The largest lender in the nation, State Bank of India (SBI) has introduced a unique term deposit programme called “Utsav Deposit Scheme”. This fixed deposit scheme has higher interest rates and is only available for a limited time. This programme is introduced on the occasion of the nation’s 76th year of Independence, celebrated as Azadi Ka Amrit Mahotsav.
On Utsav Fixed Deposit Scheme:
- SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate.
- These rates are effective as of 15th August 2022 and the scheme is valid for a period of 75 days.
Different rates of the schemes:
- Interest rates on fixed deposits under ₹2 Cr were recently increased at SBI. SBI announced the new interest rates on August 13, 2022, and as a result of the adjustment, the bank increased interest rates by 15 bps for various tenors.
- SBI increased interest rates on fixed deposits maturing in 180 to 210 days from 4.40% to 4.55%.
- SBI increased interest rates from 5.30% to 5.45% for fixed deposits with maturities of one year to less than two years.
- The interest rate on deposits maturing in 2 years to less than 3 years has increased to 5.50% from 5.35%, while the interest rate on deposits maturing in 3 years to less than 5 years has increased from 5.45% to 5.60%.
- SBI increased the interest rate on fixed deposits maturing in 5 years and up to 10 years from 5.50% to 5.65%.
Important takeaways for all competitive exams:
- SBI Chairperson: Dinesh Kumar Khara.
- SBI Headquarters: Mumbai.
- SBI Founded: 1 July 1955.