SBI Platinum FD Vs SBI Regular FD Vs SBI WeCare FD: Latest Interest Rates Compared

For debt investors who want to get guaranteed returns on their deposits along with deposit safety up to Rs 5 lakhs provided by DICGC, the country's largest lender State Bank of India (SBI) offers a range of fixed deposits schemes. For instance, currently, SBI is providing different types of fixed deposit schemes such as regular fixed deposit, Flexi deposit scheme, annuity deposit scheme, multi-option deposit, SBI Tax Savings Scheme, special term deposit, and Floating Rate Bulk Term Deposit (FRBTD). However, for retail investors, SBI has recently launched a special term deposit scheme dubbed as 'Platinum Deposits'. According to the lender, on their term deposits, investors will get an additional interest rate of up to 15 basis points until September 14, 2021. For the convenience of our readers and investors too, here we compared the benefits and interest rates of regular fixed deposit, platinum deposit, and special fixed deposit scheme of SBI.

SBI Platinum Deposit Scheme

SBI has recently introduced a Platinum Deposits Scheme for retail investors to commemorate the 75th anniversary of the country's independence. This scheme is valid from August 15, 2021 to September 14, 2021. Deposits can be made for platinum 75 days, platinum 525 days, or platinum 2250 days under this scheme. Domestic Retail Term Deposits, comprising NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products only, and NRE Deposits (for 525 and 2250 days only), according to SBI, are eligible deposits.

Senior Citizens and SBI Pensioners, according to SBI's official website, would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional benefit under Platinum Deposits. Interest is paid at monthly/quarterly intervals, and premature withdrawal is allowed as applicable for Term / Special Term Deposits. This special fixed deposit can be opened through a branch, INB, or YONO channel.  

SBI Platinum Deposit Interest Rates

Here is the interest rate chart of SBI Platinum Deposit Scheme, according to the official website of the lender. 

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

SBI Regular Deposit For The General Public

For a deposit amount of less than Rs 2 Cr, SBI is currently offering an interest rate ranging from 2.9% to 5.4% to general customers across 7 days to 10 years of maturity period. Here are the most recent interest rates of SBI for the general public which are in force from 8 January 2021.

Tenor	Regular Interest Rates In %
7 days to 45 days	2.90
46 days to 179 days	3.90
180 days to 210 days	4.40
211 days to less than 1 year	4.40
1 year to less than 2 year	5.00
2 years to less than 3 years	5.10
3 years to less than 5 years	5.30
5 years and up to 10 years	5.40
Source: SBI

SBI Fixed Deposit For Senior Citizens

SBI also offers a "WECARE" deposit scheme for senior citizens with a maturity period of 5 years to 10 years. Under this special fixed deposit scheme, senior citizens will get an additional premium of 30 bps (over and above the existing premium of 50 bps). A senior citizen will get an interest rate of 6.20% if he or she opens this special fixed deposit scheme for a period of 5 years to 10 years. Here are the latest interest rates on fixed deposits for senior citizens provided by the bank.

Tenor	Interest Rate for Senior Citizens In %
7 days to 45 days	3.40
46 days to 179 days	4.40
180 days to 210 days	4.90
211 days to less than 1 year	4.90
1 year to less than 2 year	5.50
2 years to less than 3 years	5.60
3 years to less than 5 years	5.80
5 years and up to 10 years	6.20
Source: SBI