NS state Bank of India (SBI) had introduced a special deposit scheme which was dubbed, “Platinum Deposit SchemeIt was issued in honor of 75 years of independence that India celebrated. The scheme is aimed at retail depositors and comes with additional interest benefits for customers. State Bank Of India Customers can now earn benefits of up to 15 bps on fixed deposits for tenors of 75 days, 75 weeks and 75 months. The plan period was scheduled from August 15 and will end on September 14, 2021.
In line with this, the lender had tweeted on its official Twitter account, “It is time to celebrate the 75th year of India’s independence with Platinum Deposit. Special benefits for Fixed Deposits and Special Fixed Deposits with SBI. Offer is valid till 14th September 2021.”
Here are the interest rates for different tenures and different customer groups as per SBI release.
SBI Platinum collects interest rates for customers under the general public category
Duration: 75 days Platinum
Current: 3.90 percent
Proposed: 3.95 percent
Duration: Platinum 525 days
Current: 5.00 percent
Proposed: 5.10 percent
Duration: Platinum 2250 days
Current: 5.40 percent
Proposed: 5.55 percent
SBI Platinum freezes interest rates for customers under senior citizen category
Duration: Platinum 75 days
Current: 4.40 percent
Proposed: 4.45 percent
Duration: Platinum 525 days
Current: 5.50 percent
Proposed: 5.60 percent
Duration: Platinum 2250 days
Senior citizens will get 6.20 percent interest rate. (Interest rate as applicable under SBI WECARE scheme)
Scheme Eligibility
The eligible deposits under the scheme are domestic retail fixed deposits including NRE and NRO fixed deposits which are less than Rs 2 crore. The scheme qualifies for new and renewal deposits, fixed deposits and special fixed deposit products as well as NRE deposits (for 525 days and 2250 days only).
Some exclusions are mentioned for the scheme. These are other products such as Recurring Deposit, Tax Saving Deposit, Annuity Deposit, MACAD Deposit, Multiple Choice Deposit (MOD) and Capital Gains Scheme. It is to be noted that NRE and NRO deposits of employees and senior citizens are also likely to be excluded under the scheme.
SBI had mentioned in the release that senior citizens and SBI pensioners will continue to receive their benefits under the SBI Vacare scheme for the next five years and above. The bank further said that the interest rates for all other tenures of domestic retail fixed deposits which are below Rs. 2 crore will remain unchanged. This applies to NRE and NRO fixed deposits and all other terms and conditions.
SBI Special FD Scheme for Senior Citizens
SBI WECARE scheme offers an additional 30 bps interest rate to its senior citizen customers on their FDs of 5 years and above. As per the SBI order, if a senior citizen actually makes a fixed deposit under this particular scheme, they will get a return on investment of 6.20 per cent. This is also applicable to Platinum Deposit Scheme where they will see similar returns under a period of 2250 days.
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