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Last week, India’s top lender, State Bank of India (SBI) and mortgage finance company HDFC launched new fixed deposits. Therefore, it is important for investors to compare interest rates over different holding periods before putting money into a time deposit.
SBI Platinum Deposit
The State Bank of India has launched a special deposit scheme to commemorate the occasion of the celebration of independence in 1975-“Platinum Term Deposits”-Under the offer, customers can add up to 15bps on 75-day term deposits. You can earn interest benefits 75 Weeks and 75 months from August 15, 2021 to September 14, 2021.
SBI Platinum Deposit Interest Rate General Citizen
Tenor: Platinum 75 days
Existing: 3.90%
Suggestion: 3.95%
Tenor: Platinum 525 days
5.00%
5.10%
Tenor: Platinum 2250 days
5.40%
5.55%
SBI Platinum Deposit Interest Rate Elderly
Tenor: Platinum 75 days
Existing: 4.40%
Suggestion: 4.45%
Tenor: Platinum 525 days
5.50%
5.60%
Tenor: Platinum 2250 days
6,20% (interest rate applied under the SBI WECARE scheme)
Elderly people and SBI pensioners shall continue to receive benefits under the SBI WECARE scheme for at least 5 years (additional benefits under platinum deposits are not available).
Eligibility
• Domestic retail term deposits (less than), including NRE and NRO term deposits ￡2 Chlore)
• New and renewal deposits
• Term deposit and special term deposit products only.
• NRE deposit (525 and 2250 days only)
HDFC Green Deposit
HDFC Ltd has launched a “Green & Sustainable Deposit” with the goal of protecting the environment from climate change. These fixed deposits are directed towards financing green and sustainable home credit solutions and services.
Key Features of HDFC Green and Sustainable Deposits
- Any individual in India, whether resident or non-resident, is eligible to make these deposits.
- Deposit period ranges from 36 to 120 months
- Deposits get interest rates of up to 6.55% each year.
- Elderly people (60+) are eligible to receive an additional deposit of up to 0.25% per annum. ￡2 rolls.
- These deposits are subject to an additional return on investment of up to 0.10% per year. ￡Rs 500,000 per customer per calendar month when deployed or updated via HDFC’s online platform.
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