The State Bank of India (SBI) has introduced two new deposit schemes—’Har Ghar Lakhpati’ and ‘SBI Patrons’—aimed at providing better financial planning and benefits for customers.
Har Ghar Lakhpati Deposit Scheme
The ‘Har Ghar Lakhpati’ scheme is a pre-calculated Recurring Deposit (RD) plan designed to help customers save and accumulate Rs 1 lakh or multiples thereof. This scheme offers an easy and structured way to achieve financial goals.
- Tenure: Minimum 12 months (1 year) and maximum 120 months (10 years).
- Purpose: Ideal for those looking to save systematically and build substantial savings over time.
SBI Patrons Deposit Scheme
The ‘SBI Patrons’ scheme is a special fixed deposit product designed specifically for senior citizens aged 80 years and above.
- Benefits: Offers higher interest rates as a reward for senior citizens’ long-standing relationship with the bank.
- Eligibility: Available for both existing and new term deposit customers.
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Interest Rates
According to SBI’s statement, the ‘SBI Patrons’ scheme provides an extra 10 basis points (0.10%) over the standard senior citizen rates.
For the ‘Har Ghar Lakhpati’ RD scheme, interest rates are aligned with those offered on fixed deposits.
- Current Fixed Deposit Rates:
- Above 1 year: 6.80%
- Above 2 years: 7.00%
- 3–5 years: 6.75%
- 5–10 years: 6.50%
Final Thoughts
These new schemes by SBI aim to offer flexibility and attractive returns, helping customers achieve their financial goals while ensuring higher earnings for senior citizens.