State Bank of India's UTSAV Deposit scheme is going to end tomorrow (Friday, 28 October 2022). The country`s largest lender State Bank of India (SBI) had launched Utsav Deposit on the occassion of 75 years of Independence this year.
Under the Utsav Deposit scheme, interest rate payable is 6.10 percent. Further, Senior Citizens, Staff and Staff Pensioners are eligible for additional interest rate applicable to them. (Also Read: How to add or change nominee in your Mutual Fund: Here's step-by-step guide)
Here are the salient features of the Utsav Deposit scheme of the SBI:
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Period of Scheme: From 15.08.2022 to 28.10.2022
Tenor of Deposit: 1000 Days
Eligible Deposits
i) Domestic Retail Term Deposits including NRO Term Deposits (< Rs 2 crore)
ii) New and Renewal Deposits
iii) Term Deposit and Special Term Deposit only
Exclusions: ii) NRO Deposits of Staff and Senior Citizens.
Payment of Interest
i) Term Deposits – At monthly/ quarterly/half yearly intervals Special Term Deposits- On maturity
ii) Interest, net of TDS, shall
TDS: At applicable rate as per Income-tax Act
Premature Withdrawal: i) As applicable for Retail Term Deposit
Loan Facility is also available on the scheme. The Utsav Deposit can be availed through Branch/INB/YONO Channels. However it is not applicable for NRE Deposits.
