SBI Fixed Deposit Scheme: THESE Investors Can Earn Up To 7.9% FD Rate

State Bank of India has launched a new deposit programme called SBI "Sarvottam" (Non-Callable) Term Deposits for resident individuals and non-individual customers. According to the SBI website, this deposit plan offers a greater rate of interest without a premature withdrawal option. Scroll the gallery ahead to know more.

The minimum investment required to participate in this scheme is Rs 15 lakh, with subsequent investments made in multiples of Rs 1,000.

Only 1 year and 2 years are available for retail and bulk SBI Sarvottam term deposits.

SBI Sarvottam deposits cannot be renewed; instead, the customer's account will be credited with the maturity amount.

Seniors, staff, and staff Elderly citizens are entitled to a higher interest rate than the public non-callable deposit rate.

While NRI consumers under the age of 18 and NRI senior citizens are not permitted to engage in this plan, NRI employees are not permitted to invest in the SBI Sarvottam plan.

The interest rate provided is 7.1 percent for residents on a 1-year tenor and 7.55 percent for senior citizens for balances over Rs 15 lakhs but under Rs 2 crores. The bank offers 7.4 percent for the general public and 7.9 percent for senior persons for a 2-year tenor.

SBI offers interest rates on ordinary FDs that range from 7 days to 10 years for a difference of 3 percent to 7 percent. Also, the interest rates for seniors range from 3.5 percent to 7.5 percent. These rates are effective as of February 15, 2023.

The interest rate offered is 7.05 percent for residents on a 1-year tenor for deposits between Rs 2 crore and less than Rs 5 crore and 7.55 percent for elderly persons.