State Bank of India (SBI), the country’s largest public lender has introduced a new deposit scheme, under which it will be offering an additional interest to the individuals & the senior citizens. Not only this, the new SBI Special scheme can be availed by all including those from the rural areas. The new deposit scheme is called the ‘SBI Platinum Deposits’ and it can be availed by the individuals for a limited period of time. This offer will last till 14th September.
SBI Platinum Deposits
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As a part of the special deposit scheme, the individuals can get an additional interest up to 0.15% on term deposits for 75 days, 74 weeks & 75 months tenure.
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An individual can select 75 day, 525 day & 2,250 day tenure, under the special scheme, under which n additional interest can also be gained on the investments.
Eligibility Criteria
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Any domestic retail term deposit including the NRE & NRO terms deposits less than Rs 2 crore are allowed under this scheme.
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The term for NRE deposits will be for 525 days & 2,250 days only. New & renewal deposits are also allowed under this scheme.
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The scheme applies to the term deposit & the special term deposit products only.
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Products such as, tax saving deposits, recurring deposits, annuity deposits, MACAD deposits, multi-option deposits, capital gains schemes will not be eligible under this scheme.
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In addition, the NRE & NRO deposits of the staff & the senior citizens are also not eligible.
Interest Rate
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The existing interest rate from the ‘SBI Platinum Deposit’ for the individuals is 3.90% for the 75 day tenure. Under the special offer, they will be getting a 3.95%.
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In case of the 525 day tenure, they will be getting 5.10% instead of existing 5%. And, under the 2,250 day tenure, they will get 5.55% instead of 5.40%.
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As far as the senior citizens are concerns, the special interest rate under the ‘SBI Platinum Deposit’ will be 4.45%, up 0.15% from the existing 4.40% for the 75 day tenure.
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Senior citizens will be getting a 5.60% interest rate on 525 day tenure. However, there will be no additional interest benefit under 2,250 day tenure.
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The payment of the interest in case of term deposits will be made at monthly & quarterly intervals. Meanwhile, the payment in case of a special term deposit will be made on maturity.
For more details visit your nearest SBI branch.
