Hurry up, higher interest rate in FD at SBI till September 14

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Bank FDs are trusted by millions for its guaranteed returns. State Bank of India is offering an exclusive FD on the occasion of the 75th year of Independence. This investment option will give you more benefit than a normal one. If you want to make an FD, go with SBI platinum deposit. It will give you 0.15 percentage point or 15 basis points more interest rate. But you have a few days left as this special offer is going to close on September 14, 2021.

Under the scheme, the customers of the bank can earn the benefits of up to 15 bps on term deposits for different brackets, namely for 74 days, 525 days (75 weeks) or 2,250 days (75 months tenure).

“It’s time to celebrate India’s 75th year of Independence with Platinum Deposits. Exclusive benefits for term deposits and special term deposits with SBI. Offer valid up to 14th Sept 2021,” SBI posted on its Twitter handle.

A normal person or senior citizen both will get the extra benefit if he/she opts for this special FD.

Enhanced interest rate

If anyone goes with 75 days FD, then the person will get 3.95% yearly interest instead of 3.9%. On the other hand, a senior citizen will get 4.45%, in place of normal 4.4%.

For 75 weeks a normal person will get 5.1% interest rate in place of 5%, senior citizens will get 5.6% in place of 5.5%.

For 75-month FD, normal person will get 5.55%, in place of 5.4%. On the other hand, a senior citizen will get 6.2%.

Payment of interest

Interest could be paid under the scheme in a few ways as per the bank’s statement. For one, term deposits could be paid at month, quarterly or yearly intervals. For Special Term Deposits, the interest could be paid on maturity.

Eligibility criteria

All normal and senior citizen customers are eligible for this special term deposit. NRE and NRO term deposits that were under Rs 2 crore are eligible for this special offer. The scheme is also applicable for those applying for renewal of deposits.

Interest rates for all other tenures of domestic retail term deposits which are below Rs 2 crore will be unchanged, SBI said in a statement.