For fixed deposit investors who want to reap higher returns amid the low-interest rate scenario of leading Indian Banks, the country's largest public-sector lender State Bank of India had announced a new deposit scheme in the previous month dubbed as SBI Platinum Deposits. The scheme is going to end tomorrow, as the effective period has been capped between 15.08.2021 to 14.09.2021 by SBI. The benefits and interest rates of the scheme are discussed below which you need to know before investing today.
SBI Platinum Deposits
The deposit period of the scheme comes in three types i.e. Platinum 75 Days Platinum 525 Days Platinum 2250 Days. 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 and NRE Deposits (for 525 Days and 2250 Days only) are the eligible deposits allowed under the scheme. 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 are the type of deposits that are not eligible under the scheme. On term deposits, the payment of interest will be done in monthly/ quarterly intervals, and on special term deposits, the payment of interest will be done at maturity. Premature withdrawal of Term / Special Term Deposits is also permitted. SBI Platinum Deposits can be opened at bank branches, INB, or YONO platforms.
SBI Platinum Deposits Interest Rates
All other terms and conditions, including interest rates, remain unaffected for all other tenors of Domestic Retail Term Deposits (below Rs. 2 crores) and NRE and NRO Term Deposits. According to SBI, senior citizens and SBI pensioners would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional rate benefit under Platinum Deposits. Following interest rates of SBI Platinum Deposits are as follows for the regular public and senior citizens.
|Tenor||ROI For Public||ROI for Senior Citizens|
|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%)|
SBI Fixed Deposit Interest Rates For Regular & Senior Citizens
With effect from 08.01.2021, SBI fixed deposit interest rates are in force. For a deposit amount of less than Rs 2 Cr the most recent rates are as follows:
|Tenors||For Public (in % p.a.)||For Senior Citizens (in % p.a.)|
|7 days to 45 days||2.9||3.4|
|46 days to 179 days||3.9||4.4|
|180 days to 210 days||4.4||4.9|
|211 days to less than 1 year||4.4||4.9|
|1 year to less than 2 year||5||5.5|
|2 years to less than 3 years||5.1||5.6|
|3 years to less than 5 years||5.3||5.8|
|5 years and up to 10 years||5.4||6.2|
|Source: Bank Website|