The State Bank of India (SBI) has introduced two innovative deposit schemes, Har Ghar Lakhpati and SBI Patrons, aimed at meeting diverse customer needs. These schemes, unveiled on Friday, are designed to provide enhanced financial flexibility and security for account holders.
Har Ghar Lakhpati: Helping Families Build Wealth
The Har Ghar Lakhpati scheme is a pre-calculated recurring deposit (RD) program that empowers customers to save and accumulate ₹1,00,000 or its multiples. By offering a structured savings plan, this scheme simplifies achieving financial milestones.
- Tenure: The deposit period ranges from a minimum of 12 months to a maximum of 120 months (1 to 10 years).
- Target Audience: This scheme caters to individuals and families seeking systematic savings solutions.
SBI Patrons: Supporting Senior Citizens
The SBI Patrons scheme is a fixed deposit (FD) product specifically designed for senior citizens aged 80 years and above. It offers preferential interest rates, acknowledging the contributions and loyalty of long-standing customers.
- Benefits: Depositors under this scheme will receive an additional 10 basis points (bps) above the interest rates offered to senior citizens for standard fixed deposits.
- Eligibility: Both new and existing term deposit customers in the specified age group are eligible.
Interest Rates Overview
- Har Ghar Lakhpati: Interest rates will align with those of recurring deposits, varying based on tenure.
- SBI Patrons: Senior citizens already enjoy an additional 50 bps over regular rates. Under this scheme, eligible depositors will gain an extra 10 bps, enhancing returns further.
For example, current FD rates for senior citizens are:
- 6.80% for deposits over 1 year.
- 7.00% for deposits over 2 years.
- 6.75% for deposits between 3 and 5 years.
- 6.50% for deposits up to 10 years.
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