State Bank of India, the largest public sector bank in the country, provides a range of Fixed Deposit Schemes (SBI Fixed Deposit Schemes) with attractive interest rates for various tenures. Some of these schemes are special (SBI Special FD Schemes).
The maturity period and interest rate offered by the bank on these special schemes differ from the conventional ones. One such special scheme is the Sarvotham Fixed Deposit Scheme.
SBI Sarvotham FD Scheme 2024
Sarvotham Fixed Deposit Scheme is a non-callable deposit scheme, which means that withdrawing money before the maturity period is not allowed.
SBI Sarvotham Scheme Interest Rate 2024
State Bank is currently offering an interest rate ranging from 7.10% to 7.90%. As per the information available on the State Bank website, money can be deposited in the SBI Sarvotham term plan for a duration of one or two years.
The plan consists of two variations, one for deposit amounts ranging from Rs. 1 crore to Rs. 2 crores and the other for amounts exceeding Rs. 2 crores.
How much can be deposited in SBI Sarvotham Scheme
The SBI Sarvotham scheme requires a minimum investment of Rs. 1 crore (SBI Sarvottam FD minimum deposit limit) as opposed to the previous minimum limit of Rs. 15 lakhs. There is no maximum deposit limit (SBI Sarvottam FD maximum deposit limit) for this scheme.
SBI Sarvotham Scheme Interest rate on deposits below Rs.1 crore to Rs.2 crore:
The bank offers different interest rates based on the deposit tenure and the age of the depositor. For deposits with a one-year tenure, general citizens (below 60 years) will receive an interest rate of 7.10%, while for two-year tenure deposits, the interest rate is 7.40%. Senior citizens (aged 60 years or above) will receive an additional 0.50% interest rate for the same tenure.
So, for a one-year deposit in the Sarvotham scheme, senior citizens will earn an interest rate of 7.60%, and for a two-year deposit, the interest rate will be 7.90%. This means that the annual return for senior citizens will be 8.14%.
SBI Sarvotham Scheme Interest rate on deposits exceeding Rs.2 crores:
For deposits above Rs.2 crore, the interest rate offered to the general public is 7.05% for a one-year deposit, while the rate for a two-year deposit is 6.90%. Senior citizens, on the other hand, can earn interest at a rate of 7.55% for a one-year deposit, and a rate of 7.40% for a two-year deposit, which translates to an annual return of 7.61%. These rates have been effective since February 17, 2023.
Who is eligible to invest in SBI Sarvotham Fixed Deposit Scheme
The SBI Sarvotham Fixed Deposit Scheme is open for investment by both individuals and non-individuals. However, minors and NRIs are not eligible to invest in this scheme. It is important to note that deposits made under this scheme cannot be renewed once the term expires.
Upon maturity, the deposited amount, along with the interest, will be credited to the investor’s account. If you wish to continue with the scheme, you will have to make a fresh deposit again.