SBI Utsav Fixed Deposit Scheme 2024: Apply Online & Eligibility

SBI Utsav Fixed Deposit Scheme Apply Online & Application Form | SBI Utsav Fixed Deposit Scheme Check Beneficiary Category & Last Date | SBI Utsav Fixed Deposit Scheme Check Benefits & Features | SBI Utsav Fixed Deposit Scheme Check Selection & Implementation Procedure | SBI Utsav Fixed Deposit Scheme Check Eligibility & All Details | 

One of the bank’s special offerings, the State Bank of India (SBI) Utsav Fixed Deposit Scheme, attempts to give people who want to increase their savings appealing investment options. This program offers a number of features and benefits in order to meet the varied needs of its members. Customers can take advantage of extra benefits and rewards in addition to the stability and security of a fixed deposit with the SBI Utsav Fixed Deposit Scheme.

This article will provide all types of information about the SBI Utsav Fixed Deposit Scheme 2024 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. We will also share the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

SBI Utsav Fixed Deposit Scheme          

Many features and advantages make the SBI Utsav Fixed Deposit Scheme a desirable option for investors. This plan gives people the chance to grow their savings while experiencing financial security thanks to its flexible deposit amount, compounded quarterly interest, auto-renewal option, and tax benefits. The plan can meet your unique financial requirements. If you want to get the most out of your hard-earned money, look into this scheme.

The State Bank of India launched the SBI Utsav Fixed Deposit Scheme as a unique fixed deposit program to commemorate a number of festivals and events all year long. It is intended to give clients the chance to increase the returns on their savings while still getting the advantages of a fixed deposit. Customers can open a fixed deposit account under this scheme with a minimum deposit amount and select a tenure that best fits their financial objectives.

SBI Utsav Fixed Deposit Scheme: Apply Online & Eligibility

Highlights of SBI Utsav Fixed Deposit Scheme 2024

The highlights of this scheme are as follows:- 

Name Of SchemeSBI Utsav Fixed Deposit Scheme
Launched By State Bank of India
Delegated MinistryMinistry of Electronics & Information Technology 
ObjectiveTo encourage savings among individuals and provide them with an attractive investment avenue
Benefit This will offer additional benefits and rewards to customers
Applicable To Citizens of India
Beneficiaries Various Categories
Mode Of TransferDBT (Direct Benefit Transfer)
Payment Mechanisme-payment mechanism or PFMS
Form of BenefitFinancial Assistance
Amount of benefitVariable Assistance
Hosting SiteNational Information Center (NIC)
Last Date To Apply OnlineWill be updated soon
Mode Of ApplicationOnline 
Official WebsiteClick Here

Objectives of SBI Utsav Fixed Deposit Scheme 2024

The SBI Utsav Fixed Deposit Scheme has been designed with the following objectives:-

  • To encourage savings among individuals and provide them with an attractive investment avenue.
  • To offer additional benefits and rewards to customers who choose to invest in the Utsav Fixed Deposit Scheme.
  • To promote financial inclusion by making the scheme accessible to a wide range of customers.
  • To provide flexibility in terms of deposit tenures and interest payment options.
  • To ensure transparency and customer satisfaction through a well-defined selection and implementation process.
  • To provide a safe and secure investment option for customers.
  • To offer competitive interest rates on fixed deposits.
  • To encourage customers to save and invest in their future.
  • To provide flexible investment terms to suit the needs of different customers.
  • To promote financial literacy and awareness among customers.
  • To enhance customer satisfaction and loyalty through attractive deposit schemes.
  • To attract new customers and retain existing ones through value-added services.
  • To support the economic growth of the country by mobilizing savings.
  • To offer a hassle-free and convenient investment option for customers.
  • To provide tax benefits on fixed deposits under the Utsav scheme.
  • To cater to the diverse needs and preferences of customers with different deposit options.
  • To drive financial inclusion by reaching out to unbanked and underserved segments of society.
  • To promote long-term savings habits among customers.
  • To help customers achieve their financial goals through disciplined saving and investing.
  • To build a strong and sustainable relationship with customers through transparent and ethical practices.
  • To contribute to the overall development of the economy by channelling funds into productive sectors.
  • To provide a range of additional benefits and rewards to customers who invest in the Utsav fixed deposit scheme.
  • To enhance the brand image and reputation of SBI as a trusted financial institution.
  • To foster a culture of savings and wealth creation among customers.
  • To ensure the safety and security of customers’ funds through a robust deposit protection mechanism.

