For debt investors who want to get guaranteed returns on their deposits along with deposit safety up to Rs 5 lakhs provided by DICGC, the country’s largest lender State Bank of India (SBI) offers a range of fixed deposits schemes. For instance, currently. SBI is providing different types of fixed deposit schemes such as regular fixed deposit, Flexi deposit scheme, annuity deposit scheme, multi-option deposit, SBI Tax Savings Scheme, special term deposit, and Floating Rate Bulk Term Deposit (FRBTD).  However, for retail investors, SBI has recently launched a special term deposit scheme dubbed as ‘Platinum Deposits’ or SBI Platinum Deposit scheme. According to the lender, on their term deposits, investors will get an additional interest rate of up to 15 basis points until September 14, 2021. For the convenience of our readers and investors too, here we compared the benefits and interest rates of regular fixed deposit, platinum deposit, and special fixed deposit scheme of SBI.

SBI Platinum Deposits Interest Rates for the general public

Tenor: Platinum 75 days

Existing: 3.90%

Proposed: 3.95%

Tenor: Platinum 525 days

5.00%

5.10%

Tenor: Platinum 2250 days

5.40%

5.55%

SBI Platinum Deposits Interest Rates for senior citizens

Tenor: Platinum 75 days

Existing: 4.40%

Proposed: 4.45%

Tenor: Platinum 525 days

5.50%

5.60%

Tenor: Platinum 2250 days

6,20% ( Rate of interest applicable under SBI WECARE Scheme).

SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens known as We Care offers an additional 30 bps interest rate to the senior citizens on their FD for the tenor of 5 years and 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%.

SBI latest FD interest rates (below Rs 2 crore) for the general public: SBI FDs between 7 days to 45 days will fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4%. The lender offers senior citizens’ an additional 50 bps interest rate across all tenors.

7 days to 45 days – 2.9%

46 days to 179 days – 3.9%

180 days to 210 days – 4.4%

211 days to less than 1 year – 4.4%

1 year to less than 2 years – 5%

2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%