SBI Sarvottam Deposit- Eligibility, Tenor, Interest Rate and Other Details

The State Bank of India has launched a new deposit scheme named SBI Sarvottam Deposit for both resident and non-resident customers. The bank provides a higher interest rate than the PPF, NSC, and other Post Office deposit schemes. According to the SBI website, this deposit plan offers a higher rate of interest with no provision for early withdrawal. This scheme provides investors with 1 year and 2 year FDs with interest rates that are 30 basis points and 40 basis points higher than the card rate, respectively.

Eligibility

• Residents and non-resident individuals (Minors and NRI customers are not eligible) can invest in the SBI Sarvottam scheme.
• Senior Citizens/ Staff/ Staff Senior Citizens are entitled to a higher interest rate than the applicable non-callable deposit rate for the general public. (NRI Senior Citizens and NRI Employees are not eligible).

Amount of Deposit

The minimum investment under this scheme is Rs 15 lakh in retail and subsequent multiples of Rs 1,000.

Tenor

The retail and bulk term deposit tenors of SBI Sarvottam are only one year and two years.

Interest rate

The bank offers 30 basis points over the card rate for a one-year tenor and 40 basis points for a two-year tenor under the deposit scheme. For deposits ranging from Rs 15 lakhs to Rs 2 crores, the interest rate is 7.10% for residents on a one-year tenor and 7.55% for senior citizens. For a two-year term 7.40% to the general public and 7.90% to senior citizens. The interest rate offered for deposits between Rs 2 Crores and less than Rs 5 Crores is 7.05% for residents on a one-year tenor and 7.55% for senior citizens. The bank offers 6.90% for a two-year term to the general public and 7.40% to senior citizens.

Renewal of deposit

SBI Sarvottam deposits cannot be renewed, and the maturity amount is credited to the customer's account.

Other Details

• Security/margin money (LC/BG) and any other credit facility or purpose are not permitted.
• It is not permitted to convert existing TDR to Non-Callable and vice versa.
• The scheme is only available through branches.