SBI special FD scheme with higher interest rates for a limited time period

State Bank of India has launched a special deposit scheme on the occasion of the nation’s 76th year of Independence. The special deposit scheme, ‘Utsav’ Deposit,  is a limited period offer and will end on 28 October, the lender mentioned on its website. This fixed deposit scheme has higher interest rates and is only available for a limited time.

SBI has said via a tweet that “Let your finances do the hard work for you. Introducing ‘Utsav’ Deposit with higher interest rates on your Fixed Deposits!.”

Here is all you need to know about SBI special FD scheme ‘Utsav’ Deposit:

Period of Scheme

From 15.08.2022 to 28.10.2022`

Tenor of Deposit

1000 Days

Eligibility

  • Domestic Retail Term Deposits including NRO Term Deposits (< 2 crore)
  • New and Renewal Deposits
  • Term Deposit and Special Term Deposit only

Interest rate

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. Senior citizens will get an additional interest rate of 50 basis points (bps) over and above the regular rate. For them, these special deposits will fetch an interest rate of 6.5%

Payment of Interest

At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity

TDS

Applicable rate as per Income-tax Act

Premature Withdrawal 

As applicable for Retail Term Deposit

Loan Facility Available

SBI latest FD interest rates

The largest public sector bank is currently offering up to 5.65% interest to depositors for 5 to 10 years tenors. For senior citizens the bank is offering up to 6.45% interest. The revised FD rates are applicable from 13 August 2022.

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