One may invest in SBI Platinum Deposit through SBI branches, Internet Banking of SBI Online and through YONO channels.
The fixed deposit interest rates are keenly watched by investors who look for highest safety on their money. Currently, the interest rates of fixed deposits by most banks are low and are expected to remain on the lower side, at least in the near future. State Bank of India is offering Platinum Deposits to investors, the last date to invest is today. SBI Platinum Deposit scheme may help some senior citizen looking an additional rate of interest on their deposits.
SBI had launched the Platinum Deposits Scheme to mark the celebratory occasion of 75 years of Independence. The Platinum Deposit Scheme Period was from 15.08.2021 and ends on 14.09.2021. One may invest in SBI Platinum Deposit through SBI branches, Internet Banking of SBI Online and through YONO channels.
What is unique about the SBI Platinum Deposit scheme is that investors are being offered an additional rate of interest on the existing rates for 3 specific tenure of deposits – 75 days, 525 days and 2250 days.
The rate of interest for 75 days, 525 days and 2250 days is 3.9 per cent, 5 per cent and 5.4 per cent respectively. Under the SBI Platinum Deposit, the rate of interest will be 3.95 per cent, 5.10 per cent and 5.55 per cent respectively.
For senior citizens, the rate of interest for 75 days and 525 days is 4.4 per cent, 5.5 per cent positively. Under the SBI Platinum Deposit, the rate of interest will be 4.45 per cent and 5.6 per cent. In the case of Platinum 2250 days for senior citizens, the rate of interest will be as applicable to SBI WeCare Scheme which is 6.20 per cent.
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).
SBI Platinum Deposit is for all domestic retail term deposits including NRE (for 525 Days and 2250 Days only) and NRO deposits for amounts less than Rs 2 crore and will apply on new and renewal of deposits made during the period.
Apart from SBI Platinum Deposit, the SBI FD interest rate on regular deposits will continue to be:
For ‘1 year to less than 2 years’ it is 5 per cent and for ‘2 years to less than 3 years’, it is 5.10 per cent, while on ‘3 years to less than 5 years’ deposits, the rate is 5.3 per cent. On ‘5 years and up to 10 years’, the rate of interest is 5.4 per cent. For senior citizens, the additional interest rate of 0.5 per cent will continue as before.
Interest earned on fixed deposits is fully taxable as per one’s income slab. The post-tax return may, therefore, be less which will also be impacted because of inflation. Conservative investors who have goals within the next 1-3 years may consider investing in bank deposits.