State Bank of India has created a special deposit scheme in celebration of the country’s 76th anniversary of Independence.
The scheme for deposit, ‘Utsav’ Deposit is a time-bound duration offer that will expire on the 28th of October, according to the lender announced in its site.
The fixed deposit scheme comes with higher interest rates , and is accessible for a brief period.
SBI has announced via a tweet “Let your money take the burden for you.
The ‘Utsav’ deposit is now available with higher rates of interest on Fixed-rate deposits!.”
This is everything you should be aware of SBI special deposit scheme for FDs ‘Utsav:
Period of Scheme
From 15.08.2022 to 28.10.2022`
Tenor of Deposit
Domestic retail term deposits, including NRO Term Deposits (less than Rs2 crore)
New and Renewal Deposits
Term Deposits and Special Term Deposits are only available
Rate of interest
With the Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10 percent per year for fixed deposits with the duration of 1000 days.
Senior citizens will receive the benefit of an extra interest rate that is 50 basis points (bps) in addition to the standard rate.
These special deposits will yield the interest of 6.5 percent.
Payment of Interest
At half-yearly, monthly, quarterly or quarterly intervals , Special Term Deposits: When they reach their maturity
Rate applicable as per the Income-tax Act
In the case of Retail Term Deposits.
Loan Facility Available
SBI the most current rate of interest for FDs
The biggest public sector bank is currently offering 5.65 per cent interest for customers who deposit between 5 and 10 years of tenors.
For senior citizens , the bank is offering 6.45 percent interest. The new FD rates will start on 13 August 2022.