SBI Special FD Scheme, Platinum Deposits To End Next Week: Should You Invest?

Highlights:

• SBI special FD scheme, Platinum Deposits to end on 14^th September
• SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers

Marking the celebratory occasion of 75 years of Independence of India, 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 that will end on the 14^th of September said the lender on its website.

SBI Platinum Deposits Duration: 15^th August 2021 to 14^th September 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%

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SBI Platinum Deposits Eligibility

• Domestic retail term deposits including Non Resident External (NRE) and Non Resident Ordinary (NRO) term deposits (less than ₹2 crore)

• New and renewal deposits

• Term deposit and special term deposit products only.

• NRE deposits (for 525 Days and 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 yield 2.9% to 5.4% to general customers whereas the 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 called “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%.