On the occasion of Independence Day, State Bank of India announced a new fixed deposit scheme with a tenor of 1,000 days. 

Promoted as Utsav Deposit  the scheme enables customers to earn extra on their fixed deposits. 

The usual FD, for the same tenor at SBI gives a return of 5.5 percent, as per the latest rates revised on August 13. 

In other words, the difference in rates between the regular term deposit and Utsav Deposit is 60 (6.10-5.50) basis points.

Just as regular fixed deposits, Utsav Deposit offers an extra half percentage per annum for senior citizens.

According to the rates of interest revised on August 13, one can earn 5.45 percent on deposits of tenor between one to less than two years. 

This further rises to 5.5 percent in case of loans of tenor between two to three years. 

This rises to 5.6 percent for loans of tenor 3-5 years and 5.65 percent for loans of tenor 5-10 years. 

The scheme launched on the occasion of 75 years of India’s independence, will be open for public for 75 days only. 

The banks which have raised their FD rates in the past couple of weeks include State Bank of India, Canara Bank, ICICI Bank, Indian Bank, Bank of Baroda and DBS Bank, among others.