SBI Utsav Fixed Deposit Scheme 2024 Interest Rate Benefits, Important Points

SBI Utsav Fixed Deposit Scheme:- The State Bank of India (SBI) has introduced a unique term deposit program known as the “Utsav Deposit” to commemorate India’s 76th Independence Day during the Azadi Ka Amrit Mahotsav celebrations. This program, which was launched on August 15, 2022, spans a 75-day duration and is called the SBI Utsav Fixed Deposit Program.

• Adhar link bank account 

It promises a higher return on investments after a thousand-day period. In the upcoming section, we will delve into comprehensive details about the SBI Utsav Fixed Deposit Scheme. This will include an exploration of the reasons behind SBI’s decision to initiate this program and the benefits it offers. Furthermore, we will provide information on how to enrol in this scheme.

SBI Utsav Fixed Deposit Scheme

The State Bank of India has unveiled a new program set to kick off on August 15. This initiative is named the SBI Utsav Fixed Deposit Scheme and is designed to mark India’s 76th anniversary. This interest-based program offers a 6.10 per cent annual interest rate on fixed deposits lasting 1000 days. The scheme will be open for a 75-day period. Notably, senior citizens within a specific age bracket will enjoy a 50% higher interest rate compared to standard accounts.

• PM Kisan Mandhan Yojana

The scheme was introduced on August 15, 2022, and it will conclude on October 30, 2022, spanning a 75-day period. In conjunction with the scheme’s launch, SBI has made the decision to raise interest rates on all fixed deposits, provided they are less than 2 crore rupees. This change took effect from August 13, 2022. Moreover, interest rates on all term fixed deposits will see a 15-point increase.

SBI Utsav Fixed Deposit Scheme Interest Rate

SBI has increased the interest rates on its fixed deposits. For fixed deposits with terms ranging from one year to two years, the interest rate has been raised from 5.30 percent to 5.45 percent. Similarly, for fixed deposits with terms spanning from 5 to 10 years, SBI has raised the interest rate from 5.50 percent to 5.65 percent.

•  EPFO Pension 2023

On the State Bank of India’s website, they announced the introduction of a special “SBI WeCare” deposit designed for senior citizens in the retail term deposit segment. This deposit offers an additional premium of 30 basis points (bps) over the existing 50 bps, as mentioned in the table above. The aim is to provide senior citizens with an enhanced return on their investments. However, this special offering is available only for terms starting from “5 years and above” for retail term deposits. The “SBI WeCare” deposit plan will remain in effect until September 30, 2022.

SBI Utsav Fixed Deposit Scheme Details

Scheme Name	SBI Utsav Fixed Deposit
launched date	15 August 2022
Launch By	State Bank of India
benefits	SBI Account Holders
Website	https://www.onlinesbi.com/

SBI Utsav Fixed Deposit Scheme Objectives

The State Bank of India (SBI), India’s largest public sector bank, has devised this program with the primary objective of honouring India’s independence celebration. This scheme is centred around interest rates and offers a combination of benefits and a specific maturity period. It was inaugurated on August 15, 2022, and will conclude 75 days later, on October 30, 2022.

SBI Utsav Fixed Deposit Scheme Benefits and Important Points

This scheme encompasses several noteworthy benefits and key points, which we’ll explore in this section:

1. It offers the highest interest rate on fixed deposits, making it particularly advantageous for those emphasizing fixed deposits.

2. The scheme provides an attractive interest rate of 6.10% on fixed deposits lasting around 1000 days.

3. Senior citizens who are SBI account holders will benefit from an additional interest rate of 0.50% above the standard rate, making it especially appealing to this demographic.

4. SBI has recently updated its interest rate policies for fixed deposits under 2 crore rupees. According to the new rates, the bank has increased interest rates by 15 basis points (BPS) across various tenures.

5. In particular, SBI has raised interest rates on fixed deposits with durations of 182 to 210 days by 0.15%.

6. For fixed deposits with tenures from 2 years to less than 3 years, the interest rate has been increased from 5.35% to 5.50%, representing a 0.15% increment from the previous rate.

7. Fixed deposits maturing in 3 years to less than 5 years have seen their interest rate increase from 5.45% to 5.60%.

8. Lastly, fixed deposit

   A delightful offer especially for our customers to celebrate 75 years or Azadi.
   With ‘Utsav’ Deposit, get higher interest rate on Fixed Deposits. #SBI #UtsavDeposit #FixedDeposits #AmritMahotsav pic.twitter.com/DhPQnis568

   — State Bank of India (@TheOfficialSBI) August 15, 2022

   s maturing in 5 years and up to 10 years have experienced an interest rate increase from 5.50% to 5.65%.

 

SBI Utsav Fixed Deposit Scheme Eligibility

It is required for the SBI Utsav fixed deposit scheme to be as follows: 

• Applicants must have an account. 
• Applicants must be citizens of India. 
• Applicants must be in the age group of 18 or older. 

Scheme Documents

Under this scheme, the important documents are as follows: 

• Applicant’s identification card. 
• Address proof. 
• bank account at SBI. 
• Email ID 
• Mobile number (This mobile number must be linked with the bank account of SBI)

SBI Utsav Fixed Deposit Scheme Form Registration Method

The official SBI website currently lacks updates on the online utilization of the SBI Utsav Fixed Deposit Scheme; however, an offline method is available. To apply using the offline method, you should follow the steps below:

1. Begin by visiting the nearest local SBI branch in your area. Request the scheme application form there.

2. Complete the form by providing all the necessary personal details and attaching any required documents.

3. Submit your completed form to the relevant department at SBI Bank.

4. Your application will be reviewed and, upon approval, you will be able to benefit from this scheme.

SBI Utsav Fixed Deposit Scheme (FAQ)

What is the SBI Utsav fixed deposit scheme?

This scheme offers an interest rate of 6.10 on fixed deposits of around 1000 days.

What is the interest rate of SBI Utsav FD scheme?