SBI Platinum deposits vs HDFC Green deposits: Check details

• Follow

Fixed deposit (FDs) are trusted by a large number of common men for its predictable and secured returns. This is one of the most conventional ways to deposit savings. Very recently the country’s top lender State Bank of India (SBI) and non-Banking finance company (NBFC), HDFC Ltd have launched new fixed deposits schemes. If you are planning to invest in fixed deposits, it’s always better to know the recent changes and compare the interest rates.

SBI Platinum deposits

SBI is offering an exclusive FD on the occasion of the 75th year of Independence. This special offer was launched on August 15 and is going to close on Tuesday, September 14, 2021.

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

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

HDFC Green deposits

Housing Development Finance Corporation Ltd, one of the leading Indian financial services companies, is offering a ‘Green and Sustainable Deposits’ scheme. This scheme was launched on August 17, 2021. The main objective behind this scheme is to safeguard the environment from climate change. These fixed deposits will be directed towards the financing of green and sustainable housing credit solutions and services.

Interest rate

The period of deposits ranges from 36 to 120 months. The deposits fetch interest rates of up to 6.55% per annum. Senior citizens above 60 years will get an additional 0.25% interest on deposits up to Rs 2 crore. Further, an additional interest rate of 0.1 percentage point per annum will be applicable on these deposits up to Rs 50 lakh if the deposits are made through the company’s online platform.