State Bank of India (SBI) launched its non-callable term deposits called SBI ‘Sarvottam’ for deposits above Rs 15 lakh. According to the Reserve Bank of India (RBI), banks can offer higher interest rates on deposits of over Rs 15 lakh wherein the customers do not withdraw prematurely.
Let us see which bank is offering better returns when compared to SBI Sarvottam FD.
Non-callable deposit is a term deposit product wherein premature withdrawal is not allowed during the tenure of the deposit.
SBI Sarvottam FD rates
Under the “Sarvottam” term deposits, the bank is providing depositors with a rate of interest of 7.40% for a two-year period. The deposit rate is 7.10% for a one-year term.
Senior people will receive an extra 50 basis points (bps) of interest on top of what is offered to ordinary depositors. For a two-year deposit and a one-year deposit, they will earn interest rates of 7.90% and 7.60%, respectively.
| General Public | Senior Citizen | |
| Tenors | Rates w.e.f. 17/02/2023 | Rates w.e.f. 17/02/2023 |
| 1 Yr | 7.1 | 7.6 |
| 2 Yr | 7.4 | 7.9 |
Canara Bank FD rates
The bank is providing depositors with a rate of interest of 7.05% for one year to two year and 7.40% on 444 days. The deposit rate is 7% on 2 years & above to less than 3 years for regular citizens.
For senior citizens, the bank offers 7.55% for a one year to two year and 7.90% on 444 days. The deposit rate is 7.50% on 2 years & above to less than 3 years. The minimum single deposit should be between Rs 15 lakh & below Rs 2 crores.
| Term Deposits (All Maturities) | General Public | Senior Citizen |
| Rate of Interest (% p.a.) | Rate of Interest (% p.a.) # | |
| 7 Days to 45 Days | NA | NA |
| 46 Days to 90 Days | 5.35 | 5.35 |
| 91 Days to 179 Days | 5.6 | 5.6 |
| 180 Days to 269 Days | 6.35 | 6.85 |
| 270 Days to less than 1 Year | 6.6 | 7.1 |
| 1 Year Only | 7.05 | 7.55 |
| 444 Days | 7.4 | 7.9 |
| Above 1 Year to less than 2 Years | 7.05 | 7.55 |
| 2 Years & above to less than 3 Years | 7 | 7.5 |
| 3 Years & above to less than 5 Years | NA | NA |
| 5 Years & above to 10 Years | NA | NA |
Bank of Baroda FD rates
Bank of Baroda is offering an interest rate 7% interest on tenure from 1year to 2 years and 7.30% for tenure above 2 Years and upto 3 Years for regular citizens. For senior citizens, the bank offers interest rate of 7.50% interest on tenure from 1year to 2 years and 7.80% for tenure above 2 years and up to 3 years.
The minimum single deposit should be between Rs 15.01 lakh & below Rs 2 crores.
| Tenors | General/NRE/NRO | Senior Citizen |
| 1 Years | 7 | 7.50* |
| Above 1 Years to 400 days | 7 | 7.50* |
| Above 400 days and upto 2 Years | 7 | 7.50* |
| Above 2 Years and upto 3 Years | 7.3 | 7.80* |
| Above 3 Years and upto 5 Years | 6.75 | 7.40# |
| Above 5 Years and upto 10 Years | 6.75 | 7.75*** |
| 399 Days (Baroda Tiranga Plus Deposit Scheme)*** | 7.40## | 7.90* |
PNB
PNB is offering an interest rate of 7.35% on 1 year tenure and 445 days to 2 years. PNB offers 7.35% above 1 year to 443 days. On tenure of 444 days, the bank offers 7.80% and 7.55% on the above 2 years & up to 3 years for senior citizens.
PNB is providing a 6.80% interest rate for terms ranging from 1 year tenure and 445 days to 2 years. PNB provides 6.85% over 1 year and up to 443 days. The bank offers 7.30% and 7.05% on the above 2 years and up to 3 years for regular citizens in terms of 444 days.
| PNB Uttam (Non Callable) Fixed Deposit Scheme( For Deposit Above Rs. 15 Lakh) | |||
| Sl. No | Period | Revised Rates For Public W.E.F. 01.06.2023 | *Revised Rates For Senior Citizens W.E.F. 01.06.2023 |
| 1 | 91 to 179 days | 4.55 | 5.05 |
| 2 | 180 days to 270 days | 5.55 | 6.05 |
| 3 | 271 days to less than 1 year | 5.85 | 6.35 |
| 4 | 1 year | 6.8 | 7.3 |
| 5 | above 1 year to 443 days | 6.85 | 7.35 |
| 6 | 444 days | 7.3 | 7.8 |
| 7 | 445 days to 2 years | 6.85 | 7.35 |
| 8 | above 2 year & upto 3 years | 7.05 | 7.55 |
| 9 | above 3 year & upto 5 years | 6.55 | 7.05 |
| 10 | above 5 years & upto 10 years | 6.55 | 7.35 |
