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SBI announces platinum deposit scheme, offers 6.20% interest rate, check details

Good news for bank customers! State Bank of India has announced a big savings scheme called ‘Platinum Deposit Scheme’ for its customers. This scheme was launched by SBI to celebrate 75 years of India’s independence. As per SBI’s update, the Platinum Deposit scheme is for retail depositors and comes with additional interest benefits for the customers. SBI has said that its customers can now earn benefits of up to 15 bps on fixed deposits for tenors of 75 days, 75 weeks and 75 months. The plan period was scheduled from August 15 and will end on September 14, 2021.

Check interest rates and other benefits of Platinum Deposit Scheme:

Duration: 75 days Platinum

Current: 3.90 percent

Proposed: 3.95 percent

Duration: Platinum 525 days

Current: 5.00 percent

Proposed: 5.10 percent

Duration: Platinum 2250 days

Current: 5.40 percent

Proposed: 5.55 percent

SBI Platinum Deposit Interest Rates for Senior Citizens:

Duration: Platinum 75 days

Current: 4.40 percent

Proposed: 4.45 percent

Duration: Platinum 525 days

Current: 5.50 percent

Proposed: 5.60 percent

Duration: Platinum 2250 days

SBI said senior citizens will get 6.20 percent interest rate.

Platinum Deposit Scheme: Eligibility Criteria

SBI said the eligible deposits under the Platinum Deposit Scheme are domestic retail fixed deposits including NRE and NRO fixed deposits which are less than Rs 2 crore. In addition, the Platinum Deposit Scheme qualifies for new and renewal deposits, fixed deposits and special fixed deposit products as well as NRE deposits (for 525 days and 2250 days only).

Apart from this, SBI also offers SBI WECARE scheme for senior citizens, with an additional 30 bps interest rate on their FDs for tenures of 5 years and above.

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