SBI Sarvottam: The country’s largest public sector bank, State Bank of India (SBI), is running two schemes for its customers named Amrit Kalash and Sarvottam. Both are Fixed Deposit schemes. SBI Bank is running the Sarvottam scheme for senior citizens.
SBI Sarvottam: The country’s largest public sector bank, State Bank of India (SBI), is running two schemes for its customers named Amrit Kalash and Sarvottam. Both are Fixed Deposit schemes. SBI Bank is running Sarvottam scheme for senior citizens. SBI is offering higher interest rate of 7.90% in Sarvottam scheme. However, there are many rules in this which investors have to fulfill. You cannot withdraw money before time in SBI Sarvottam scheme. These are non-callable schemes in which you cannot withdraw money before time. If you withdraw money before time, you will have to pay a charge.
Interest on SBI Sarvottam FD scheme
SBI Sarvottam scheme is offering higher interest rate than PPF, NSC and post office savings schemes. The biggest advantage of this scheme of SBI is that it is a scheme of only one year and two years. That is, you can create a big fund in a short time. In SBI Sarvottam scheme, customers are getting 7.4% interest on 2-year deposit i.e. FD. This interest rate is for the general public. Senior citizens are getting 7.90 percent interest on this scheme. On one year investment, the general public is getting 7.10 percent interest and senior citizens are getting 7.60 percent interest.
Customers will get the benefit of compound interest
For senior citizens, the annual yield on 1-year Sarvottam deposit of more than Rs 15 lakh to Rs 2 crore is 7.82 percent. Whereas, the yield for two-year deposit is 8.14 percent. SBI is offering 7.77 percent interest for 1 year and 7.61 percent interest for 2 years to senior citizens on bulk deposits of Rs 2 crore to Rs 5 crore. Compound interest is available in this scheme.
You can invest this much money
In SBI Sarvottam scheme, customers can invest from a minimum of Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have PF fund money. They can invest in this scheme of SBI. There is also an option to invest more than Rs 2 crore in it but the interest is 0.05 percent less. However, information about for how long one can invest money in this scheme is not available on the website.
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