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.


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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.