The country’s largest public sector State Bank of India (SBI) brings many offers for the customers. Currently the bank is running SBI Sarvottam FD scheme for its customers. The bank is offering 7.4 percent interest in this FD scheme. This interest is higher than other investment options like PPF, NSC and Post Office Scheme.

Apart from this, the biggest feature of this scheme is its tenure. This scheme is for only 1 or 2 years. The bank is offering 7.4 percent interest to the general public on 2-year FD , while it is offering 7.90 percent interest to senior citizens.

The bank is offering 7.10 percent interest to the general public and 7.60 percent interest to senior citizens on FD with tenure of 1 year.

What is the investment limit?

In SBI Best Term Deposit Scheme (SBI Sarvottam Fixed Deposit Scheme), the investor will have to invest at least Rs 15 lakh. A maximum investment of Rs 2 crore can be made in this scheme. The bank has given the investor the option of 1 year and 2 years tenure in this scheme.

This scheme is best for those who have retired. When he gets the money from PPF fund, he can invest in this scheme. If he invests more than Rs 2 crore in the scheme, the interest he gets will be reduced by 0.05 percent.

How will interest be calculated?

Compound interest will be available in this scheme. Apart from this, the bank is also providing yield facility to senior citizens. The best 1 year deposit for senior citizens is getting an annual yield of 7.82 percent. Whereas on 2 year deposit, a yield of 8.14 percent is available.

If a bulk deposit of Rs 2 crore to Rs 5 crore is made in this FD scheme, then senior citizens are getting 7.77 percent interest in 1 year and 7.61 percent interest for 2 years.

This is a non-callable scheme. In this you cannot withdraw before the tenure. If withdrawal is made before tenure, additional charges will have to be paid.

There is no information yet on SBI website regarding how long to invest in this scheme.

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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.

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