This Special Fixed Deposit Scheme With 6.20% Interest Rate Going To End Today

Amid the record low-interest rate regime of banks, previous month on 15th August 2021, the country's largest lender State Bank of India (SBI) had announced a special fixed deposit scheme dubbed as Platinum Deposits Scheme to celebrate the 75 years of Independence of India. The scheme was issued for an offer period of 15.08.2021 to 14.09.2021, which means today is the last day to invest in this scheme. Below we have discussed the benefits and interest rates of SBI Platinum Deposits Scheme, which debt investors must have a look at before making an investment decision today.

Period of deposits and eligibility

One can make deposits under SBI Platinum Deposits Scheme for a maturity period of Platinum 75 Days, Platinum 525 Days and Platinum 2250 Days. According to the announcement of SBI, the eligible deposits under the scheme are 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 Deposits, NRE Deposits for a period of 525 Days and 2250 Days only.

Deposits such as Recurring Deposits, Tax Savings Deposits, Annuity Deposits, Motor Accident Claims Annuity (Term) Deposit Account (MACAD) Deposits, Multi Option Deposits (MODs), Capital Gains Scheme, NRE and NRO Deposits of Staff and Senior Citizens are not eligible under the scheme. Interest will be paid on term deposits at monthly/quarterly intervals and on maturity for special term deposits under the Platinum Deposits Scheme of SBI. Premature withdrawals are permitted under the scheme for both term and special term deposits. SBI Platinum Deposits Scheme account can be opened through bank branch, net banking or SBI YONO.

SBI Platinum Deposits Scheme Interest Rate

Under the Platinum Deposit Scheme of SBI, following interest rates will be applicable. According to SBI "Senior Citizens and SBI Pensioners shall continue getting benefits under SBI WECARE Scheme for 5 years and above tenor (additional benefit under Platinum Deposits not available)."

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 Fixed Deposit Interest Rates

Following are the most recent interest rates of SBI for regular deposits of less than Rs 2 Cr made by the general public and senior citizens.

Tenors	ROI For Public (in % p.a.)	ROI for Senior Citizens (in % p.a.)
7 days to 45 days	2.90	3.40
46 days to 179 days	3.90	4.40
180 days to 210 days	4.40	4.90
211 days to less than 1 year	4.40	4.90
1 year to less than 2 year	5.00	5.50
2 years to less than 3 years	5.10	5.60
3 years to less than 5 years	5.30	5.80
5 years and up to 10 years	5.40	6.20
Source: Bank Website