NewDelhi: SBI, the most considerable public sector bank in the country, has just begun to run two new deposit schemes to give financial flexibility to its customers. It was through a press release, dated January 3, 2025, that the two schemes were publicly announced. They are called “Har Ghar Lakhpati” and “SBI Patrons.”
Har Ghar Lakhpati is a pre-calculated recurring deposit scheme that lets the customers save ₹1 lakh or its multiples. This initiative is designed for achieving financial goals more accessible and gives customers a chance to plan and save in a more effective way. That is to say that not only is the plan available to minors, but it also helps them learn about financial planning and saving from an early age.
In addition to this, SBI has also rolled out SBI Patrons, a fixed deposit scheme exclusively for the elderly who are 80 years old and above. This exciting opportunity of an increased interest rate was made in recognition of long-standing relationships with many senior customers of the bank. The scheme is valid for both new and existing fixed deposit accounts.
CS Setty, the chairman of SBI, in a comment, about the initiation said, “Our focus is the goal-driven deposit products that would not only directly yield more financial gains but also become a part of our customers’ plans. We are changing the tradition of banking to make it more inclusive and far-reaching.” He added to this that the bank is dedicated to using modernity and technology to enable every customer to their fullest potential, who in turn will help the nation in the journey to develop into a qualitative, competitive economy by 2047.
The senior citizens can choose from a variety of fixed deposit rates that SBI offers, which are as follows:
7 days to 45 days: 4%
46 days to 179 days: 6%
180 days to less than 1 year: 6.75%
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 10 years: 7.50%
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