SBI started a scheme called Utsav Deposit

On the 76th Independence Day, the country’s largest public sector bank i.e. Bank State Bank of India (SBI) has offered a special scheme. SBI has started a special scheme named ‘Utsav Deposit’. Let us tell you that you will get tremendous benefit in this fixed deposit scheme. The interest rates in this are higher than normal but it is available for a limited time only. The bank has given this information.

Giving information about this through a tweet, SBI has said, ‘Let your finance (money) work hard for you. Introducing ‘Utsav’ Deposits with high interest rates on your Fixed Deposits.

According to the information provided by SBI, on the Utsav FD scheme, SBI is offering an interest rate of 6.10% p.a. on deposits for 1,000 days. In this, especially senior citizens will be eligible to get an additional interest rate of 0.50% over the regular rate. These rates are effective from 15th August 2022 and the plan is valid for a period of 75 days.

Let us tell you that just a few days ago, the bank had increased the interest rates on fixed deposits under ₹2 crore. SBI announced the new interest rates on August 13, 2022 and as a result of the adjustments, the bank increased the interest rates by 15 bps for various tenors.

Significantly, State Bank of India has increased its Marginal Cost of Funds Best Lending Rate (MCLR) on loans from today i.e. 15th August. This move of the bank will increase the EMI of those lenders whose loan is linked to MCLR. Earlier this month, the Reserve Bank of India had increased the repo rate by 50 basis points.