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Business News/ Money / Personal Finance/  76th Independence Day: SBI launches Utsav fixed deposit scheme
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76th Independence Day: SBI launches Utsav fixed deposit scheme

On the occasion of the nation's 76th year of Independence, celebrated as Azadi Ka Amrit Mahotsav, the largest lender in the nation, State Bank of India (SBI), introduced a unique term deposit programme called Utsav Deposit.

On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. (Photo: Mint)Premium
On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. (Photo: Mint)

On the occasion of the nation's 76th year of Independence, celebrated as Azadi Ka Amrit Mahotsav, the largest lender in the nation, State Bank of India (SBI), introduced a unique term deposit programme called "Utsav Deposit." This fixed deposit scheme has higher interest rates and is only available for a limited time.

SBI has said via a tweet that “Let your finances do the hard work for you. Introducing 'Utsav' Deposit with higher interest rates on your Fixed Deposits!."

On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate. These rates are effective as of 15th August 2022 and the scheme is valid for a period of 75 days.

Interest rates on fixed deposits under 2 Cr were recently increased at SBI. SBI announced the new interest rates on August 13, 2022, and as a result of the adjustment, the bank increased interest rates by 15 bps for various tenors. SBI increased interest rates on fixed deposits maturing in 180 to 210 days from 4.40% to 4.55%. SBI increased interest rates from 5.30% to 5.45% for fixed deposits with maturities of one year to less than two years. The interest rate on deposits maturing in 2 years to less than 3 years has increased to 5.50% from 5.35%, while the interest rate on deposits maturing in 3 years to less than 5 years has increased from 5.45% to 5.60%. SBI increased the interest rate on fixed deposits maturing in 5 years and up to 10 years from 5.50% to 5.65%.

For senior citizens, SBI has mentioned on its website that “A special “SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 30th September, 2022."

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 15 Aug 2022, 03:18 PM IST
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