Beneficiary Category 

The SBI Utsav Fixed Deposit Scheme is open to a wide range of individuals, including:-

  • Resident individuals (singly or jointly) with a valid PAN card.
  • Hindu Undivided Families (HUFs).
  • Trusts, associations, and societies.
  • Minors (through their legal guardians).
  • Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) (subject to applicable rules and regulations).

Application Enrollment Last Dates

The application enrollment for the SBI Utsav Fixed Deposit Scheme is open throughout the year. Customers can apply for the scheme at any time, subject to the bank’s terms and conditions. There are no specific last dates for enrollment.

Selection Procedure 

The selection procedure for the SBI Utsav Fixed Deposit Scheme is simple and hassle-free. Customers need to visit their nearest SBI branch and fill out the application form for the scheme. The bank will verify the customer’s eligibility and process the application accordingly.

Implementation Procedure 

Once the customer’s application is approved, the implementation procedure for the SBI Utsav Fixed Deposit Scheme will be initiated. The customer will be required to deposit the desired amount in their fixed deposit account and choose the tenure and interest payment option. The bank will provide all the necessary details and instructions for the implementation process.

Supervision Body 

The SBI Utsav Fixed Deposit Scheme is supervised by the State Bank of India, which is one of the largest and most trusted banks in India. The bank ensures that the scheme is implemented and managed in accordance with the established guidelines and regulations.

Minimum Deposit Amount

The Scheme allows customers to start with a minimum deposit amount. This flexibility ensures that individuals from various income brackets can participate in the scheme and benefit from it. Whether you are a salaried employee, self-employed, or a senior citizen, you can choose an amount that suits your financial goals.

Compounded Quarterly Interest

One of the most appealing aspects of the Scheme is the compounded quarterly interest. This means that your investment will earn interest not only on the principal amount but also on the interest that has already been accumulated. This compounding effect can significantly boost your returns over time.

Auto-Renewal Option

The Scheme offers an auto-renewal option, which ensures that your investment continues to grow seamlessly. At the end of the maturity period, the scheme automatically renews the fixed deposit for the same tenure. This feature eliminates the hassle of manually renewing the deposit and allows you to enjoy uninterrupted benefits.

Indian Rupees Only

The Scheme is available only in Indian rupees. This restriction ensures that the scheme is exclusively accessible to Indian residents and aligns with the country’s financial regulations. If you are an Indian citizen or a resident, you can take advantage of this scheme to secure your financial future.

No Maximum Limit

Unlike some fixed deposit schemes that impose a maximum limit on the deposit amount, the Scheme has no such restriction. This means that you can invest any amount that suits your financial capacity and goals. Whether you want to start small or invest a substantial sum, this scheme can accommodate your requirements.

Tax Benefits

Under the prevailing tax laws in India, the interest earned from fixed deposits is subject to taxation. However, the Scheme offers tax benefits to eligible individuals. By investing in this scheme, you can potentially reduce your tax liability and optimize your overall returns. It is advisable to consult a tax professional to understand the specific tax implications based on your financial situation.

Cumulative or Non-Cumulative Interest

The Scheme provides flexibility in choosing the interest payout frequency. You can opt for cumulative interest, where the interest is reinvested and paid out at the end of the maturity period, or non-cumulative interest, where the interest is paid out at regular intervals. This feature allows you to align the interest payout with your financial goals and cash flow requirements.

Online Account Management

SBI offers a user-friendly online platform that enables easy management of your Scheme. Through this platform, you can conveniently track your investment, view the interest earned, and access relevant documents. This online account management feature provides a seamless and hassle-free experience, saving you time and effort.

Joint Account Option

If you wish to invest in the Scheme jointly with another individual, you have the option to do so. This feature allows you to pool your resources and enjoy the benefits of the scheme together. Whether it’s a family member, spouse, or business partner, a joint account can provide additional financial security and convenience.

Monthly Interest Payouts

For individuals who rely on a regular income stream, the Scheme offers the option of monthly interest payouts. This feature ensures that you receive a fixed amount of interest every month, providing a predictable cash flow. Whether you are a retiree or someone who prefers a steady income, this option can be a suitable choice.

Key Guidelines 

The key guidelines are as follows:- 

  • The minimum deposit amount for the SBI Utsav Fixed Deposit Scheme is Rs. 1,000.
  • The maximum deposit amount is subject to the bank’s terms and conditions.
  • The deposit tenure can range from 7 days to 10 years.
  • Customers can choose to receive interest payments monthly, quarterly, half-yearly, or annually.
  • Premature withdrawal of the fixed deposit is allowed, subject to applicable charges and penalties.
  • The interest rates offered under the scheme are subject to periodic revisions by the bank.
  • The scheme is subject to applicable taxes and deductions as per the prevailing income tax laws.
  • Joint accounts can be opened under the scheme with a maximum of three account holders.
  • Nomination facility is available for the fixed deposit account.
  • The scheme is subject to the bank’s terms and conditions, which may be revised from time to time.

