The country's largest public sector bank State Bank of India (SBI) launched a limited period special deposit scheme last month on the occasion of the 75th year of India's independence. The name of this special deposit scheme is SBI Platinum Deposits Scheme. This scheme, which started on 15 August 2021, ends today i.e. on 14 September 2021. This means that if you want to invest in it then today is the last day.
In SBI Platinum Deposit Scheme, customers are getting additional interest benefit. Under this scheme, customers of the bank can get 15 basis points (bps) more interest on fixed deposits. In such a situation, if you want to get FD or want to take a loan, then you can take advantage of this scheme.
SBI Platinum Deposit will get more interest
On investing under this scheme, you will get up to 0.15 percent more interest than normal deposits. Its benefit will be available on investing for Platinum 75 days, Platinum 525 days and Platinum 2250 days. SBI is currently offering a maximum interest of 5.55 percent on deposits (FDs).
Features of Special Deposits Scheme
>> Under SBI Platinum Deposits, the customer can get money fixed for 75 days, 525 days and 2250 days.
>> Domestic Retail Term Deposits including NRE and NRO term deposits (less than Rs.2 crore) can avail this scheme.
>> New and renewal deposits can also be made. There is only term deposit and special term deposit product. NRE deposits are for 525 and 2250 days only.
>> SBI gives 3.90 percent interest rate to the general public on the tenure of 75 days. At the same time, it is proposed to pay 3.95 percent interest on Platinum 75 days tenure under the Special Deposit Scheme.
>> At the same time, it is proposed to pay 5.10 percent interest on Platinum 525 days and 5.55 percent on Platinum 2250 days. At present, the bank is giving 5 percent and 5.40 percent interest to the general public on the tenure of 525 days and 2250 days respectively.
>> The rate of interest on term deposits will be paid at monthly / quarterly intervals whereas on special term deposits the rate of interest will be paid on maturity.
>> Interest, net of TDS, will be credited to the customer's account. Premature withdrawal is applicable for term/special term deposits. This branch is available through INB or YONO channels.
Latest SBI FD Interest Rates
SBI is offering interest ranging from 2.9 per cent to 5.4 per cent for general customers with FDs between 7 days to 10 years. Senior citizens will get an additional 50 basis points (bps) on these deposits. These rates are effective from 8 January 2021.