SBI special fixed deposit scheme, Platinum Deposits, will end next week. Should you invest?

To mark the celebratory occasion of 75 years of Independence, the country’s top lender State Bank of India (SBI) had launched a special deposit scheme called SBI Platinum Deposits. It is a limited period offer will end on 14 September, the lender mentioned on its website.

SBI Platinum Deposits tenure: 15.08.2021 to 14.09.2021

SBI Platinum Deposits interest rate for general customers

Platinum 75 Days – 3.95%

Platinum 525 Days – 5.10%

Platinum 2250 Days – 5.55%

SBI Platinum Deposits Interest Rates senior citizens

Platinum 75 days – 4.45%

Platinum 525 days -5.60%

Platinum 2250 days – 6,20%

SBI Platinum Deposits Eligibility

• Domestic retail term deposits including NRE NRO term deposits (less than 2 crore)

• New renewal deposits

• Term deposit special term deposit products only.

• NRE deposits (for 525 Days 2250 Days only)

SBI Platinum Deposits Payment of Interest

• Term Deposits – At monthly/ quarterly intervals

• Special Term Deposits- On maturity

• Interest, net of TDS, credited to Customer’s Account

SBI FD latest interest rates

SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective from 8 January 2021.

SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens -We Care -offers an additional 30 bps interest rate to the senior citizens on their FD for the tenor of 5 years more. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.

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