Utsav Deposit: SBI Launches New Fixed Deposit Scheme That Offers Higher Interest Rates

The largest lender in the country, State Bank of India (SBI), launched a new term deposit scheme called "Utsav Deposit" in honor of the nation's 76th anniversary of independence, which was observed as Azadi Ka Amrit Mahotsav. This fixed deposit scheme only lasts a short while and offers higher interest rates.

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

SBI is providing fixed deposits with a duration of 1000 days and an interest rate of 6.10% per year under its Utsav Fixed Deposit Scheme. Additionally, seniors will be entitled to an additional 0.50% over and above the standard interest rate. These tariffs are in place as of August 15, 2022, and the scheme is available for 75 days.

SBI recently raised the interest rates on fixed deposits under Rs. 2 Cr. The bank increased interest rates by 15 basis points for various tenors as a result of the change, which SBI announced on August 13, 2022. 

SBI raised the interest rate on fixed deposits with maturities between 180 and 210 days to 4.55% from 4.40%.

For fixed deposits with maturities of one year to less than two years, SBI raised interest rates from 5.30% to 5.45%. Deposits maturing in 2 years to less than 3 years now have an interest rate of 5.50% instead of 5.35%, while deposits maturing in 3 years to less than 5 years now have an interest rate of 5.60% instead of 5.45%. Fixed deposit interest rates from SBI raised from 5.50% to 5.65% for deposits maturing in 5 years and up to 10 years.

SBI has clarified on its website that "A special "SBI Wecare" scheme is available for senior citizens "Deposit for Senior Citizens is a new product in the retail TD segment, and it will pay Senior Citizens on their retail TD for "5 Years and Above" tenor only an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table). The "SBI Wecare" deposit scheme has been extended to September 30, 2022."