SBI Sarvottam FD with 7.9% interest rate vs Canara Bank vs Bank of Baroda fixed deposits

economictimes.indiatimes.com:

RBI).

What is non-callable deposit?

According to the HDFC Bank website, “The Fixed Deposits does not have any premature withdrawal facility i.e. the Fixed Deposits cannot be closed by the depositor before expiry of the term of such deposit.”

Here is a comparison of non callable FD interest rates for amounts between Rs 1 crore to Rs 2 Crore offered by Canara Bank and Bank of Baroda.

The State Bank of India (SBI), last year, launched its non-callable term deposits called SBI ‘Sarvottam’ for deposits above Rs 1 crore.

SBI Sarvottam

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.

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 1 crore & below Rs 2 crores.

Bank of Baroda

Bank of Baroda is offering an interest rate 7% interest on tenure from 1year to 2 years and 7.40% for tenure above 2 Years