The State Bank of India (SBI) started a limited period offer term deposit called ‘Utsav Deposit’ starting 15 August. Under its Utsav Fixed Deposit Scheme, SBI is offering FDs with a term of 1000 days. Like other term deposits, senior citizens will be eligible for an extra 50 basis points (bps) interest on top of the standard rate applicable for general customers.
“Bank has also introduced ‘Utsav Deposit’ for a specific tenor of ‘1000 days’ at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days (up to 28-Oct-2022),” SBI mentioned on its website.
SBI Utsav special fixed deposit scheme: Key things to know
End period: 28 October 2022
Tenure of deposit: 1,000 days.
Eligibility: Domestic Retail Term Deposits (NRO Term Deposits) less than ₹2 crore, new deposits, renewal deposits, term deposits, and special term deposits.
Interest payment: Interests will be paid on a monthly, quarterly, or half yearly basis, special term deposits – on maturity.
Premature withdrawal: Same as retail term deposit.
Tax Deducted at Source (TDS): As per Income-tax Act.
SBI hikes FD rates effective 22 October 2022
Amid a ‘war for deposits’ in the banking system, the country’s largest lender SBI on Friday hiked its interest rates on fixed deposits by up to 80 bps
Fixed deposits of under ₹2 crore for a period of over 211 days but less than 1 year will earn an interest of 5.50% from October 22, as against 4.70% earlier.
For other maturities, the quantum of the rate hike is lower at 25-60 bps, while the 7-45 days deposit rate has been left untouched at 3% per annum.
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