Senior citizens will get 7.90% interest in this scheme of SBI Bank | Live Updates, Unveiling the Latest India News Trends

SBI Sarvottam: The country's largest public sector bank, State Bank of India (SBI) is running two schemes for its customers named Amrit Kalash and Sarvottam. Both are fixed deposit schemes. SBI Bank is running Sarvottam scheme for senior citizens. In Sarvottam scheme, SBI is offering a high interest rate of 7.90%. However, there are many rules in it which investors have to fulfill. You cannot withdraw money before time in 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.

Interest on SBI Best FD Scheme

SBI Sarvottam Scheme is giving higher interest rate than PPF, NSC and Post Office Savings Schemes. The biggest advantage of this scheme of SBI is that it is a scheme for only one year and two years. That means you can create a big fund in less time. In SBI Sarvottam Scheme, customers are getting 7.4 percent interest on 2-year deposits i.e. FD. This interest rate is for common people. Senior citizens are getting 7.90 percent interest on this scheme. On one year investment, common people are getting 7.10 percent interest and senior citizens are getting 7.60 percent interest.

Customers will get the benefit of compound interest

For senior citizens, the annual yield on the best 1-year deposit of Rs 15 lakh to Rs 2 crore is 7.82 percent. Whereas, the yield on two-year deposits is 8.14 percent. SBI is giving 7.77 percent interest for 1 year and 7.61 percent for 2 years to senior citizens on bulk deposits of Rs 2 crore to Rs 5 crore. Compound interest is available in this scheme.

You can invest this much money

In SBI Sarvottam scheme, customers can invest from a minimum of Rs 15 lakh to Rs 2 crore. This scheme is best for those who have retired and have money from PF fund. 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 is not available on the website.