Just 2 days stay to put money into SBI Utsav Deposit scheme: Here’s what it’s good to know

State Bank of India (SBI) Utsav Fixed Deposit (FD) Scheme 2022: State Bank of India (SBI) had launched the ‘Utsav’ Deposit scheme on August 15 this yr to mark the seventy fifth anniversary of India’s independence. The restricted interval time period deposit provide is on the market to the financial institution’s account holders just for a interval of 75-days which is ending this Friday (October 28).

What is SBI ‘Utsav’ Deposit?

SBI’s ‘Utsav’ Deposit scheme is a particular time period deposit scheme which is on the market for a restricted time interval. Under this scheme, the nation’s largest public sector lender is providing an curiosity of 6.10 per cent on fastened deposits (FD) with a tenor of 1,000 days. Additionally, senior residents are eligible for 0.50 per cent extra curiosity over and above the usual fee relevant for basic depositors.

SBI ‘Utsav’ Deposit: Key particulars
Last Date
October 28
Tenor of Deposit
1,000 days
Eligible Deposits

Domestic Retail Term Deposits together with NRO Term Deposits (lower than Rs 2 crore), new and renewal deposits, time period deposit and particular time period deposit solely.

Exclusions

NRO Deposits of Staff and Senior Citizens

Interest Payment

Term Deposits – At month-to-month/quarterly/half yearly intervals. Special Term Deposits – On maturity. Interest, internet of TDS, shall be credited to depositor’s account

Tax Deducted at Source (TDS)

At relevant fee as per Income-tax act

Premature Withdrawal

As relevant for retail time period deposit

Loan Facility
Available
Available by means of

SBI hikes time period deposit charges

SBI final Friday raised its rates of interest on time period deposits by as much as 0.80 per cent amid a ‘war for deposits’ within the banking system. Fixed deposits of underneath Rs 2 crore for a interval of over 211 days however lower than 1 yr will earn an curiosity of 5.50 per cent from October 22, as towards 4.70 per cent earlier. For different maturities, the quantum of the speed hike is decrease at 0.25-0.60 per cent, whereas the 7-45 days deposit fee has been left untouched at 3 per cent every year.

-with PTI inputs