SBI Sarvottam FD vs Union Bank Sumvridhi FD For Senior Citizens: What will be returns on Rs 5 lakh investment in each guaranteed return scheme

Compare SBI Sarvottam FD and Union Bank Sumvridhi FD for senior citizens. Discover key features, interest rates, and estimated returns on a Rs 5 lakh investment in these guaranteed return schemes.

ZeeBiz WebTeam | Oct 09, 2024, 04:49 PM IST

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Senior citizens looking for secure investment options can choose between SBI Sarvottam FD and Union Bank Sumvridhi FD, two guaranteed return schemes with attractive interest rates. SBI Sarvottam FD offers a non-callable term deposit with no pre-mature withdrawal option, while Union Bank Sumvridhi FD allows early closure with penalties. Both schemes have special rates for seniors and offer stable returns. In this article, we compare their features, interest rates, and potential returns on a Rs 5 lakh investment to help you make an informed decision.

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SBI Sarvottam FD

Eligibility:

Resident Individuals and Non-Individual Customers

Minors and NRI customers are not eligible

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Additional Interest

Interest:

Senior Citizens, Staff, and Staff Senior Citizens receive additional interest

NRI Senior Citizens and NRI Staff are not eligible

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Pre-Mature Withdrawal

Not allowed

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Renewal

Not allowed

Maturity amount will be credited to Customer’s SB/CA/CC/OD account

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Loan Facility

Demand loan available against the deposit with applicable margin

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TDS

Applicable as per Income Tax Rules

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Investment Return (for Rs 5 lakh):

Interest Rate: 7.6%

Time Period: 1 year

Estimated Return: Rs 39,097

Total Value: Rs 5,39,097

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Union Bank Sumvridhi FD

Key Features:

Scheme Code:
- Applicable for all domestic term deposits except Monthly Income Schemes (MIS)

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Period

333 days

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Minimum and Maximum Deposit Amount

Minimum Deposit Amount:

Rs 1,000

Maximum Deposit Amount:

Below Rs 3 crore

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Interest Rates (for 333 days):

7.40% for General Customers

7.90% for Senior Citizens

8.15% for Super Senior Citizens

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Investment Return (for Rs 5 lakh)

Interest Rate: 7.9%

Time Period: 1 year

Estimated Return: Rs 40,686

Total Value: Rs 5,40,686

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