SBI Utsav Fixed Deposit Scheme: Features, Benefits, Interest Rates

SBI Utsav Fixed Deposit Scheme:- The State Bank of India (SBI) offered an “Utsav Deposit” in honor of India’s 76th independence anniversary, Azadi Ka Amrit Mahotsav. The State Bank of India has introduced a unique term deposit program. The plan is valid beginning August 15, 2022, for a duration of 75 days. The SBI Utsav Fixed Deposit Program promises a higher rate of return on investments after a period of one thousand days. In the next piece, we will go over all there is to know about the SBI Utsav Fixed Deposit Scheme. We will go through the rationale for the SBI’s decision to start this program as well as the advantages that it offers. In addition, we will keep you updated on the procedure for registering for this plan.

SBI Utsav Fixed Deposit Scheme

SBI Utsav Fixed Deposit Scheme

The State Bank of India has recently launched a scheme and its initiation will be on August 15. This scheme is named the SBI Utsav Fixed Deposit Scheme. Commemorating the country’s 76th celebration, the State Bank of India introduced this program, which is interest-based. Under this scheme, there will be an interest rate of 6.10 percent per year on fixed deposits with a term of 1000 days. The scheme has an expiry date, which will last 75 days. But senior citizens of a particular age group will get 50% more in interest benefits than the usual accounts. Sukanya Samriddhi YojanaClick to check more details

The scheme has been initiated on August 15th, 2022, and will be closed after 75 days, which will be October 30th, 2022. With the launch of the scheme, SBI has decided to increase the interest rates on all the fixed deposits, but the deposits must be less than 2 crore rupees. This initiative is in effect from August 13th, 2022. Furthermore, interest rates will be increased by 15 points on all tender fixed deposits. 

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SBI Utsav Fixed Deposit Scheme Interest Rate

The interest rate on fixed deposits offered by SBI ranges from one year to two years, and it has been raised from 5.30 percent to 5.45 percent. SBI’s interest rate on fixed deposits with terms ranging from 5 to 10 years has been raised by SBI from 5.50 percent to 5.65 percent.

On its website, the State Bank of India (SBI) states, “a special “SBI WeCare” deposit for senior citizens has been introduced in the retail TD segment with an additional premium of 30 bps (over the existing 50 bps mentioned in the above table).” This deposit is intended to provide senior citizens with an increased return on their money. Only for the period beginning with “5 years and above” can senior folks get payment on their retail TD. It has been announced that the “SBI Wecare” deposit plan would continue until September 30, 2022.

SBI Utsav Fixed Deposit Scheme Details

Scheme NameSBI Utsav Fixed Deposit 
launched date 15 August 2022
Launch ByState Bank of India
benefitsSBI Account Holders

SBI Utsav Fixed Deposit Scheme Objectives

One of the key motives for the creation of this program by the State Bank of India (SBI), which is India’s biggest public sector bank, is to commemorate the celebration of India’s independence. This scheme is constructed on the basis of interest rates, and it carries with it. It has both advantages and a maturity term. The program was launched on August 15th, 2022, and will end on October 30th, 2022, 75 days later.

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SBI Utsav Fixed Deposit Scheme Benefits and Important Points

This scheme has various benefits and very important points to note down, which we will discuss in this section: 

  • This is a scheme that has the highest interest rate on the fixed deposit. This means it is beneficial for those who are focusing on fixed deposits. 
  • This scheme offers an interest rate of 6.10 on fixed deposits of around 1000 days. 
  • This will be beneficial for elderly individuals who are SBI holders as the scheme will provide them with an interest rate of 0.50 more than the regular rate. 
  • SBI previously was not planning interest rates on fixed deposits under 2 crore rupees, but they have recently updated this section and now they have a new rate. According to the new rate, the bank increased the interest rates by 15 BPS for various standards. 
  • Additional SBI has increased interest rates on all fixed deposits which will be measured in 182 to 210 days by 0.15%. 
  • And for the fixed deposits which are measuring from 2 years to less than 3 years, their interest rate is increased. 5.35% to 5.50% which is 0.15 percent more than the previous. 
  • Fixed deposits which are maturing in 3 years to less than 5 years have increased from 5.45% to 5.60% 
  • Finally, fixed deposits maturing in 5 years and up to 10 years saw their 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. 

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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

On the official website of SBI, there are no updates on how to use this SBI Utsav Fixed Deposit Scheme online, but there is an offline method. 

  • In order to fill out the offline method form, you have to follow the steps below: 
  • First, you have to visit the closest local SBI branch in your locality. And there you have to ask for the form of the scheme. 
  • You have to enter all the basic details and attach all the relevant documents needed. 
  • You have to submit your form to the concerned department at SBI Bank. 
  • They will approve it and you will benefit from this scheme.

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