SBI, Indian Bank’s special FD schemes with higher interest rates to end soon

On the occasion of the 75th anniversary of India's Independence, the State Bank of India (SBI) and Indian Bank launched special fixed deposit schemes that came with higher interest rates for a limited duration. If you are interested in availing higher interest rates, do note that these special FDs schemes will end soon.

What is SBI ‘Utsav’ Deposit?
The SBI in August introduced a new term deposit scheme known as the "Utsav Deposit." The scheme was open for investments on August 15, 2022, and investors can earn an interest rate of 6.1 percent interest.
This offer was available for 75 days and will end on October 28, 2022.


According to the SBI website, “Bank has also introduced ‘Utsav Deposit’ for a specific tenor of ‘1000 days’ at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days (up to 28-Oct-2022).”

What is Indian Bank’s Ind Utsav 610?
Indian Bank launched a special term deposit plan that runs for 610 days and will end on October 31, 2022. The interest rate offered on this deposit was 6.10% for the general public, 6.25% for senior citizens, and 6.50% for super senior citizens (80 years and above).

According to the Indian Bank, “IND UTSAV 610” – A Special Term Deposit Plan for 610 days @ 6.10 % p.a for Public , 6.25 % p.a for Senior Citizens & 6.50 % p.a for Super Senior Citizens (80 Years and above ) valid up to 31.10.2022.”

Other banks too had launched special Independence Day FD schemes, however, the last dates to invest in these schemes is different.

Baroda Tiranga Deposit Scheme
The interest rates are 5.75 percent for 444 days and 6.00 percent for 555 days for the two tenor buckets of the Baroda Tiranga Deposits. The new scheme is applicable to retail deposits under Rs 2 crore, and it goes into effect on August 16 and lasts through December 31, 2022.

Karnataka Bank KBL Amrit Samriddhi
Karnataka Bank KBL Amrit Samriddhi was unveiled under ACC and Fixed Deposit for a period of 75 weeks, in keeping with the commemoration of the nation's 75th anniversary of independence called Azadi Ka Amrit Mahotsav (525 days). This deposit scheme has an annual interest rate of 6.10%.