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.
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.
SBI Sarvottam FD
- Eligibility:
- Resident Individuals and Non-Individual Customers
- Minors and NRI customers are not eligible
- Resident Individuals and Non-Individual Customers
- Minors and NRI customers are not eligible
Additional Interest
- Interest:
- Senior Citizens, Staff, and Staff Senior Citizens receive additional interest
- NRI Senior Citizens and NRI Staff are not eligible
- Senior Citizens, Staff, and Staff Senior Citizens receive additional interest
- NRI Senior Citizens and NRI Staff are not eligible
Pre-Mature Withdrawal
Not allowed
Renewal
- Not allowed
- Maturity amount will be credited to Customer’s SB/CA/CC/OD account
Loan Facility
- Demand loan available against the deposit with applicable margin
TDS
Applicable as per Income Tax Rules
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
Union Bank Sumvridhi FD
Key Features:
- Scheme Code:
- Applicable for all domestic term deposits except Monthly Income Schemes (MIS)
- Applicable for all domestic term deposits except Monthly Income Schemes (MIS)
Period
333 days
Minimum and Maximum Deposit Amount
- Minimum Deposit Amount:
- Rs 1,000
- Maximum Deposit Amount:
- Below Rs 3 crore
- Rs 1,000
- Below Rs 3 crore
Interest Rates (for 333 days):
- 7.40% for General Customers
- 7.90% for Senior Citizens
- 8.15% for Super Senior Citizens
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