Country’s largest lender State Bank of India (SBI) has launched a new term deposit plan, giving the gift of freedom to its millions of customers. In this plan called ‘SBI Utsav Deposit’, customers of the bank will get higher interest than normal term deposits. Also, this term deposit will continue for a specific period only. State Bank of India has given this information by tweeting.
A special offer for our customers to celebrate 75 years of Independence, SBI tweeted on its official Twitter handle. With Utsav Deposit you will get more interest than Fixed Deposit.
SBI said that customers will get interest at the rate of 6.10 percent per annum on ‘SBI Utsav Deposit’. On the other hand, senior citizens will get 0.50 percent additional interest. However, the scheme is applicable only for 75 days from August 15, 2022.
Bank hikes FD rates
State Bank of India has decided to increase the interest rate on retail fixed deposits by up to Rs 2 crore. The new interest rates are effective from August 13. Now the minimum interest rate is 2.90 percent and the maximum interest rate is 6.45 percent. According to the information available on the bank’s website, the interest rate has been increased by 15 basis points.
How much interest rate for how long?
The interest rate on 7-45 days FD has been kept unchanged at 2.90 percent. The interest rate on 46-179 days FD has been kept unchanged at 3.90 percent. The interest rate on 180-210 day FDs has been increased by 15 basis points to 4.55 percent. Interest rate on FDs from 1 year to less than 2 years has been increased to 5.45 percent. The interest rate has been increased to 5.50 percent on FDs from 2 years to less than 3 years. The interest rate on FDs from 3 years to less than 5 years has increased to 5.60 percent and on FDs from 5 years to 10 years the interest rate has increased to 5.65 percent