SBI New Deposit Schemes: State Bank of India (SBI) has launched 2 new deposit schemes for its customers. These include 1 RD scheme ‘Har Ghar Lakhpati’ and FD scheme ‘SBI Patrons’.
What is Har Ghar Lakhpati Scheme (SBI Har Ghar Lakhpati)?
Keeping in mind the widespread aspiration of financial security, SBI said in a statement that ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers make deposits of Rs 1,00,000 or its multiples. The bank said that this product simplifies the process of achieving financial goals, allowing customers to plan and save effectively.
What are SBI Patrons?
Apart from this, the bank also introduced a special fixed deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. It offers enhanced interest rates keeping in mind the long-standing relationship of many senior customers with the bank. ‘SBI Patron’ is available to both existing and new fixed deposit customers.
Senior citizens will get 0.1% more interest
‘SBI Patrons’ depositors will get 0.1 percent more interest than the interest rate given to senior citizens, while the recurring deposit scheme will be similar to the rates given on fixed deposits. Currently, the fixed deposit rate is 6.80 percent for a period of more than one year, seven percent for a period of more than two years, 6.75 percent for a period of more than 3 years and less than 5 years and 6.5 percent for 5-10 years.
The minimum period of recurring deposit is 12 months (one year) and the maximum period is 120 months (10 years).
SBI has a market share of around 23 per cent in deposits. These innovative offerings demonstrate the bank’s resolve to prioritise innovation and strengthen its market leadership in deposits.
SBI Chairman CS Setty said, “Our aim is to create goal-oriented deposit products that not only enhance financial returns but also align with the aspirations of our customers. We are redefining traditional banking to make it more inclusive and impactful.”
Meanwhile, the bank has announced the launch of TAB-based end-to-end digital on-boarding process to simplify the process of opening NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for Non-Resident Indians (NRIs).
This initiative is available at SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.
