SBI Platinum Deposits Vs HDFC Green Deposits: Interest Rates & Benefits Compared

For debt investors who want to invest in fixed deposits for a regular flow of income, last month two leading giants State Bank of India (SBI) and HDFC Ltd. had announced special deposits for their customers i.e. SBI Platinum Deposits and HDFC Green & Sustainable Deposits. These two deposits come with a plethora of benefits and higher interest rates for both regular and senior citizens. One of the most appealing factors is that fixed deposit investors can open any of the deposits online and can manage their accounts accordingly without having a burden of a physical visit to the branch. Let's compare the benefits and interest rates of these deposits to make a clear conclusion of where to invest.

SBI Platinum Deposits

SBI Platinum Deposits was introduced last month to celebrate the 75th anniversary of India's independence, and the term of this unique plan is capped between 15.08.2021 and 14.09.2021, which means the deal will expire tomorrow. Domestic Retail Term Deposits including NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products, NRE Deposits for a period of 525 Days and 2250 Days only are the eligible deposits under the scheme according to SBI.

Products such as Recurring Deposits, Tax Savings Deposits, Annuity Deposits, MACAD Deposits, Multi Option Deposits (MODs), Capital Gains Scheme, NRE, and NRO Deposits of Staff and Senior Citizens are not eligible under SBI Platinum Deposits. SBI Platinum Deposits can be made for a period of Platinum 75 Days, Platinum 525 Days or Platinum 2250 Days where the payment of interest will be made at monthly/ quarterly under term deposits and on maturity under Special Term Deposits of SBI.

As applicable for Term / Special Term Deposits of SBI, premature withdrawals are also allowed under SBI Platinum Deposits. The scheme is available across all the channels of SBI such as bank branch, Internet Banking and YONO. 

SBI Platinum Deposit Interest Rates

Senior Citizens and SBI Pensioners will continue to receive the same benefits of the SBI WECARE Scheme under the SBI Platinum Deposits for a period of 5 years and above, with no extra benefit under the Platinum Deposits. Interest rates of SBI Platinum Deposits for both regular and senior citizens are as follows.

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

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HDFC Ltd. launched Green & Sustainable Deposits last month, a scheme that promotes the United Nations' Sustainable Development Goals (SDGs). "Green and Sustainable Deposits will help enhance HDFC's participation in projects directly supporting United Nations' SDGs and empower our depositors to opt for financial products that have a positive impact on the environment, and the society at large," HDFC Ltd. has mentioned on its website. Any resident or non-resident Indian citizen can make deposits for a period of 36 to 120 months under this special scheme.

Regular customers would receive a 6.55 percent annual interest rate on deposits of less than Rs 2 crore, whereas elderly people over 60 years will receive an additional 0.25 percent annual interest rate on their deposits. Interest is compounded yearly under the scheme for the cumulative option.

Individual deposits up to Rs 50 lakh per calendar month made or renewed by a customer using the online platform of the company, as well as auto-renewed deposits, will fetch you an additional interest rate of 0.10 percent p.a.

As a matter of concern let me remind you that HDFC Ltd. has received AAA ratings from both CRISIL and ICRA for 27 consecutive years which simply indicates the security of your deposits apart from attractive interest rates.

HDFC Green Deposits Interest Rates

With effect from 17th August 2021, interest rates on Green Deposits of HDFC Ltd. are in force which is as follows.

Period of Deposit	Monthly	Quarterly	Half-yearly	Annual	Cumulative Interest Rate
33 Months	5.90%	5.95%	6.00%	6.10%	6.10%
66 Months	6.30%	6.35%	6.40%	6.50%	6.50%
99 Months	6.35%	6.40%	6.45%	6.55%	6.55%
Source: HDFC LTD.