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SBI is Offering Short-Time FD Scheme with Higher Interest till October 28th! Check Details Here

Senior citizens will receive an additional interest rate of 50 basis points (bps) over and above the standard rate under the SBI special FD scheme with higher interest rates.

Binita Kumari
Senior citizens will receive an additional 50 basis points (bps) of interest on top of the standard rate.
Senior citizens will receive an additional 50 basis points (bps) of interest on top of the standard rate.

A special deposit scheme has been introduced by the State Bank of India in honor of the 76th anniversary of the country's independence. According to the lender's website, the limited-time "Utsav" Deposit special deposit scheme will end on October 28. 

This fixed deposit scheme only lasts a short while and offers higher interest rates. 

Let your finances do the hard work for you, SBI advised in a tweet. We are pleased to introduce the "Utsav" Deposit, which offers better interest rates on your fixed deposits.

Here is everything you should know about SBI's special FD scheme, "Utsav Deposit":

How long will the scheme last?

The scheme started on 15 August 2022 and will end on 28 October 2022

The tenor of deposit- 1000 days

Eligibility criteria:

NRO Term Deposits and Domestic Retail Term Deposits (under 2 crores)

Deposits can be both new and renewed

Term and Special Term Deposits Only

Interest rate:

SBI is giving fixed deposits with a duration of 1000 days and an interest rate of 6.10% per year under its Utsav Fixed Deposit Scheme. Senior citizens will receive an additional 50 basis points (bps) of interest on top of the standard rate. These particular deposits will yield a 6.5% interest rate for them.

TDS- Applicable rate as per Income Tax Act

Payment of Interest- During intervals of every month, quarter, and half-year When special term deposits mature.

Premature Withdrawal- As applicable for Retail Term Deposit

For tenors of 5 to 10 years, the largest public sector bank is now providing depositors up to 5.65% interest. The bank offers older citizens interest rates of up to 6.45%. The updated FD rates are effective as of August 13, 2022.

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