If you are also planning to obtain an FD, this information is for you. The largest public sector bank in the nation, State Bank of India, has introduced the SBI Sarvottam Term Deposit Plan. On this FD, investors receive a yearly interest payment of 7.9 percent. Moreover, this deposit cannot be called back. So let's discuss this new FD program.
How much can you invest?
One particular FD program is the SBI Sarvottam Term Deposit. The average investor must put down at least Rs 15 lakh to benefit from this. However, the maximum investment that can be made in it is less than two crore rupees. With this, the bank offers two alternatives for the investment period: 1 year and 2 years. The unique feature of the SBI Best Term Deposit is that investors do not have the choice of renewing it, and upon maturity, the funds are credited to the customers' accounts.
Clarify that elderly citizens, employees, and senior citizens receive a greater interest rate on this FD.
SBI Best Term Deposit Interest Rate
For one-year FDs and two-year FDs under this program, the bank is offering an interest rate 30 basis points lower than the card rate. In this method, elderly residents receive 7.55 percent interest, while regular investors receive 7.1 percent if they receive a one-year fixed-term investment. In addition, on two-year FDs, ordinary investors receive 7.40 percent interest, and senior people receive 7.90 percent.
The interest rate on normal FD in SBI.
On standard FDs with terms of 7 to 10 days, SBI offers interest rates ranging from 3 to 7 percent. In addition, senior citizens are also provided interest rates between 3.50 percent and 7.50 percent simultaneously.
What is a non-callable deposit?
A deposit that cannot be removed before maturity is a non-callable one. You will be penalized if the money is removed before maturity.