With the onset of the Indian festive season, the State Bank of India has introduced a special scheme for its customers. This special deposit scheme has been named ‘Utsav’ Deposit, which is a limited period program for the customers to benefit from and will end by 28th October 2022, as mentioned on SBI’s official website. This fixed deposit scheme is designed to offer a high rate of interest rate for a limited time only.
SBI has said via a tweet that “Let your finances do the hard work for you. Introducing ‘Utsav’ Deposit with higher interest rates on your Fixed Deposits!.”
Sharing below the details of the SBI special FD scheme ‘Utsav’ Deposit:
Period of Scheme
The scheme duration is limited from – 15.08.2022 to 28.10.2022`
Duration of the Deposit
1000 Days
Eligibility
- Domestic Retail Term Deposits including NRO Term Deposits (< ₹2 crore)
- New and Renewal Deposits
- Term Deposit and Special Term Deposit only
Interest rate
The Utsav special Deposit Scheme b State bank of India is offering an interest rate of 6.10% annually on fixed deposits schemes with a duration of 1000 days. In the same scheme, Senior citizens will reap an additional interest rate of 0.%% over and above the regular rate. For them, these special deposits will garner an interest rate of 6.5% for the same duration of depsit.
Payment of Interest
At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
TDS
Applicable rate as per Income-tax Act
Premature Withdrawal
As applicable for Retail Term Deposit
Loan Facility Available
SBI latest Fixed Deposit interest rates
SBI bank is presently offering up to 5.65% interest to customers for 5 to 10 years of tenors which goes upto to 6.45% interest rate for senior citizens. The revised FD rates are applicable from 13 August 2022.
