SBI Sarvottam FD with up to 7.9% interest rate: 5 important things to know

SBI Sarvottam term deposits were launched this year for investors by the State Bank of India (SBI). Depositors will receive better interest rates than conventional fixed deposits under this arrangement. Let's find out important things like the interest rate, who is eligible to apply, etc.

For SBI Sarvottam term deposits resident individuals and non- individual customers Note that minors and NRI customers are not eligible.

Under SBI Sarvottam term deposits, the bank offers an interest rate of 7.4 per cent for a tenure of two years. For a one-year tenure, the interest rate has been fixed at 7.10 per cent. Senior citizens will get an additional 50 basis points (bps) premium over the rate of interest provided to the general investors. They will earn an interest rate of 7.9 per cent for deposits maturing in two years. For a year, they will get an interest rate of 7.6 per cent in the bank.

For retail customers, the minimum deposit amount will be Rs 15.01 lakh and the minimum amount can go up to Rs 2 crore under SBI Sarvottam term deposits. The bank has allowed bulk deposits under SBI Sarvottam term deposits. The deposits can be between Rs 2 crore and Rs 5 crore.

Under SBI Sarvottam term deposits, pre-mature withdrawals will not be allowed. Further, there will not be any auto-renewal option for SBI Sarvottam term deposits. Once the deposits are matured, the bank will credit the amount to customers' savings/current/cash credit/overdraft accounts.

Senior Citizens/ Staff/ Staff Senior Citizens are eligible for additional Interest Rate over applicable non-callable deposit Rate for public. (NRI Senior Citizens / NRI Staff not eligible). Not to be used as security/ margin money (LC/BG) and any other credit facility or purpose. Conversion from existing TDR to Non-Callable and vice – versa not allowed. The scheme is available through branch only.