SBI Sarvottam (Non-Callable) Term Deposit

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.

SBI Sarvottam (Non-Callable) Term Deposit Interest Rates (1 Cr. to < 3 Cr.)

For deposits between ₹1 crore and less than ₹3 crores, the interest rates are as follows:

SBI FD rates w.e.f. July 15, 2025

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.

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.

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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