India’s largest public lender State Bank of India has introduced a new deposit scheme, under which it will offer additional interest to individuals and senior citizens. The SBI Platinum Deposits can be availed by individuals for a limited time period. The offer lasts till September 14, said SBI on its website.
India’s state-owned bank SBI is celebrating its 75th year of Independence with Platinum Deposits to mark the occasion. “It’s time to celebrate India’s 75th anniversary of independence with platinum deposits and exclusive benefits,” said the bank on its official Twitter account. The offer is valid up to 14th September 2021 and will be valid for Term Deposit and Special Term Deposit deposits.
SBI PLATINUM DEPOSITS
Individuals can get additional interest up to 0.15% 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
NRE and NRO retail term deposits of less than Rs 2 crore are permitted under the plan. The NRE deposits would have a period of 525 days and 2,250 days. Only term deposit and special term deposit products are covered by the scheme. The Scheme excludes products such as recurring deposits, tax-saving deposits, annuity deposits, MACAD deposits, multi-option deposits, and capital gains schemes.
INTEREST RATE
Individuals can currently get 3.90% interest from SBI platinum deposits for a 75-day term. They will receive 3.95% under the special offer.
They will receive 5.10% instead of the current 5% if they have a 525-day term. They will also receive 5.55% instead of 5.40% for the course of the 2,250-day tenure.
Senior citizens will benefit from a special interest rate of 4.45% on SBI platinum deposits, up 0.15% from the current rate of 4.40%, for a 75-day term.
On a 525-day term, senior citizens will receive a 5.60% interest rate. Under the 2,250-day tenure, however, there will be no further interest advantage.
In the case of term deposits, interest will be paid at monthly and quarterly intervals. In the meanwhile, if you have a particular term deposit, you will be paid when it matures.
