SBI Launches “Platinum Deposits” With Exclusive Benefits: Details Inside

The country's largest lender, State Bank of India (SBI), has unveiled a special deposit scheme called "SBI Platinum Deposits" to commemorate the country's 75th year of independence. According to the lender, this deposit scheme will be in effect until September 14th, 2021. SBI has also tweeted via its official Twitter handle that "It's time to celebrate India's 75th year of Independence with Platinum Deposits. Exclusive benefits for Term Deposits and Special Term Deposits with SBI. Offer valid up to 14th Sept 2021." To know more about "SBI Platinum Deposits" keep on reading to know about its exclusive benefits.

Period of deposits and eligible deposits

The period of this scheme is valid from 15.08.2021 to 14.09.2021 according to the lender. One can make deposits for a period of Platinum 75 Days, Platinum 525 Days, and Platinum 2250 Days.

Eligible Deposits

• Domestic Retail Term Deposits including NRE and NRO Term Deposits (< Rs 2 crore)
• New and Renewal Deposits
• Term Deposit and Special Term Deposit products only.
• NRE Deposits (for 525 Days and 2250 Days only)

Exclusions:

Other products e.g., Recurring Deposits, Tax Savings Deposits, Annuity Deposits, MACAD Deposits, Multi Option Deposits (MODs), Capital Gains Scheme, etc.
NRE and NRO Deposits of Staff and Senior Citizens

Other benefits

According to the official website of SBI "Senior Citizens and SBI Pensioners shall continue getting benefits under SBI WECARE Scheme for 5 years and above tenor (additional benefit under Platinum Deposits not available)." Here are the other benefits of "SBI Platinum Deposits" that you need to know:

Payment of Interest:

• Term Deposits - At monthly/ quarterly intervals
• Special Term Deposits- On maturity
• Interest, net of TDS, credited to Customer's Account

Premature Withdrawal: As applicable for Term / Special Term Deposits.

Available Through: Branch/ INB/ YONO Channels.

Others: Interest rates for all other tenors of Domestic Retail Term Deposits (Below Rs. 2 crores) and NRE and NRO Term Deposits and all other terms and conditions remain unchanged.

Interest Rates

Here are the applicable interest rates on "SBI Platinum Deposits" according to the official website of SBI.

Tenor	ROI for Public		ROI for Senior Citizens
	Existing	Proposed	Existing	Proposed
Platinum 75 days	3.90%	3.95%	4.40%	4.45%
Platinum 525 days	5.00%	5.10%	5.50%	5.60%
Platinum 2250 days	5.40%	5.55%	ROI applicable under SBI WECARE Scheme (6.20%)
Source: SBI