| TENURE | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 year to less than 2 year | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 444 days (Amrit Vrishti) | 7.25% | 7.75% |
SBI Sarvottam (Non-Callable) Term Deposit
The SBI Sarvottam (Non-Callable) Term Deposit Scheme is a specialized fixed deposit product offered by the State Bank of India (SBI). This scheme is designed for individuals looking to invest larger sums of money while earning competitive interest rates without the option for premature withdrawal. Launched to provide better returns compared to traditional fixed deposits, it caters primarily to high-net-worth individuals and institutions.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
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SBI FD Interest Rates
What is the SBI Sarvottam Term Deposit Scheme?
The SBI Sarvottam Term Deposit Scheme is a non-callable fixed deposit option that allows customers to invest amounts starting from ₹1 crore. The key features include:
-
Non-Callable Nature: Depositors cannot withdraw their funds before the maturity date, ensuring higher interest rates.
-
Higher Interest Rates: Offers better rates than standard fixed deposits.
-
Tenure Options: Available for tenures of 1 year and 2 years.
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
SBI Sarvottam (Non-Callable) Term Deposit Interest Rates (> 1 Cr. to < 3 Cr.) ~ w.e.f. 15 May 2024
For deposits between ₹1 crore and less than ₹3 crores, the interest rates are as follows:
| Tenure | General Public Rate (%) | Senior Citizen Rate (%) |
| 1 Year | 7.10 | 7.60 |
| 2 Years | 7.40 | 7.90 |
SBI Sarvottam (Non-Callable) Term Deposit Interest Rates (3 Cr. & Above) ~ w.e.f. 15 May 2o24
For deposits of ₹3 crores and above, the interest rates are structured as follows:
| Tenure | General Public Rate (%) | Senior Citizen Rate (%) |
| 1 Year | 7.30 | 7.80 |
| 2 Years | 7.40 | 7.90 |
Eligibility Criteria for SBI Sarvottam (Non-Callable) Domestic Term Deposit Scheme
To be eligible for this scheme, applicants must meet the following criteria:
-
Resident Individuals: Only Indian citizens residing in India can apply.
-
Non-Individual Customers: Corporates and partnerships are also eligible.
-
Minimum Deposit Amount: A minimum deposit of ₹1 crore is required.
-
Exclusions: Minors and Non-Resident Indians (NRIs) cannot open these accounts.
FD interest rates India have fallen consistently over the last 12 years.
Features of SBI Sarvottam Domestic Term Deposit Scheme
The key features of the SBI Sarvottam Term Deposit include:
-
Fixed Interest Rates: Rates are fixed at the time of deposit and remain unchanged throughout the tenure.
-
Special Interest Rates for Certain Customers: Senior citizens, SBI staff, and senior staff members are eligible for an additional interest rate on top of the standard non-callable deposit rates. However, this benefit does not extend to NRI senior citizens or NRI staff.
-
No Renewal Option: The scheme does not allow for the renewal of deposits. Upon maturity, the total amount will be credited directly to the customer's Savings Bank (SB), Current Account (CA), Cash Credit (CC), or Overdraft (OD) account.
-
Loan Facility: Customers can avail themselves of a demand loan against their deposit. However, this is subject to applicable margin requirements.
-
Restrictions on Usage: The deposit cannot be used as collateral for loans or as margin money for letters of credit (LC) or bank guarantees (BG). Additionally, it cannot serve any other credit facility purposes.
-
Conversion Limitations: Customers cannot convert existing Term Deposits (TDR) into Non-Callable deposits or vice versa.
-
Branch Availability Only: This scheme can only be accessed through SBI branches, emphasizing personal interaction and service.
-
Interest Payment Frequency: Interest is compounded quarterly and paid out at maturity.
-
No Premature Withdrawal: Funds cannot be withdrawn before maturity, ensuring higher interest returns.
-
Tax Deducted at Source (TDS): Applicable as per Income Tax regulations.
How to Apply for the SBI Sarvottam Term Deposit Scheme?
Applying for the SBI Sarvottam Term Deposit is straightforward:
-
Visit an SBI Branch: Go to your nearest State Bank of India branch.
-
Fill Out Application Form: Complete the application form for the Sarvottam Term Deposit.
-
Provide Necessary Documents: Submit required documents such as identity proof, address proof, and PAN card.
-
Deposit Amount: Transfer the minimum required amount into your new term deposit account.
Benefits of Investing in SBI Sarvottam (Non-Callable) Term Deposit Scheme
Investing in this scheme offers several advantages:
-
Higher Returns: Competitive interest rates compared to regular fixed deposits.
-
Safety and Security: Being a government-backed bank, deposits are secure.
-
Financial Planning: Ideal for long-term financial goals due to its fixed nature.
-
Additional Benefits for Senior Citizens: Higher interest rates are available for senior citizens.
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Conclusion
The SBI Sarvottam (Non-Callable) Term Deposit Scheme presents an attractive investment opportunity for individuals and institutions looking to earn higher interest on substantial deposits without the flexibility of premature withdrawal. With competitive rates and a secure investment environment, it serves as a reliable option for long-term financial planning in India.
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FAQs
-
What is SBI Sarvottam non-callable term deposit?
The SBI Sarvottam (Non-Callable) Term Deposit is a fixed deposit scheme that requires a minimum investment of ₹15 lakhs. It offers higher interest rates and does not allow withdrawals before maturity. -
What is the interest rate of Sarvottam fixed deposit?
As of November 12, 2024, the interest rates are 7.10% for 1 year and 7.40% for 2 years for general customers. Senior citizens earn slightly higher rates at 7.60% and 7.90%, respectively. -
What are the benefits of the SBI non-callable deposit?
Benefits of the SBI Sarvottam Term Deposit Scheme include higher interest rates, safety as a government-backed product, and a fixed investment period of 1 or 2 years. -
Can we withdraw the SBI non-callable deposit?
No, you cannot withdraw funds from the SBI non-callable deposit before maturity. -
What is the RBI circular on non-callable FD?
The RBI circular outlines that non-callable fixed deposits cannot be withdrawn early, helping banks manage their funds more effectively and providing stability in their financing.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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