State Bank of India has launched many schemes keeping in mind the needs of the customers. SBI Bank is running the best scheme keeping senior citizens in mind. Many banks are offering 9 percent interest on FD to senior citizens. Let us know in details>>>>
This is the reason why SBI is offering higher interest rate of 7.90 percent in SBI Sarvottam scheme to attract customers for investment. However, there are many rules that need to be fulfilled.
Interest on SBI best FD scheme
The best scheme of SBI is offering higher interest than the savings schemes of PPF, NSC and Post Office. The biggest advantage of this scheme of SBI is that it is only one year and 2 year scheme. That means, you can raise a big fund in a short time. In SBI Sarvottam scheme, customers are getting 7.4 percent interest on 2 year deposit i.e. FD.
This interest rate is for the general public. At the same time, senior citizens are getting 7.90 percent interest on this scheme. At the same time, the general public is getting 7.10 percent interest and senior citizens are getting 7.60 percent interest on one year investment.
Customers will get the benefit of compound interest
The annual yield on the best 1 year deposit of Rs 15 lakh to above Rs 2 crore for senior citizens is 7.82 per cent. Whereas, the yield for two-year deposits is 8.14 percent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering 7.77 per cent interest for 1 year and 7.61 per cent for 2 years to senior citizens. Compound interest is available in this scheme.
You can invest this much money
In SBI Sarvottam scheme, the customer can invest a minimum of Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have money from PF fund. He can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore but the interest is less at 0.05 percent. However, there is no information on the website as to when one can invest money in this scheme.
Cannot withdraw money before maturity
You cannot withdraw money prematurely in SBI Sarvottam scheme. These are non-callable schemes in which money cannot be withdrawn prematurely. If you withdraw money before time, you will have to pay a charge.