SBI Special Deposit Scheme Vs SBI Fixed Deposit Scheme – Which is Better

The State Bank of India has launched a special deposit scheme, which is known as ‘Platinum time period deposits for the retail depositors. Customers will now get further interest profit as much as the 15bps on time period deposits for 75 days, 75 weeks & 75 months tenures until 14th September. These fixed deposits schemes can be availed by anyone including those from farming or agriculture sector.

SBI has mentioned in one of its tweet that ‘it’s the time to rejoice India’s 75th Independence with the ‘Platinum Deposit’. Exclusive advantages for the ‘Term Deposit’ & ‘Special Term Deposits’ with SBI. The offer is legitimate as much as 14th September 2021’. 

SBI: ‘Platinum Deposit’ rate for Normal Public.

Tenure: Platinum 75 Days

• Existing: 3.90% 

• Proposed: 3.95% 

Tenure: Platinum 525 Days

• Existing: 5.00% 

• Proposed: 5.10%

Tenure: Platinum 2250 Days

• Existing: 5.40% 

• Proposed: 5.55% 

SBI: ‘Platinum Deposits Interest Rate’ for Senior Resident

Tenure: Platinum 75 Days

• Existing: 4.40% 

• Proposed: 4.45% 

Tenure: Platinum 525 Days

• Existing: 5.50% 

• Proposed: 5.60% 

Tenure: Platinum 2250 Days

• 6.20% (Rate of Interest is relevant beneath SBI WECARE Scheme) 

SBI Special FD Scheme for Senior Residents 

SBI special FD scheme for the senior residents generally known as ‘We Care’ give an extra 30bps interest rate to senior residents on their FD for the tenor of five years & extra. If a senior citizen places a fixed deposit beneath special FD scheme, then interest rate is relevant to FD can be 6.20%.

SBI Newest FD Interest Rate (under Rs 2crore) for Most People

SBI FDs between the 7 days to 10 years will give 2.9% to 5.4% to the normal clients. Senior residents will get 50 foundation factors (bps) additional on these deposits.

Revised SBI rates on the retail FDs of lower than Rs 2crore are efficient from 8^th January 2021. 

• 7 days to 45 days – 2.9%

• 46 days to 179 days- 3.9%

• 180 days to 210 days- 4.4%

• 211 days to lower than 1 year- 4.4%

• 1 year to lower than 2 years- 5%

• 2 years to lower than 3 years- 5.1%

• 3 years to lower than 5 years- 5.3%

• 5 years to lower as much as 10 years- 5.4%