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SBI special FD scheme with higher interest rates for a limited time period

State Bank of India has launched a special deposit system to mark the country’s 76th year of independence. The special deposit scheme, ‘Utsav’ Deposit, is an offer for a limited period and will expire on October 28, the lender reports on its website. This fixed deposit scheme has a higher interest rate and is only available for a limited time.

SBI tweeted, “Let your finances do the hard work for you. Meet ‘Utsav’ deposits with higher interest rates on your fixed deposits!.”

Here’s everything you need to know about SBI Special FD Scheme ‘Utsav’ Deposit:

Period of settlement

From 15.08.2022 to 28.10.2022`

Tenor of deposit

1000 days

Suitability

  • Domestic Retail Term Deposits including NRO Term Deposits ( 2 crore)
  • New and Renewal Deposits
  • Term Deposit and Special Term Deposit Only

interest

On Utsav Fixed Deposit Scheme, SBI offers an interest rate of 6.10% per annum on fixed deposits with a maturity of 1000 days. Seniors receive an additional interest of 50 basis points (bps) on top of the regular interest. For them, these special deposits will yield an interest rate of 6.5%

Payment of interest

At monthly/quarterly/semi-annual intervals Special Term Deposits – At maturity

TDS

Applicable rate according to Income Tax Act

Premature Withdrawal

As applicable to Retail Term Deposit

Loan facility available

SBI latest FD interest rates

The largest public sector bank currently offers up to 5.65% interest to depositors with maturities ranging from 5 to 10 years. For seniors, the bank offers up to 6.45% interest. The revised FD rates will apply from August 13, 2022.

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