SBI Utsav Fixed Deposit Scheme 2024 Features, Benefits, Interest Rates

SBI Utsav Fixed Deposit Scheme :- To honor India’s 76th independence anniversary, the State Bank of India (SBI) introduced the “Utsav Deposit” as part of Azadi Ka Amrit Mahotsav. This unique term deposit program is effective from August 15, 2022, lasting for 75 days. The SBI Utsav Fixed Deposit Program ensures a higher return on investments over a period of one thousand days. In the following section, we’ll delve into details about the SBI Utsav Fixed Deposit Scheme, exploring the reasons behind SBI’s decision to initiate this program, its benefits, and providing information on how to register for it.

SBI Utsav Fixed Deposit Yojana 2024

The State Bank of India has recently introduced the SBI Utsav Fixed Deposit Scheme, set to begin on August 15. This interest-based program, launched in celebration of India’s 76th anniversary, offers a 6.10% annual interest rate on fixed deposits lasting 1000 days. The scheme is active for 75 days, concluding on October 30, 2022. Senior citizens in a specific age group will enjoy a 50% boost in interest benefits compared to regular accounts. Starting from August 13, 2022, SBI has increased interest rates on all fixed deposits below 2 crore rupees, with a 15-point increase on all tender fixed deposits.

SBI Utsav Fixed Deposit Yojana 2024

SBI Utsav Fixed Deposit Scheme Overview

Scheme NameSBI Utsav Fixed Deposit
launched date15 August 2022
Launch ByState Bank of India
benefitsSBI Account Holders
CategorySarkari Yojana
Websitehttps://www.onlinesbi.com/

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Objective Of SBI Utsav Fixed Deposit Scheme

The State Bank of India (SBI), India’s largest public sector bank, created this program to celebrate India’s independence. It revolves around interest rates, offering advantages and a maturity term. Launched on August 15th, 2022, the program will conclude 75 days later on October 30th, 2022.

Benefits and Important Points For SBI Utsav Fixed Deposit Scheme

This scheme has several benefits and key points to note:

  1. It offers the highest interest rate on fixed deposits, making it advantageous for those focusing on such investments.
  2. The scheme provides an interest rate of 6.10% for fixed deposits lasting approximately 1000 days.
  3. Elderly individuals who are SBI account holders benefit from an additional 0.50% interest compared to the regular rate.
  4. SBI has recently updated its interest rates for fixed deposits under 2 crore rupees, increasing rates by 15 BPS across various durations.
  5. The interest rates for fixed deposits measured between 182 to 210 days have been raised by 0.15%.
  6. For fixed deposits maturing in 2 to less than 3 years, the interest rate has increased from 5.35% to 5.50%, a 0.15% increase.
  7. Fixed deposits maturing in 3 to less than 5 years now offer an interest rate of 5.60%, up from 5.45%.
  8. Finally, fixed deposits maturing in 5 to 10 years have seen an increase in interest rates from 5.50% to 5.65%.

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Eligibility Criteria For SBI Utsav Fixed Deposit Scheme

To qualify for the SBI Utsav fixed deposit scheme:

  1. Applicants need to have an account.
  2. Applicants must be Indian citizens.
  3. Applicants must be 18 years or older.

Interest Rate Of SBI Utsav Fixed Deposit Yojana

SBI has increased the interest rate on fixed deposits for terms of one to two years from 5.30% to 5.45%. Additionally, the interest rate on fixed deposits with terms ranging from 5 to 10 years has been raised from 5.50% to 5.65%. SBI has introduced a special “SBI WeCare” deposit for senior citizens in the retail TD segment, offering an extra premium of 30 bps (over the existing 50 bps). This deposit aims to provide senior citizens with an enhanced return on their money. The “SBI WeCare” deposit plan is available for a period beginning with “5 years and above” and will continue until September 30, 2022.

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Required Documents

For this scheme, you’ll need:

  1. Applicant’s ID card.
  2. Address proof.
  3. SBI bank account.
  4. Email ID.
  5. Mobile number (linked with SBI bank account).

How to SBI Registration For Utsav Fixed Deposit Yojana 2024?

To use the SBI Utsav Fixed Deposit Scheme online, visit the official SBI website for https://www.onlinesbi.com/. Currently, there is no information available online, but you can follow these steps for the offline method:

  1. Visit your nearest local SBI branch.
  2. Request the scheme form from the branch.
  3. Fill in your basic details and attach the required documents.
  4. Submit the completed form to the relevant department at SBI Bank.
  5. Once approved, you can start benefiting from the scheme.

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Conclusion

In conclusion, the SBI Utsav Fixed Deposit Scheme in 2024 offers a lucrative opportunity for investors with its commendable features, substantial benefits, and competitive interest rates. Celebrating India’s spirit, this scheme stands out with an attractive 6.10% annual interest rate for a 1000-day term. Senior citizens enjoy an additional interest boost. With enhanced rates across various deposit durations and the special “SBI WeCare” deposit for seniors, this scheme reflects SBI’s commitment to providing valuable financial solutions to its customers.

FAQ’s

What is the SBI Utsav Fixed Deposit Scheme?

The SBI Utsav Fixed Deposit Scheme is a special term deposit program introduced by the State Bank of India to commemorate India's spirit and independence.

What is the tenure of the scheme?

The scheme has a tenure of 1000 days, starting from August 15, 2022, and concluding 75 days later on October 30, 2022.

What is the interest rate offered under this scheme?

The scheme provides an attractive interest rate of 6.10% per annum on fixed deposits with a term of 1000 days.

Are there any additional benefits for senior citizens?

Yes, senior citizens in a specific age group enjoy a 50% higher interest benefit compared to regular accounts.

Can I register for the scheme online?

For the most up-to-date information and registration procedures, please refer to the official SBI website or visit your nearest SBI branch.

Where can I find more information about the SBI Utsav Fixed Deposit Scheme in 2024?

For detailed features, benefits, and current updates, visit the official SBI website or consult with the customer service representatives at your local SBI branch.

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