This scheme is SBI Sarvottam Term Deposit, which was launched last year. This scheme was introduced to give more benefits to investors. Now with the increase in interest, depositors will get more returns than regular FD rates.
State Bank of India (SBI) has increased the interest under one of its special FD schemes. Retail investors and investors investing in bulk will benefit from the revised interest. After the increase in interest, this scheme is offering higher interest to investors on shorter tenure. The revision in the interest of SBI’s Special FD (SBI Special FD Interest Rate) is effective from 15 May 2024.
According to the website of the largest public sector bank, this scheme is SBI Sarvottam Term Deposit, which was launched only last year. This scheme was introduced to give more benefits to investors. Now with the increase in interest, depositors will get more returns than regular FD rates.
How much did the bank increase the interest?
State Bank of India has increased the deposit interest by 75 bps under the Best FD scheme. Now under the SBI Best FD scheme, the bank is offering 7.4 percent interest for a tenure of two years. At the same time, the interest on Best FD for one year tenure has become 7.10 percent.
How much profit will a senior citizen get?
Senior citizens have been given 50 basis points more interest under the Sarvottam Fixed Deposit scheme as compared to general investors. Under this scheme, senior citizens will get 7.9 percent interest on a tenure of 2 years (730 days). On the other hand, senior citizens will be given 7.6 percent interest for a tenure of one year.
Interest for bulk investors in the best FD scheme
If you invest Rs 2 crore or more in this scheme, then under this FD scheme, common citizens will get 7.30 percent interest for one year tenure and 7.40 percent interest for 2 years tenure. Senior citizens will get 7.80 percent interest for 1 year tenure and 7.90 percent interest for 2 years tenure.
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