SBI offers special FD interest rate for 1 and 2 years
State Bank of India (SBI), the country’s largest bank, has launched a special deposit scheme for its customers. The scheme is available for a period of 1 and 2 years and offers up to 40 basis points more interest than normal fixed deposits. This scheme, known as the Sarvottam (Non-Callable) Domestic Retail Term Deposits scheme, requires a deposit of more than 15 lakhs and up to 2 crores.
Non-callable term deposit scheme for senior citizens
One of the unique features of this scheme is that it is a non-callable term deposit scheme. This means that pre-mature withdrawal cannot be done in it. If you are a senior citizen and have recently received a large corpus on retirement, you can earn an interest of around 2.55 lakhs on a tenure of 2 years even by depositing the minimum required amount in this scheme.
Interest rates and maturity date
According to the information available on SBI’s website, regular customers will get 7.1% interest per annum for a 1-year deposit, and 7.4% for a 2-year deposit. Senior citizens will get 7.6% interest per annum for a 1-year deposit, and 7.9% for a 2-year deposit. The interest rates of this scheme of the bank are applicable from 17 February 2023.
Earn 2.55 lakhs on a deposit of 15 lakhs
If you are 60 years or more and have received a good amount of fund on retirement, you can earn around 2.55 lakhs in two years by depositing 15 lakhs in this scheme.
SBI increases interest rates on retail deposits
SBI increased the interest rates on fixed deposits (FDs) of different maturities last month. SBI has increased interest rates by up to 0.25% on deposits of less than Rs 2 crore. The new deposit rates of the bank (SBI FD Interest Rate 2023) have come into effect from 15 February 2023. Along with making loans costlier on behalf of banks, interest rates on deposits are also being increased. Earlier, SBI had increased the interest rates on FD on 13 December 2022.
Conclusion
The Sarvottam (Non-Callable) Domestic Retail Term Deposits scheme is a great investment option for those looking for a safe and secure investment with higher interest rates. However, it is advisable to take the help of a financial advisor before making any investment decisions.
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Sorted points by DelhiBreakings.com team.
👉 SBI is offering customers a special deposit scheme for 1 and 2 years with higher interest rates than normal fixed deposits
👉 This “Sarvottam” scheme requires deposits of over 15 lakhs and up to 2 crores
👉 It is a non-callable term deposit scheme, meaning premature withdrawal is not allowed
👉 Senior citizens can earn up to 7.9% annual interest on a 2-year deposit in this scheme
👉 Depositing 15 lakhs for 2 years in this scheme can earn over 2.5 lakhs in interest
👉 SBI increased interest rates on retail deposits in February 2023, with rates up to 0.25% higher for deposits under 2 crore
👉 It is recommended to consult a financial advisor before making any investment decisions
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