Interest rates

Special FD SBI scheme with higher interest rates for a limited period

The State Bank of India launched a special deposit scheme on the occasion of the 76th anniversary of the country’s independence. The special deposit program, “Utsav” Deposit, is a limited-time offer and will end on October 28, the lender said on its website. This fixed deposit system has higher interest rates and is only available for a limited time.

SBI 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 everything you need to know about SBI’s Special FD Program “Utsav” deposit:

Plan period

From 15.08.2022 to 28.10.2022`

Duration of deposit

1000 days

Eligibility

  • Domestic retail term deposits, including NRO term deposits ( 2 crore)
  • New and renewal filings
  • Term deposit and special term deposit only

Interest rate

On the Utsav fixed deposit system, SBI offers an interest rate of 6.10% per annum on fixed deposits with a term of 1,000 days. Senior citizens will benefit from an additional interest rate of 50 basis points (bps) on top of the regular rate. For them, these special deposits will earn an interest rate of 6.5%

Payment of interest

At monthly/quarterly/semi-annual intervals Special term deposits – At maturity

TD

Rate applicable according to the Income Tax Act

Premature withdrawal

Where 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 terms of 5 to 10 years. For seniors, the bank offers up to 6.45% interest. The revised FD rates are applicable from August 13, 2022.

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