Are you worrying on the lower interest rates offering by the banks in the recent times? Here’s a good news for You!
To encourage savings and to promote Patriotism among the Indians, SBI launched this “Platinum Term Deposits” with effect from 15th August to 14th September,2021.
This would be applicable to all Indian Citizens. NRI’s are also eligible to invest in this schemes through their NRE(Non Resident External) and NRO(Non Resident Ordinary)accounts.
NRE Deposits would be for 525 Days and 2250 Days Deposits only.
On the eve of 75th Independence day, SBI offers this deposits under-
1.Platinum 75 Days- Under this scheme,
- Interest rate of 3.95%(an additional of 0.5% on the normal deposit rate)for the period of 75 days.
- An interest rate of 4.45% would be applicable to senior citizens(60 Years or above) under this scheme
2.Platinum 525 Days– This scheme is beneficial to those who can wait for long tenure and aim to earn decent returns. This deposit scheme is for 525 days and-
- The Interest Rate applicable would be 5.10% for General Public
- 5.60% Interest Rate would be applicable for senior citizens
3.Platinum 2250 Days Deposit– As the name suggests, this scheme would be applicable for 2250 days at
- Interest Rate of 5.55% For General Public and
- 6.20% interest rate for senior citizens
Interest Payments– Interest amount would be credited into customer savings a/c at the end of the tenure for special term deposits and monthly/quarterly for normal term deposits.
Premature Withdrawals– There would be Penalty for Premature Withdrawals. It ranges in between 0.5-1% depending on the tenure you kept the deposit with the bank and the withdrawn date.
Hurry! The last date to apply under this scheme is September 14th. If you are interested to invest in “Platinum Term Deposits” You can make use of this scheme through your INB(Internet Banking), Yono app(If you are familiar with digital payments)or by visiting your bank branch