March 22, 2023

State Bank of India () has introduced a new term deposit scheme dubbed “Utsav Deposit” in honour of the nation’s 76th Independence Day. This fixed deposit will offer 6.1 percent interest rate effective from August 15, 2022. This offer is valid for 75 days that is till October 30, 2022.

According to an SBI tweet, “A delightful offer especially for our customers to celebrate 75 years or Azadi. With ‘Utsav’ Deposit, get higher interest rate on Fixed Deposits.”

According to the SBI website, “Bank has also introduced specific tenor of “1000 days” at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days.”

SBI Utsav Deposit scheme details

SBI is offering FDs with a duration of 1000 days an interest rate of 6.10% per year under its Utsav Fixed Deposit Scheme.

Seniors will be entitled for an additional 0.50% over and above the standard interest rate.

SBI offers interest rate in fixed deposits ranging from 2.90 percent to 5.65 percent for tenure between 7 days to 10 years for regular citizens.

SBI hikes FD rates

SBI has increased the interest rates on select fixed deposit (FD) tenures by up to 15 bps. According to the bank’s website, the increased rates are effective from August 13, 2022, and are applicable for FDs worth less than Rs 2 crore. Following the adjustment, SBI will now offer fixed deposit interest rates ranging from 2.90% to 5.65% for the general public and 3.40% to 6.45% for senior citizens.

Also read:
SBI hikes FD interest rates by up to 15 bps for these tenures

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