SBI Bank is running Sarvottam scheme for senior citizens. SBI is offering higher interest rate of 7.90% in Sarvottam scheme. However, there are many rules which investors have to fulfill. Money cannot be withdrawn prematurely in SBI Sarvottam scheme. These are non-callable schemes in which money cannot be withdrawn prematurely. If money is withdrawn prematurely, then a charge will have to be paid.

Interest on SBI Best FD Scheme

SBI’s Sarvottam plan is offering higher interest as compared to PPF, NSC and post office saving schemes. The biggest advantage of this SBI plan is that it is a scheme for one year and two years only. This means that you can create a big fund in a short time. In SBI Sarvottam plan, customers are getting 7.4 percent interest on 2-year deposit i.e. FD. This interest rate is for the general public. Whereas, senior citizens are getting 7.90 percent interest on this plan. Whereas, the general public is getting 7.10 percent and senior citizens are getting 7.60 percent interest on one year investment.

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Customers will get the benefit of compound interest

For senior citizens, the annual yield on the best 1-year deposit of Rs 15 lakh to Rs 2 crore is 7.82 percent. 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 senior citizens 7.77 percent interest for 1 year and 7.61 percent for 2 years. Compound interest is available in this scheme.

You can invest this much money

In SBI Sarvottam scheme, customers can invest from 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. They can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore in it but the interest is 0.05 percent less. However, there is no information on the website about how long money can be invested in this scheme.

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