Utsav Fixed Deposit Scheme: Today, on the occasion of 75th year of the country’s independence, the country celebrated independence as the Amrit Mahotsav. State Bank of India (SBI), the largest bank in the country, has started a scheme called “Utsav Deposit”. The interest rates in this fixed deposit scheme are higher than normal and are available for a limited time only.
SBI has said through a tweet, ‘Let your finance (money) do the hard work for you. Introducing ‘Utsav’ deposits with high interest rates on your Fixed Deposits!
On Utsav FD scheme, SBI is offering an interest rate of 6.10% p.a. on deposits for 1,000 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 from 15th August 2022 and the plan is valid for a period of 75 days.
Interest rates were announced two days ago, interest rates on fixed deposits under ₹ 2 crore were recently increased in SBI. SBI announced the new interest rates on August 13, 2022 and as a result of the adjustments, the bank increased the interest rates by 15 bps for various tenors.
SBI has increased the interest rates on fixed deposits maturing in 180 to 210 days from 4.40% to 4.55%. SBI has increased the interest rates for fixed deposits with maturities from one year to less than two years from 5.30% to 5.45%. The interest rate on deposits maturing in 2 years to less than 3 years increased from 5.35% to 5.50%, while the interest rate on deposits maturing in 3 years to less than 5 years increased from 5.45% to 5.60% SBI has increased the interest rate on fixed deposits maturing for 5 years and 10 years from 5.50 percent to 5.65 percent.
SBI increased MCLR rate from today
State Bank of India has increased its Marginal Cost of Funds Best Lending Rate (MCLR) on loan from today i.e. 15th August. This move of the bank will increase the EMI of those lenders whose loan is linked to MCLR. The Reserve Bank of India had increased the repo rate by 50 basis points this month itself. Since this increase, banks have increased various lending rates. SBI had increased interest rates on fixed deposits only last week.