SBI Launches FD Scheme 'Utsav Deposit' With Higher Interest Rate: Check Details

State Bank of India has introduced a special fixed deposit scheme called 'Utsav Deposit' scheme. The scheme has been launched largely to celebrate the country's 75 years of independence. The tweet by the bank on the launch of the scheme says, "A delightful offer especially for our customers to celebrate 75 years or Azadi. With 'Utsav' Deposit, get higher interest rate on Fixed Deposits".

So, accordingly, SBI Utsav deposit scheme will fetch a higher return of 6.1% p.a. on fixed deposit with a maturity term of 1000 days. The same scheme for senior citizens will offer an additional pay-out of 0.5%.

Importantly, this new FD scheme is a limited period offering and the bank website on the same says, "Bank has also introduced specific tenor of "1000 days" at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days".

Recently on Saturday, w.e.f. August 13, 2022, SBI hiked rates on its fixed deposit scheme for various maturities. Likewise, regular citizens now on Fds maturing between 180-210 days, 1 year to less than 2 years will earn 4.55% and 5.45%, respectively. Also, for FD tenures of 2 year to less than 3 years, 3 years to less than 5 years and 5 years and up to 10 years the bank has revised rates higher to 5.5%, 5.6% and 5.65%, respectively.