Sbi’S ‘Utsav’ Special Fixed Deposit Scheme Expires on October 28 – Key Points to Consider | Rare Techy


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Should you invest in SBI’s Utsav fixed deposit scheme? Here are the key things to know about it

State Bank of India’s (SBI) special fixed deposit (FD) scheme offer ‘Utsav’ will end on October 28, i.e. tomorrow. This limited time deposit offer was launched on August 15 for the 75th anniversary of India’s independence.

What is the plan?

SBI’s Utsav Healthy Deposit (FD) scheme offers higher interest rates than existing deposit schemes. Under this, the bank offers an interest rate of 6.10 percent on fixed deposits with a tenure of 1000 days.

Senior citizens earn an additional interest rate of 0.50 percent over the standard rate applicable to general deposits.

Last date October 28
Age of Deposit 1000 days
Authorized Deposits

Domestic Fixed Income Deposits, including NRO Term Deposits (less than Rs 2 million), new and renewal deposits, term deposits and special term deposits only.


NRO Deposits of Employees and Senior Citizens

Interest Payment

Term Deposits – At monthly / quarterly / half-yearly intervals. Special Temporary Deposits – Upon arrival. Interest, excluding TDS, will be charged to the account of the depositor

Tax Deducted at Source (TDS)

According to the law-income tax at the applicable rate

Premature withdrawal

As for temporary storage

Loan Facility available
Available through

(Source: SBI website)

Current SBI FD Rates

SBI offers interest rates on fixed deposits for tenures ranging from 7 days to 10 years. Senior citizens are offered a higher interest rate. Interest rates for the general public vary from 3 percent to 6.1 percent.
Time Interest rates for the general public Interest rates for senior citizens
From 7 days to 45 days 3 3.5
46 days to 179 days 4.5 5
180 days to 210 days 5.25 5.75
211 days less than 1 year 5.5 6
1 year less than 2 years 6.1 6.6
2 years less than 3 years 6.25 6.75
3 years less than 5 years 6.1 6.6
5 years and up to 10 years 6.1 6.9

(Source: SBI website)

Should one invest in SBI’s Utsav FD scheme?

This fixed deposit scheme has higher interest rates and is available for a limited time only. Hence, those who are looking for higher rates over a given period and want to invest in SBI can consider the scheme.

FD rates have seen a surge in recent times following the rise in repo rates by the Reserve Bank of India (RBI).

Gaurav Aggarwal – Senior Manager at Paisabazaar suggested that customers who plan to park their surpluses in fixed deposits should stick to maturities of 1-2 years.

“Consumers should avoid automatic renewal facilities while disbursing their fixed deposits. This may allow them to renew their fixed deposits at higher interest rates after having the highest interest balances at the time of renewal,” he said. Aggarwal.

However, late FDs will be a good move in the next few months.

Fixed deposit portfolio is a process of spreading investment in FDs over several maturity periods or maturity buckets, whereby investors get a chance to earn higher returns and even address liquidity needs.


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