI Sarvottam term deposit tenor for retail and bulk is 1 year & 2 years only.

Renewal of SBI Sarvottam deposit
Renewal of SBI Sarvottam deposit is not allowed and maturity amount will be credited to customer’s account.

Special categories of customers

Senior Citizens, staff, staff Senior Citizens are eligible for additional Interest Rate over applicable non-callable deposit Rate for public.

Who are not eligible for SBI Sarvottam deposits

While minors and NRI customers are not eligible to invest in this scheme and also NRI Senior Citizens, NRI Staff are not eligible to invest in SBI Sarvottam scheme.

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SBI Sarvottam does not allow-

  • Not to be used as security/ margin money (LC/BG) and any other credit facility or purpose.
  • Conversion from existing TDR to Non-Callable and vice – versa not allowed.
  • The scheme is available through branch only.

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SBI Sarvottam Deposit interest rate

Under the deposit scheme, the bank offers 30 bps over Card Rate, for 1 year tenor and 40 bps over Card Rate, for 2 years tenor.
For amounts above Rs 15 lakhs to less than Rs 2 crores, the interest rate offered is 7.10% for residents on 1 year tenor and 7.55% for senior citizens. For 2 year tenor, the bank offers 7.40% for general public and 7.90% for senior citizens.

General PublicSenior Citizen
TenorsRates w.e.f. 17/02/2023Annualised Yield#Rates w.e.f. 17/02/2023Annualised Yield#
1 Yr7.
2 Yr7.47.617.98.14

In comparison, for other regular FDs, SBI offers interest rates between 3% to 7% for tenure ranging from 7 days to 10 years. And for senior citizens, the interest rates range between 3.5%-7.5%. These are the rates applicable from February 15, 2023.

For deposit between Rs 2 Crores to less than Rs 5 Crores, the interest rate offered is 7.05% for residents on 1 year tenor and 7.55% for senior citizens. For 2 year tenor, the bank offers 6.90% for general public and 7.40% for senior citizens.

Term deposits for Rs 2 Crores to
General PublicSenior Citizen
TenorsRatesAnnualised Yield#RatesAnnualised Yield#
1 Yr7.057.247.557.77
2 Yr6.

What is the interest rate of SBI Tax Saver FD?

SBI offers FD interest rates of 3.00%-7.10% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a. for the general public and 7.50% p.a. for senior citizen depositors.

What is SBI fixed deposit scheme for 5 years?

SBI fixed deposit schemes for 5 years offer up to 6.20% p.a. interest rate for senior citizen depositors and up to 5.40% p.a. interest rate for other depositors. Investing in an SBI fixed deposit scheme for 5 years is a simple and easy process.

How many years FD will double in SBI?

At the same time, the annual interest rate for senior citizens is 7.25 per cent including an additional premium of 50 bps under “SBI Wecare” deposit scheme. According to the Rule of 72, in this scheme of SBI, the senior citizen’s money will double in about 9 years (72/7.25 = 9.9).