State Bank of India launched "Utsav fixed deposit scheme"

State Bank of India launched “Utsav fixed deposit scheme”

The largest lender in the nation, State Bank of India (SBI) has introduced a unique term deposit programme called "Utsav Deposit Scheme".

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.

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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%.

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