“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.
