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The State Bank of India (SBI) has introduced a special deposit scheme called the “Platinum Deposit Scheme”. It was released to commemorate the 75th independence celebrated by India. This scheme is intended for retail depositors and offers additional interest benefits to their clients. SBI customers can now earn up to 15bps on fixed deposits for 75 days, 75 weeks and 75 months. The period of the system will be set from August 15th and will end on September 14th, 2021.
Along with this, the lender tweeted on the official Twitter account. “It’s time to celebrate India’s 75th anniversary with platinum deposits. SBI’s exclusive Term Deposit and Special Term Deposit benefits. The offer is valid until September 14, 2021.”
Interest rates for different periods and different customer groups for each SBI release are as follows:
SBI Platinum Deposits Interest Rates for Customers in the General Public Category
Tenor: 75 days of platinum
Existing: 3.90%
Suggestion: 3.95%
Tenor: Platinum 525 days
Existing: 5.00%
Suggestion: 5.10%
Tenor: Platinum 2250 days
Existing: 5.40%
Suggestion: 5.55%
SBI Platinum Deposits Interest Rates for Customers in the Elderly Category
Tenor: Platinum 75 days
Existing: 4.40%
Suggestion: 4.45%
Tenor: Platinum 525 days
Existing: 5.50%
Suggestion: 5.60%
Tenor: Platinum 2250 days
Elderly people receive an interest rate of 6.20%. (Interest rates apply under the SBI WECARE scheme)
Scheme eligibility
Eligible deposits under this scheme are domestic retail term deposits, including NRE and NRO term deposits of less than 2 rupees. This scheme also covers new and renewal deposits, term deposits, special term deposit products, and NRE deposits (525 and 2250 days only).
There are some exclusions mentioned about the scheme. These are other products such as time deposits, tax savings deposits, annuity deposits, MACAD deposits, multi-option deposits (MODs) and capital gains schemes. It should be noted that NRE and NRO deposits for staff and seniors also tend to be excluded under this scheme.
In its release, SBI stated that seniors and SBI pensioners will continue to receive benefits under the SBI WECARE scheme for the next five years and beyond. The bank further said that interest rates on domestic retail term deposits for all other periods were below the rupee. 2 Roles are unchanged. The same applies to NRE and NRO time deposits and all other terms and conditions.
SBI special FD scheme for the elderly
The SBI WECARE scheme provides elderly customers with an additional interest rate of 30bps on FD for a period of 5 years or more. According to SBI’s mandate, if seniors actually submit fixed deposits under this special scheme, they will see a return on investment of 6.20%. This also applies to the platinum deposit scheme, with similar returns over a 2250 day period.
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