State Bank of India (SBI) launched a limited period offering fixed deposits called ‘Utsav Deposits’ from August 15. Under its Utsav Fixed Deposit Scheme, SBI is offering FDs with a tenor of 1000 days. Like other fixed deposits, senior citizens will be eligible for an additional 50 basis points (bps) of interest on top of the standard rate applicable for normal customers.
“The Bank has also introduced ‘Utsav Deposit’ for a specific period of ‘1000 days’ at an ROI of 6.10% for 75 days (up to 28-Oct-2022) from 15-August-2022,” State Bank Of India Mentioned on its website.
SBI Utsav Special Fixed Deposit Scheme: Key Points to Know
Expiry Period: 28 October 2022
Period of deposit: 1,000 days.
Eligibility: Domestic Retail Fixed Deposit (NRO Fixed Deposit). fewer 2 crore, new deposit, renewal deposit, fixed deposit and special fixed deposit.
Interest Payment: Interest will be paid on monthly, quarterly or half yearly basis, special fixed deposits – on maturity.
Premature Withdrawals: Similar to retail fixed deposits.
Tax Deducted at Source (TDS): As per Income Tax Act.
SBI hikes FD rates with effect from 22 October 2022
Amid the ‘war for deposits’ in the banking system, the country’s largest lender SBI on Friday hiked its rates. interest rates on fixed deposits 80 bps. until
low fixed deposit 2 crore for a period exceeding 211 days but less than 1 year will earn an interest of 5.50% with effect from 22 October, as against 4.70% earlier.
For other maturities, the quantum of rate hike is lower at 25-60 bps, while the deposit rate of 7-45 days has been left untouched at 3% p.a.
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