SBI Update: SBI introduced 2 great deposit schemes, will make 'every household a millionaire'! Senior citizens will also get good interest..
Shikha Saxena January 06, 2025 02:15 PM

SBI New Deposit Schemes: State Bank of India (SBI) has launched 2 new deposit schemes for its customers. This includes 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 broad aspiration of financial security, SBI said in a statement that 'Har Ghar Lakhpati' is a pre-calculated recurring deposit scheme designed to help customers deposit 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 is 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 percent more interest

'SBI Patrons' depositors will get 0.1 percent more interest than the interest rate offered to senior citizens, while the recurring deposit scheme will be at par with the rates offered on fixed deposits. Currently, the fixed deposit rate is 6.80 percent for a period of more than one year, seven per cent for a period of more than two years, 6.75 per cent for a period of more than 3 years and less than 5 years and 6.5 per cent 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 about 23 per cent market share in deposits. These innovative offerings demonstrate the bank's resolve to prioritize innovation and strengthen its market leadership in deposits.

SBI Chairman C S 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 a TAB-based end-to-end digital onboarding process to simplify the process of opening NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for non-resident Indians (NRIs).

The initiative has been made available across SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.

Disclaimer: This content has been sourced and edited from ZEE Business Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.

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