New deposit scheme by SBI on Independence Day

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The State Bank of India (SBI) has launched a new deposit scheme for senior citizens and other customers. The deposit scheme will be known as ‘SBI Platinum Deposit’.

For information, the scheme is only up to 14th September, which has been brought on the occasion of Independence Day. The scheme will benefit term deposits and special term deposits.

What is Platinum Deposit Scheme?

Under the scheme, citizens can avail additional interest up to 0.15% for term deposits of 75 days, 75 weeks, and 75 months.

Moreover, under the Special Scheme given in it, citizens can choose 75 days, 525 days, and 2,250 days time under which additional interest can be charged on investment.

They have been kept away from the scheme

Recurring deposits, tax saving deposits, annual deposits MACAD deposits, multi-option deposits, and capital gains schemes will not get the benefit from the scheme. On the other hand, NRE and NRO deposits of senior citizens and staff have also been kept away from it.

These are the interest rates

The current interest rate for customers is 3.90 percent for a 75-day period, which will be increased to 3.95 percent.

On the other hand, in the case of a 525-day period, it will get 5.10 percent instead of five percent and 5.55 percent interest instead of 5.40 percent over a period of 2,250 days.

In the case of term deposit, interest will be paid every month and in three months, while the special term deposit will be paid on completion of the interest period.

These interest rates are for senior citizens

The interest rate under platinum deposits for senior citizens will increase from 4.40 percent to 4.45 percent for 75 days. On the other hand, a 5.60 percent interest rate will be available on a 525-day tenure. However, there will be no additional interest benefit under the 2,250-day period.