State Bank of India (SBI) has launched a new term deposit scheme “Utsav Deposit” to mark the nation’s 76th Independence Day. This fixed deposit offers 6.1 percent interest rate. This offer is valid till October 30, 2022.
Utsav Deposit latest interest rates
The bank is offering an interest rate of 6.10% per annum on this special FD with a tenure of 1,000 days. Senior citizens get an additional 50 basis points (bps) rate benefit over and above the regular rate, which means these special deposits will fetch them an interest rate of 6.5%.
SBI latest FD rates for general and senior citizens
The bank offers FD interest rates of 2.90%-5.65% per annum to the general customers and 3.40%-6.40% per annum to senior citizens for tenures ranging from 7 days to 10 years. SBI Tax Saving FDs offer 5.65% per annum interest rate for the general customers and 6.45% for senior citizens. The revised FD rates are applicable from 13 August 2022.
Post Office Time Deposit Account (TD), also known as Post Office fixed deposits (FDs)
Note: The minimum deposit value is Rs 1,000 without any maximum limit.
Latest interest rates
The interest rate is 5.5% each on a one-year, two-year, and three-year time deposit. Meanwhile, the rate is 6.7% on a five-year time deposit. There is also a tax benefit of Rs 1.5 lakh under section 80C of the I-T Act for a five-year TD.
As per the India Post, on deposits of Rs 10,000 – the annual interest is Rs 561 on one-three year time deposits. While the annual interest earned is Rs 687 for Rs 10,000 deposits on five-year TD.
Post RBI repo rate hike in August, all major banks have increased their interest rates on fixed deposits in an effort to attract investors.
