FD Rates Hike: Senior citizens are in for a treat, now they will get 9% interest on these amazing new schemes of SBI..
The country's largest public sector bank, State Bank of India, 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 Scheme is offering a higher interest rate of 7.90%. However, there are many rules in this which investors (SBI Scheme for Senior Citizen) have to fulfill. You cannot withdraw money before time in the 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.
SBI Sarvottam FD Scheme
SBI Sarvottam Scheme is offering higher interest rates than PPF, NSC, and Post Office Saving 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 the SBI Sarvottam (SBI FD Interest rates) scheme, customers are getting 7.4 percent interest on 2-year deposits i.e. FD. This interest rate is for the general public. At the same time, senior citizens are getting 7.90 percent interest on the same scheme. At the same time, the general public is getting 7.10 percent and senior citizens are getting 7.60 percent interest on a one-year investment (Best FD schemes for senior citizens).
Customers will get bumper benefits
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 a two-year deposit (sarvottam deposit scheme) is 8.14 percent. On bulk deposits of Rs 2 crore to Rs 5 crore, SBI is offering 7.77 percent interest for 1 year and 7.61 percent interest for 2 years to senior citizens. In this scheme, compound interest is available (SBI's latest Scheme).
How much money can be invested?
In the SBI Sarvottam scheme, the customer can invest from a minimum 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 how long money can be invested in this scheme (Fixed Deposit) is not available on the website.
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