How to Invest in SBI Sarvottam FD Scheme 2024?

India's largest bank State Bank of India offers SBI Sarvottam FD Scheme to all the investors which provides better returns than PPF, National Saving Certificate (NSC), Kisan Vikas Patra (KVP), Normal FDs and Post Office Savings Schemes. This is a non-callable FD scheme. This scheme not only offers 7.90% interest to senior citizens but also gives safety and security to their invested money. SBI Sarvottam FD is suitable for

• Investor who have no problem with lock in period
• Risk-averse investors
• Who do not seek periodic returns on their investment
• Investors seeking higher assured returns from a lump-sum investment
• Good option for investment for Senior Citizens

Recently, the Reserve Bank of India recently increased the non-callable FD limit from Rs.15 lakhs to Rs.1 crore.

Highlights of SBI Sarvottam FD Scheme

What are Callable FD and Non-Callable FD?

A Fixed Deposit which can be withdrawn before the maturity date is known as callable FD. These are available for several marurity periods and the investor may choose any tenure as per his needs and convenience.

A Fixed Deposit which cannot be encashed before the maturity date is known as non-callable FD. Non-callable FDs usually are more attractive as they offer higher interest rate than regular FDs.

Features: SBI Sarvottam FD Scheme

• Senior citizens can increase the growth of their savings at a higher rate by investing in SBI Sarvottam FD Scheme
• Senior citizens can enjoy 0.50% higher rate of interest
• Premature withdrawal is not allowed
• Interest is comounded on quarterly basis
• Available for 1 year and 2 years tenure

Eligibility Criteria for SBI Sarvottam FD Scheme

Eligible investor categories for SBI Sarvottam FD Scheme are listed below,

• Resident Individuals
• Resident Non-Individuals

Note that Minors and NRIs are not eligible to invest in SBI Sarvottam FD Scheme.

Documents Required: SBI Sarvottam FD Scheme

Following document are required for making investment in SBI Sarvottam FD Scheme,

1. Duly filled application form
2. Investment amount
3. KYC (Know Your Customer) documents which will include,
   • Proof of address: Aadhaar card, Passport, Recent Utility Bills, Driving license, Voter's ID card, Job card issued by NREGA signed by the State Government officer, etc.
   • Proof of identity: Aadhaar card, PAN Card, Passport, Driving license, Voter's ID card, Job card issued by NREGA signed by the State Government officer, etc.
   • PAN Card
4. Proof of Date of Birth

Better Interest Rate: SBI Sarvottam FD Scheme 2024

Interest Rate for Deposits above Rs.1 crore to less than Rs.2 crore w.e.f. 17/02/2023

(1) Interest Rate for General Investors

(2) Interest Rate for Senior Citizens

Interest Rate for Deposits of Rs.2 crore and above w.e.f. 17/02/2023

(1) Interest Rate for General Investors

(2) Interest Rate for Senior Citizens

How to Invest in SBI Sarvottam FD Scheme 2024?

If you want to invest in SBI Sarvottam FD Scheme by branch visit, you can do so.

• Step 1: If you want to invest in this scheme, you need to visit your any SBI branch and get the details about the scheme
• Step 2: Obtain the application form for SBI Sarvottam FD Scheme
• Step 3: Fill out the form completely by providing your personal details
• Step 4: Choose the amount to invest
• Step 5: Submit the application along with your Know Your Customer (KYC) documents and other required documents. Your KYC (Know Your Customer) is essential while making SBI Sarvottam FD investments. These will include,
  • Proof of address
  • Proof of identity
  • PAN Card
• Step 6: Deposit the amount through drafts, cheques or electronic mode (NEFT/RTGS)
• Step 7: Get the acknoledgement slip
• Step 8: An FD certificate will be issued to the customer as proof of subscription after the application is processed

Inevstment Amount

Minimum investment amount is Rs.1 crore in lump sum. Interest rate will vary depending up on amount of investment as per above table.

Benefit of Interest Rate for Senior Citizens

Senior citizens can increase the growth of their savings at a higher rate by investing in SBI Sarvottam FD Scheme. Senior citizens can enjoy 0.50% higher rate of interest.

Taxability

The interest income from the SBI Sarvottam FD Scheme is taxable under the Income-tax Act, 1961, as applicable, according to the relevant tax slab of the FD holder.

FAQs on SBI Sarvottam FD Scheme

What Documents are required for investment under SBI Sarvottam FD Scheme?

Application Form, KYC Documents (Id & Address proof as per Bank Guidelines), other required documents like POA, POI, Date of birth proof and contribution for investment.

What is the maturity period of SBI Sarvottam FD?

Maturity of the SBI Sarvottam FD will be on the expiration of 1 year or 2 years from the date of investment.

Can investment in SBI Sarvottam FD withdrawn prematurely?

No. As SBI Sarvottam FD is a non-callable FD, you cannot withdraw it prematurely.

Is investment in SBI Sarvottam FD beneficial for Senior Citizens?

Yes. Senior citizens can enjoy 0.50% higher rate of interest under SBI Sarvottam FD which is 7.90% for deposit of above Rs. 1 crore to less than Rs. 2 crore (with tenure of 2 years).

Can minors and NRIs invest in SBI Sarvottam FD Scheme?

No. Minors and NRIs are not eligible to invest in SBI Sarvottam FD Scheme.