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SBI announces new deposit scheme

SBI Platinum Account will remain valid up to March 31

MUMBAI: State Bank of India will come out with a new fixed deposit scheme offering nine per cent interest rate and Punjab National Bank (PNB) will raise the fixed deposit rates for large accounts from Monday.

SBI will introduce a new term deposit product, `SBI Platinum Account,' from January 22 and it will remain valid up to March 31, the bank said in a filing to the Bombay Stock Exchange on Saturday.

The maximum period of deposit is three years and the depositors will have the right to exercise `put options' to receive the deposit with the accrued interest rate of 8.25 per cent on expiry of one year and 8.50 per cent on expiry of two years. There is no provision for premature penalty for exercising the put option, the bank said, adding that no interest will be paid if the deposit is withdrawn before the completion of one year.

Meanwhile, Delhi-based Punjab National Bank said in a release that it would raise the interest rates on fixed (two to ten years) deposits of Rs. 15 lakh to less than Rs. 5 crore by 0.25 percentage point to 8.25 per cent from January 22.

These two banks' move comes in the wake of other public as well as private sector banks like Centurion Bank of Punjab, Canara Bank raising their deposit rates. A few days ago, SBI had also announced 8.25 per cent interest rates on all fixed deposits, which is now being offered to only large sums, from January 22. — PTI

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