SBI launches a new scheme on account of 76th year of independence

On the instance of the country’s 76th year of Independence, marked as Azadi Ka Amrit Mahotsav, the country’s largest bank, State Bank of India (SBI), launched a unique term deposit programme named “Utsav Deposit.” This fixed deposit scheme has larger interest rates and is only available for a certain time span.

SBI has announced via a tweet which said “Let your finances do the hard work for you. Launching ‘Utsav’ Deposit with higher interest rates on your Fixed Deposits!.”

On Utsav Fixed Deposit Scheme, SBI is providing an interest rate of 6.10% per annum on fixed deposits with a term of 1000 days. And senior citizens will be availing an ancillary interest rate of 0.50% over and above the regular rate. Such rates are active as of 15th August 2022 and the scheme is operational for a period of 75 days.

Interest rates on fixed deposits below ₹2 Cr were lately hiked at SBI. SBI declared the new interest rates on August 13, 2022, and as a consequence of the adjustment, the bank hiked interest rates by 15 bps for different tenors. SBI hiked interest rates on fixed deposits maturing between 180 to 210 days starting from 4.40% to 4.55%. SBI hiked interest rates from 5.30% to 5.45% for fixed deposits with maturities between one to two years.

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