The State Bank of India (SBI) had introduced a special deposit scheme dubbed, the “Platinum Deposits Scheme”. It was released in honour of the 75 years of Independence that India celebrated. The scheme is aimed at retail depositors and comes with additional interest benefits for customers. SBI customers can now earn the benefits of up to 15 bps on term deposits for 75 days, 75 weeks and 75 months tenors. The scheme’s period was set from August 15 and ends on September 14, 2021.
In line with this, the lender had tweeted out on its official Twitter account, “It’s time to celebrate India’s 75th year of Independence with Platinum Deposits. Exclusive benefits for Term Deposits and Special Term Deposits with SBI. Offer valid up to 14th Sept 2021.”
Here are the interest rates for the different tenors and different customer groups as per the SBI release.
SBI Platinum Deposits Interest Rates for Customers under the General Public Category
Tenor: Platinum of 75 days
Existing: 3.90 per cent
Proposed: 3.95 per cent
Tenor: Platinum 525 days
Existing: 5.00 per cent
Proposed: 5.10 per cent
Tenor: Platinum 2250 days
Existing: 5.40 per cent
Proposed: 5.55 per cent
SBI Platinum Deposits Interest Rates for Customers under the Senior Citizen Category
Tenor: Platinum 75 days
Existing: 4.40 per cent
Proposed: 4.45 per cent
Tenor: Platinum 525 days
Existing: 5.50 per cent
Proposed: 5.60 per cent
Tenor: Platinum 2250 days
Senior citizens will receive a 6.20 per cent interest rate. (Rate of interest is applicable under SBI WECARE Scheme)
Scheme Eligibility
The deposits that are eligible under this scheme are Domestic Retail Term Deposits including NRE and NRO Term Deposits which are less than Rs 2 crore. The scheme also qualifies new and renewal Deposits, Term Deposits and Special Term Deposit products as well as NRE Deposits (for 525 Days and 2250 Days only).
There are some exclusions mentioned for the scheme. These are other products such as Recurring Deposits, Tax Savings Deposits, Annuity Deposits, MACAD Deposits, Multi Option Deposits (MODs) and the Capital Gains Scheme. It should be noted that NRE and NRO Deposits of staff and senior citizens are also prone to exclusion under the scheme.
SBI had mentioned in the release that the senior citizens and SBI pensioners shall continue to receive their benefits under the SBI WECARE Scheme for the next five years and above the tenor. The bank further stated that Interest rates for all other tenors of Domestic Retail Term Deposits which are below Rs. 2 crores will be unchanged. The same applies to NRE and NRO Term Deposits and all other terms and conditions.
The SBI Special FD Scheme for Senior Citizens
The SBI WECARE Scheme gives its senior citizen customers an additional 30 bps interest rate on their FDs for a 5-year tenor and more. As per the SBI mandate, if a senior citizen does in fact put in for a fixed deposit under this special scheme, then they will see a return on investment of 6.20 per cent. This also applies to the Platinum Deposit Scheme where they will see a similar return under the 2250 days tenor.
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