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SBI Utsav Deposit 2022: Here's All You Need To Know About Special FD Scheme

What is SBI Utsav Deposit Scheme 2022? Here's all you should know about the new fixed deposit scheme.

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Business
2 min read
SBI Utsav Deposit 2022: Here's All You Need To Know About Special FD Scheme
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On the eve of nation's 76th year of Independence, the State Bank of India (SBI) launched a special FD scheme for its customers. As per an official notice released on the bank's website, the new special scheme called 'Utsav Deposit' is only available for a limited period (28 October 2022) after which it will expire. According to the SBI, “Let your finances do the hard work for you. Introducing 'Utsav' Deposit with higher interest rates on your Fixed Deposits."

What is SBI Utsav Deposit Scheme 2022? Under SBI Utsav Fixed Deposit Scheme, customers will be offered 6.10% interest rate per annum on FDs (fixed deposits) with a tenure of 1,000 days. An extra interest rate of 50 bps (basis points) will be provided to the senior citizens compared to the regular rate. Therefore, an interest rate of 6.5% will be received by them.

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For tenures of 5 to 10 years, the SBI is now providing an interest rate of 5.65% to its depositors. The bank offers senior citizens interest rates of up to 6.45%. The new and revised fixed deposit rates are effective from 13 August 2022.

SBI Utsav Special Fixed Deposit Scheme: Important Things To Know

Following are some of the important things that SBI customers must know about the ongoing SBI Utsav Deposit Scheme.

Start Period: 15 August 2022

End Period: 28 October 2022

Tenure of Deposit: Approx. 1,000 days.

Eligibility: Domestic Retail Term Deposits (NRO Term Deposits) less than Rs 2 crore, new deposits, renewal deposits, term deposits, and special term deposits.

Interest Payment: Interests will be paid on a monthly, quarterly, or half yearly basis, special term deposits – on maturity.

Premature Withdrawal: Same as Retail Term Deposit

Tax Deducted at Source (TDS): According to the rules of Income-tax Act

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