SBI (State Bank of India) is the largest bank in India that has a customer base of more than 50 crore – which is about 68% of the total population of Europe. It is clear from this number that if SBI introduces some products in the market, it can be of interest to crores of Indians. SBI has announced the introduction of two new deposit schemes for its customers, namely the Har Ghar Lakhpati RD scheme, SBI Patrons FD scheme.
According to a statement from SBI: “The Har Ghar Lakhpati scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. This product is also available to minors, encouraging early financial planning and savings habit.”
What is the SBI Har Ghar Lakhpati scheme
According to the SBI management, Har Ghar Lakhpati is a pre-calculated recurring deposit scheme. It has been formulated to facilitate that customers of the bank can build a corpus of Rs 1 lakh, or multiples of Rs 1 lakh. Moreover, an FD (fixed deposit) scheme has been launched exclusively targeting senior citizens who are aged 80 years and above. It has been named ‘SBI Patrons’. One of the most significant features is that SBI Har Ghar Lakhpati scheme enables minors to start investing. Also the SBI Patrons deposit scheme interest rate will be 10 basis points more than FD rates for senior citizens.
It is also remarkable how the largest bank in the country has brought ‘super senior citizens’ in focus. ‘SBI Patrons’ for those 80 and above offers enhanced interest rates. One of the factors that influenced the decision is to recognize the long relationship of SBI with numerous senior customers who are above this threshold age. Both new and existing customers can invest in the ‘SBI Patrons’ scheme.
SBI recurring deposit (RD) features
A person can begin SBI RD account for a minimum time period of 12 months. The maximum period is set at 120 months. Opening an RD account needs a minimum deposit of Rs 100 every month. If there is a delay, the bank can charge penal amounts. Half a dozen consecutive defaults in deposit will prompt the bank to close the account and the balance amount will be paid to the holder of the account.
SBI FD interest rates for senior citizens
The rate of interest SBI offers to senior citizens is as follows:
7-45 days: 4%
46-179 days: 6%
180-210 days: 6.75%
211 days to less than 1 year: 7%
1 year to less than 2 years: 7.3%
2 years to less than 3 years: 7.5%
3 years to less than 5 years: 7.25%
5 years to less than 10 years: 7%
A statement from SBI chairman, CS Setty, said: “We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers’ aspirations. We are redefining traditional banking to make it more inclusive and impactful. At SBI, we are committed to leveraging innovation and technology to seamlessly deliver solutions that empower every customer. We are committed to fostering financial inclusion and empowerment, to contribute to India’s growth journey towards becoming a developed nation by 2047.”
Har Ghar Lakhpati from SBI (State Bank of India) is a pre-calculated recurring deposit scheme that has been formulated to help a customer build a corpus of Rs 1 lakh, or multiples of Rs 1 lakh. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
