Right now in the name of making fixed deposits (FD), everyone remembers the State Bank of India. People have a lot of trust in this government bank. Today we will discuss two schemes of SBI where you will get a good return if you keep money. Know how much is the return and for how long will the deposit have to be kept?
SBI Sarvottam Scheme
The SBI Sarvottam Deposit Scheme was introduced last year for those looking to invest larger sums. It provides interest rates that surpass those of standard fixed deposits. For a 2-year term, the bank offers an attractive interest rate of 7.4%, while a 1-year term is set at 7.10%. Senior citizens enjoy an extra benefit, receiving an additional 50 basis points (bps) on top of the general rates. This means they can earn 7.9% for a 2-year deposit and 7.6% for a 1-year deposit. The ‘Shreshtha (non-callable)’ interest rate applies specifically to deposits between Rs 1 crore and Rs 3 crore. There is no deadline for investing in this scheme.
SBI Green Rupee Term Deposit
SBI has also introduced the SBI Green Rupee Term Deposit Scheme to support environmentally friendly projects. This scheme offers a 6.65% interest rate for terms of 1111 days and 1777 days, while a 6.40% interest rate is available for a 2222-day term.
