The country’s largest lender, State Bank of India (SBI), has unveiled a special deposit scheme called “SBI Platinum Deposits” to commemorate the country’s 75th year of independence. According to the lender, this deposit scheme will be in effect until September 14th, 2021. SBI has also tweeted via its official Twitter handle that “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.” To know more about “SBI Platinum Deposits” keep on reading to know about its exclusive benefits.

SBI tweeted “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”.

SBI PLATINUM DEPOSITS

As part of the special deposit scheme, individuals can get additional interest up to 0.15 per cent on term deposits for 75 days, 75 weeks and 75-month tenors.

An individual can select 75-day, 525-day and 2,250-day tenures under the special scheme, under which additional interest can be gained on investments.

ELIGIBILITY CRITERIA

Any domestic retail term despots including NRE and NRO terms deposits less than Rs 2 crore are allowed under the scheme. The term for the NRE deposits will be 525 days and 2,250 days only.

Interest Rates Here are the applicable interest rates on “SBI Platinum Deposits” according to the official website of SBI. Tenor ROI for Public ROI for Senior Citizens Existing Proposed Existing Proposed Platinum 75 days 3.90% 3.95% 4.40% 4.45% Platinum 525 days 5.00% 5.10% 5.50% 5.60% Platinum 2250 days 5.40% 5.55% ROI applicable under SBI WECARE Scheme (6.20%) Source: SBI

Other benefits

According to the official website of SBI “Senior Citizens and SBI Pensioners shall continue getting benefits under SBI WECARE Scheme for 5 years and above tenor (additional benefit under Platinum Deposits not available).” Here are the other benefits of “SBI Platinum Deposits” that you need to know:

Payment of Interest:

  • Term Deposits – At monthly/ quarterly intervals
  • Special Term Deposits- On maturity
  • Interest, net of TDS, credited to Customer’s Account

Premature Withdrawal: As applicable for Term / Special Term Deposits.

Available Through: Branch/ INB/ YONO Channels.

Others: Interest rates for all other tenors of Domestic Retail Term Deposits (Below Rs. 2 crores) and NRE and NRO Term Deposits and all other terms and conditions remain unchanged.