The State Bank of India (SBI) has introduced a new term deposit scheme, titled ‘Utsav Deposit’ on the occasion of the 75th anniversary of India’s Independence.
Termed as “Utsav Deposit”, the offer is valid from August 15, 2022, for a period of 75 days. Key offering of this fixed deposit scheme include higher rate of interest of 6.10 per cent, with an additional 0.50 per cent interest being offered to senior citizens. The tenure of the deposit has been fixed at 1,000 days.
The bank announced the scheme through a Tweet on its official Twitter handle @The OfficialSBI, on August 14, 2022.
Key Highlights Of Utsav Deposit
The following are the key highlights of the fixed deposit scheme.
- The SBI Utsav Deposit scheme is valid from August 15 to October 30, 2022, i.e., for a period of 75 days.
- The tenure and rate of interest have been fixed at 1,000 days and 6.10 per cent per annum, respectively.
- Senior citizens will receive an additional 0.50 per cent more on the standard rate of interest under this scheme.
- At present, SBI offers interest rates ranging from 2.90 per cent to 5.65 per cent to its customers. The tenure period ranges between 7 days and 10 years (for regular citizens).
Compared to the bank’s usual fixed deposit schemes, the SBI Utsav Deposit scheme provides an increased return. However, there is a restriction on both validity and tenure period of the fixed deposit. The scheme was introduced with the primary intent of commemorating 75 years of India’s Independence.
Hike In Interest Rates Effective From August 13, 2022
According to SBI’s official website, the rates of interest on specific fixed deposit schemes have been revised. These revised rates are already in service, starting August 13, 2022.
It is interesting to note that the hike in rates is not applicable on FDs worth more than Rs.2 crore.
The revised rates are as follows:
- 2.90 per cent to 5.65 per cent interest rate for regular citizens
- 3.40 per cent to 6.45 per cent interest rate for senior citizens
Evidently, senior citizens are getting an additional 0.50-0.80 per cent interest rate on select FD schemes.
Previously, the rate of interest for regular citizens ranged from 2.90-5.50 per cent. The range for senior citizens was from 3.40-6.30 per cent.