SBI Platinum FD Vs SBI Regular FD Vs SBI WeCare FD: Latest Interest Rates Compared
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SBI Platinum Deposit Scheme
SBI has recently introduced a Platinum Deposits Scheme for retail investors to commemorate the 75th anniversary of the country’s independence. This scheme is valid from August 15, 2021 to September 14, 2021. Deposits can be made for platinum 75 days, platinum 525 days, or platinum 2250 days under this scheme. Domestic Retail Term Deposits, comprising NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products only, and NRE Deposits (for 525 and 2250 days only), according to SBI, are eligible deposits.
Senior Citizens and SBI Pensioners, according to SBI’s official website, would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional benefit under Platinum Deposits. Interest is paid at monthly/quarterly intervals, and premature withdrawal is allowed as applicable for Term / Special Term Deposits. This special fixed deposit can be opened through a branch, INB, or YONO channel.
SBI Platinum Deposit Interest Rates
Here is the interest rate chart of SBI Platinum Deposit Scheme, according to the official website of the lender.
| 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 |
SBI Regular Deposit For The General Public
For a deposit amount of less than Rs 2 Cr, SBI is currently offering an interest rate ranging from 2.9% to 5.4% to general customers across 7 days to 10 years of maturity period. Here are the most recent interest rates of SBI for the general public which are in force from 8 January 2021.
| Tenor | Regular Interest Rates In % |
|---|---|
| 7 days to 45 days | 2.90 |
| 46 days to 179 days | 3.90 |
| 180 days to 210 days | 4.40 |
| 211 days to less than 1 year | 4.40 |
| 1 year to less than 2 year | 5.00 |
| 2 years to less than 3 years | 5.10 |
| 3 years to less than 5 years | 5.30 |
| 5 years and up to 10 years | 5.40 |
| Source: SBI |
SBI Fixed Deposit For Senior Citizens
SBI also offers a “WECARE” deposit scheme for senior citizens with a maturity period of 5 years to 10 years. Under this special fixed deposit scheme, senior citizens will get an additional premium of 30 bps (over and above the existing premium of 50 bps). A senior citizen will get an interest rate of 6.20% if he or she opens this special fixed deposit scheme for a period of 5 years to 10 years. Here are the latest interest rates on fixed deposits for senior citizens provided by the bank.
| Tenor | Interest Rate for Senior Citizens In % |
|---|---|
| 7 days to 45 days | 3.40 |
| 46 days to 179 days | 4.40 |
| 180 days to 210 days | 4.90 |
| 211 days to less than 1 year | 4.90 |
| 1 year to less than 2 year | 5.50 |
| 2 years to less than 3 years | 5.60 |
| 3 years to less than 5 years | 5.80 |
| 5 years and up to 10 years | 6.20 |
| Source: SBI |
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