SBI Utsav FD scheme ending tomorrow: 6.10% annual interest on 1000 days deposit

The 'Utsav' special fixed deposit scheme of the State Bank of India (SBI) will end on October 28 i.e. tomorrow. This limited-period term deposit offer was launched on 15th August, the 75th anniversary of India's independence. SBI's Utsav scheme is used to get more interest than the existing deposit schemes. However, in the past, SBI has increased the interest rates of the general scheme.

The bank offers an interest of 6.10% p.a. on fixed deposits of 1,000 days in the Utsav scheme. Senior citizens get 0.50% more interest than normal depositors. One can invest up to Rs 2 crore in this. However, SBI has increased the interest rates by up to 0.80% from October 22. In this, interest from 3% to 6.25% is now being given per annum. Whereas the interest rate for senior citizens is 3.50% to 6.90%.

This fixed deposit scheme offers an interest rate of 6.10% on deposits of 1000 days. However, after the interest rates hiked by SBI on October 22, interest rates of 6.25% are available on tenure of 2 years and less than 3 years. In such a situation, there is no benefit to investing money in the festival scheme. It is better that you invest money in normal FD only.