State Bank of India (SBI) Utsav Fixed Deposit (FD) Scheme 2022: State Bank of India (SBI) had launched the ‘Utsav’ Deposit scheme on August 15 this year to mark the 75th anniversary of India’s independence. The limited period term deposit offer is available to the bank’s account holders only for a period of 75-days which is ending this Friday (October 28).
What is SBI ‘Utsav’ Deposit?
SBI’s ‘Utsav’ Deposit scheme is a special term deposit scheme which is available for a limited time period. Under this scheme, the country’s largest public sector lender is offering an interest of 6.10 per cent on fixed deposits (FD) with a tenor of 1,000 days. Additionally, senior citizens are eligible for 0.50 per cent additional interest over and above the standard rate applicable for general depositors.
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SBI ‘Utsav’ Deposit: Key details
| Last Date | October 28 |
| Tenor of Deposit | 1,000 days |
| Eligible Deposits | Domestic Retail Term Deposits including NRO Term Deposits (less than Rs 2 crore), new and renewal deposits, term deposit and special term deposit only. |
| Exclusions | NRO Deposits of Staff and Senior Citizens |
| Interest Payment | Term Deposits – At monthly/quarterly/half yearly intervals. Special Term Deposits – On maturity. Interest, net of TDS, shall be credited to depositor’s account |
| Tax Deducted at Source (TDS) | At applicable rate as per Income-tax act |
| Premature Withdrawal | As applicable for retail term deposit |
| Loan Facility | Available |
| Available through | Branch/INB/YONO Channels |
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SBI hikes term deposit rates
SBI last Friday raised its interest rates on term deposits by up to 0.80 per cent amid a ‘war for deposits’ in the banking system. Fixed deposits of under Rs 2 crore for a period of over 211 days but less than 1 year will earn an interest of 5.50 per cent from October 22, as against 4.70 per cent earlier. For other maturities, the quantum of the rate hike is lower at 0.25-0.60 per cent, while the 7-45 days deposit rate has been left untouched at 3 per cent per annum.
-with PTI inputs
