Utsav Deposit: Opportunity to earn more interest on SBI FD, know details

If you are thinking of doing Fixed Deposit (FD), then this is a golden opportunity for you. Actually, the country’s largest bank State Bank of India (SBI) has introduced a special scheme Utsav Deposit on the completion of 75 years of independence. You can take advantage of this special FD scheme by depositing money for 75 days. This offer is till October 28, 2022.

Recently SBI had said through a tweet, “Let your finance (money) work hard for you. Introducing ‘Utsav’ Deposits with high interest rates on your Fixed Deposits!” Let us know about the Utsav Deposit Scheme.

Utsav Deposit Scheme Tenure
from August 15, 2022 to October 28, 2022

Deposit tenor
1000 days

Eligibility
>> Domestic Retail Term Deposits including NRO Term Deposits (less than Rs 2 crore)
>> New and Renewal Deposits
>> Only Term Deposits and Special Term Deposits

SBI is offering an interest rate of 6.10 per cent per annum on deposits for 1,000 days on the interest rate festival FD scheme. Senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate.

Interest paid
at monthly/quarterly/half yearly intervals on Special Term Deposits- Maturity

TDS
rate applicable as per Income Tax Act

Premature Withdrawals
Applicable as per Retail Term Deposits

SBI Latest FD Rates
SBI is currently offering depositors with interest up to 5.65% for tenures of 5 to 10 years. For senior citizens, the bank is offering interest up to 6.45%. These interest rates are applicable from 13 August 2022.