SBI New Schemes: SBI launches “Har Ghar Lakhpati” and “SBI Patrons” schemes, Key Benefits & Feature

– Advertisement –

SBI New Schemes : State-run bank State Bank of India (SBI) has launched two new deposit schemes ‘Har Ghar Lakhpati ‘ and ‘SBI Patterns’ to attract deposits. Giving this information on Friday, SBI said that these schemes have been designed to provide greater financial flexibility and enhanced value to the customers. 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.

– Advertisement –

SBI said that the product simplifies the process of achieving financial goals, enabling customers to plan and save effectively. In addition, the bank also launched a special fixed deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. The product offers enhanced interest rates keeping in mind the long-standing relationship of many senior citizens with the bank.

‘SBI Patron’ is available to both existing and new fixed deposit customers. ‘SBI Patron’ depositors will get 0.1 per cent higher interest rate than the interest rate offered to senior citizens, while the rates on recurring deposit scheme will be same as those offered on fixed deposits.

At present, the fixed deposit rate for a period of more than one year is 6.80 percent, for a period of more than two years it is 7 percent, for a period of more than 3 years and less than 5 years it is 6.75 percent and for a period of 5-10 years it is 6.5 percent. 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 C S Setty said that 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 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 made available across SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.

– Advertisement –