Image Source : X SBI launches two new deposit schemes
State Bank of India (SBI) on Friday launched two new deposit schemes–Har Ghar Lakhpati and SBI Patrons. As per a statement by SBI, ‘Har Ghar Lakhpati,’ is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof. ‘SBI Patrons,’ is a fixed deposit scheme specifically for select senior citizens who are 80 years and above. These schemes are designed to provide customers with enhanced financial flexibility.
Har Ghar Lakhpati SBI deposit scheme
Har Ghar Lakhpati is a pre-calculated Recurring Deposit (RD) scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof. This scheme simplifies achieving financial goals, allowing customers to plan and save effectively. The minimum tenure of recurring deposits is 12 months (one year) and the maximum is 120 months (10 years).
SBI Patrons deposit scheme
SBI Patrons is a specialised term deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognising the long-standing relationship many senior customers have with the bank. This scheme is available to both existing and new term deposit customers.
Interest rates
As per the official statement by the bank, SBI Patrons depositors would earn an additional 10 basis points higher interest rate than what is offered to senior citizens, while the recurring deposit scheme would be similar to rates offered on fixed deposits.
At present, the fixed deposit rate for above one year tenure is 6.80 per cent above two years 7 per cent, above 3 years to less than 5 years 6.75 per cent and for 5-10 years is 6.5 per cent.
SBI Chairman’s statement
“We aim to create goal-oriented deposit products that enhance financial returns and align with our customers’ aspirations. We are redefining traditional banking to make it more inclusive and impactful. At SBI, we are committed to leveraging innovation and technology to deliver solutions that empower every customer seamlessly. We are committed to fostering financial inclusion and empowerment to contribute to India’s growth journey towards becoming a developed nation by 2047,” stated CS Setty, Chairman of the State Bank of India.
(With inputs from PTI)
