In celebration of the country’s 76th Independence Day, State Bank of India (SBI) has unveiled a brand-new term deposit program called “Utsav Deposit.” Starting on August 15, 2022, this fixed deposit will give a 6.1 percent interest rate. This promotional offer will be there for 75 days, or until October 30, 2022.
According to a tweet from SBI, “A wonderful offer developed specifically for our clients to commemorate 75 years of Azadi.” The “Utsav” Deposit offers a higher interest rate.
According to the SBI website, “Bank has also introduced particular tenor of “1000 days” at ROI of 6.10% starting on 15-Aug-2022 for 75 days.
A delightful offer especially for our customers to celebrate 75 years or Azadi.
With ‘Utsav’ Deposit, get higher interest rate on Fixed Deposits. #SBI #UtsavDeposit #FixedDeposits #AmritMahotsav pic.twitter.com/DhPQnis568
— State Bank of India (@TheOfficialSBI) August 15, 2022
Details of the SBI Utsav Deposit Scheme
Seniors will be eligible for an extra 0.50% in interest on top of the market rate. SBI offers FDs with a tenure of 1000 days and an interest rate of 6.10% per year under its Utsav Fixed Deposit Scheme. Senior citizens are entitled to an additional 0.50% interest rate on top of the normal rate. SBI provides normal citizens interest rates for fixed deposits with periods between seven days and ten years that range from 2.90% to 5.65%.
SBI increases FD rates
SBI has raised interest rates on a few different fixed deposit (FD) tenures by as much as 15 basis points. The new rates, which are valid for FDs valued less than Rs 2 crore, are stated to be effective as of August 13, 2022, on the bank’s website. After the change, SBI will now provide fixed deposit interest rates for the general public that range from 2.90% to 5.65% and for senior people that range from 3.40% to 6.45%.