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”. 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%.

Important takeaways for all competitive exams:

• SBI Chairperson: Dinesh Kumar Khara.
• SBI Headquarters: Mumbai.
• SBI Founded: 1 July 1955.

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