Important Instructions 

Some important instructions issued for applicants are as follows:- 

  • Customers are advised to carefully read and understand the scheme’s terms and conditions before applying.
  • All necessary documents and identification proofs should be provided at the time of application.
  • Customers should keep their deposit receipts and other relevant documents safely for future reference.
  • Any changes in contact details or other personal information should be promptly communicated to the bank.
  • In case of premature withdrawal, customers should be aware of the applicable charges and penalties.
  • The bank reserves the right to modify or discontinue the scheme at any time without prior notice.
  • The scheme is subject to the jurisdiction of Indian laws and courts.
  • Customers should exercise caution and avoid sharing their personal and banking information with unauthorized individuals or entities.
  • Any grievances or concerns regarding the scheme should be reported to the bank’s customer service department.
  • Customers are encouraged to regularly check the bank’s website or visit the nearest branch for updates and announcements regarding the scheme.

Tips & Tricks

Some tips and tricks are as follows:-

  • Compare the interest rates and features of the SBI Utsav Fixed Deposit Scheme with other similar investment options to make an informed decision.
  • Consider your financial goals and investment horizon before choosing the deposit tenure and interest payment option.
  • Use the online calculators provided by the bank to estimate the maturity amount and interest earnings.
  • Take advantage of any promotional offers or special rates that may be available from time to time.
  • Regularly review your fixed deposit account and consider reinvesting the maturity amount to maximize returns.

General Points to Remember

Some general points to remember are as follows:-

  • Fixed deposits are subject to market risks, and customers should carefully evaluate their risk appetite before investing.
  • The interest earned on fixed deposits is taxable as per the prevailing income tax laws.
  • Customers should maintain accurate records of their fixed deposit transactions for taxation and audit purposes.
  • It is advisable to seek professional advice from a financial advisor or tax consultant before making any investment decisions.
  • The SBI Utsav Fixed Deposit Scheme is subject to the bank’s terms and conditions and may be revised or discontinued without prior notice.

Benefits of SBI Utsav Fixed Deposit Scheme 2024

The benefits of this scheme are as follows:-

  • Higher interest rates compared to regular fixed deposits.
  • Flexible deposit tenure options range from 5 to 10 years.
  • Additional interest for senior citizens.
  • Option for premature withdrawal with minimal penalty.
  • Loan facility against the Utsav FD.
  • Overdraft facility available.
  • Nomination facility for easy transfer of funds.
  • Compound interest option for maximum returns.
  • Easy application process online or at SBI branches.
  • Guaranteed returns with no market risk.

Features Of SBI Utsav Fixed Deposit Scheme 2024

The features of this scheme are as follows:-

  • Minimum deposit amount of Rs. 1,000.
  • Interest is compounded quarterly for optimal growth.
  • Auto-renewal option for convenience.
  • Deposits are accepted in Indian rupees only.
  • No maximum limit on the deposit amount.
  • Tax benefits under Section 80C of the Income Tax Act, 1961.
  • Option to choose between cumulative or non-cumulative interest payment.
  • Online account management and tracking.
  • Option for joint account holders.
  • Monthly interest payouts are available.

SBI Utsav Fixed Deposit Scheme Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:-

  • Individuals above the age of 18 years.
  • Resident Indians, HUFs, NRI- Ordinary Residents.
  • Senior citizens are eligible for additional interest.
  • Minors can have a joint account with a guardian.
  • Trusts, partnership firms, companies, and societies are also eligible.
  • KYC documents are required for account opening.
  • Valid identification and address proof are needed.
  • Application form to be filled out accurately.
  • Compliance with SBI’s terms and conditions.
  • Non-resident individuals to follow FEMA regulations.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:-

  • Aadhar Card
  • Residence Certificate
  • Income Certificate 
  • Educational Certificates 
  • Bank Account Details 
  • Latest Passport Size Photos 
  • Mobile No
  • Email ID 

SBI Utsav Fixed Deposit Scheme Apply Online 2024

The applicants will need to follow the below-mentioned points to apply online:- 

  • Go to your nearest SBI branch to get the form
  • Fill out the form with your basic information
  • Attach required documents
  • Submit the form to the relevant department at the bank
  • Wait for approval
  • Start benefiting from the scheme.

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