SBI gifted a new scheme to its customers on the occasion of the 75th anniversary of Independence day. This name is SBI special deposit scheme. It is also referred to as SBI Platinum deposits. In this article, we are discussing all SBI’s new special deposit scheme 2021. How is eligible, what are the features & benefits of the scheme, Interest rate and tenure of the scheme, How to Apply, etc? Kindly read the whole article to understand all aspects.
SBI Special Deposit Scheme
First, you need to understand that this scheme is available for a limited time only. The last date to apply & take benefit of State Bank of India’s special deposit scheme “Platinum Deposits” is 14th September 2021. SBI informed the world about the scheme through a tweet :
Key Features of SBI Special Deposit Scheme 2021
- This scheme is valid for limited time period only
- Under this scheme, customer can fix their money for 75 days, 525 days & 2250 days
- NRE (Non-Resident External), NRO (Non-Resident Ordinary) & domestic retail customers can avail the benefit of the Platinum deposits scheme
- The money to be deposited cannot exceed 2 Crore rupees
- For NRE applicants 75 days is not an option, they can choose from 525 or 2250 days
SBI Special Deposit Scheme ‘Platinum Deposits’ Interest Rate
Under this scheme, additional interest of up to 0.15 is being offered. So, this scheme will offer an extra 0.15%. Let’s understand this:
Currently, SBI offers an interest rate of 3.90 for a tenure of 75 days. An additional 0.05 will be offered under this scheme. So the new interest rate is 3.95% for 75 days time period
Similarly, for fixing their money for 525 in SBI, normally the customers get 5% but this scheme will offer 5.10% interest.
Normally for 2250 days, the interest rate offered is 5.40% but under this special deposit scheme, it becomes 5.55 percent
Interest rate for Senior Citizens under SBI Special Deposit
- Senior citizens will receive a special interest rate of 4.45 percent on SBI platinum deposits, up 0.15 percent from the current rate of 4.40 percent, for a 75-day term.
- Senior citizens will earn 5.60 percent on a 525-day term loan.
- No additional interest benefit will accrue during the 2,250-day tenure.
SBI Special Deposit Scheme Calculator
Let’s explain you with an example –
- Suppose you are investing Rs. 1,00,000 for 75 days under this scheme. Then you will earn Rs. 3950.
- If the same amount is invested for 525 days, you will earn Rs. 5100
- If the same amount is invested for 2250 days, you will earn Rs. 5550
How to Apply for Special Deposit Scheme in SBI
You can easily apply under this scheme via both online & offline mode. For offline mode, simply visit the nearest SBI branch and ask the official to fix your money under this scheme.
- For applying online, log in to SBI net banking account and Go to “Fixed Deposit” section and apply
This is actually a good offer. If you have capital in hand you can earn a good interest amount. For maximum benefit, it is advised to go for the maximum tenure as it will give you maximum interest.
Here is the official notification of the scheme available at the SBI portal :
SBI Platinum Deposit Scheme FAQs
When was the SBI special deposit scheme launched?
The scheme was officially announced on 15th August 2021.
What is the last date to take benefit of this scheme?
This scheme is valid till 14th September 2021
What benefits does the applicant get under this scheme?
Additional interest of up to 0.15% is offered under this scheme.