The State Bank of India (SBI), has announced the launch of two new deposit schemes for customers. The launch of two schemes has been announced via press release today. The two new deposit schemes are: Har Ghar Lakhpati and SBI Patrons.According to the press release, ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof. The new 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 habits.
SBI has also introduced ‘SBI Patrons,’ for select senior citizens. This is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. The new SBI scheme offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new FD investors.
According to SBI, “These innovative offerings demonstrate the bank’s resolve to prioritize ‘innovation’ and strengthen its market leadership in deposits”.
CS Setty, Chairman of State Bank of India, 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.”
Current FD rates for senior citizens
Following are the FD rates offered by SBI to its senior citizen customers:
| Tenors | Current FD rates for senior citizens |
| 7 days to 45 days | 4.00% |
| 46 days to 179 days | 6.00% |
| 180 days to 210 days | 6.75% |
| 211 days to less than 1 year | 7.00% |
| 1 year to less than 2 years | 7.30% |
| 2 years to less than 3 years | 7.50% |
| 3 years to less than 5 years | 7.25% |
| 5 years to less than 10 years | 7.00% |
SBI has launched other deposit schemes offering higher FD rates to its customers. For instance, SBI We-care deposit scheme offers senior citizens an interest rate of 7.50% for tenor of 5 years to less than 10 years. Similarly, SBI 444 days FD scheme (Amrit Vrishti) offers senior citizens interest rate of 7.75%. The scheme is available till March 31, 2025.SBI Amrit Kalash, an FD scheme with 400 days offers interest rate of 7.60% to senior citizens. The scheme is also available till March 31, 2025.
What are the SBI RD account features?
According to the SBI website, an individual can open an SBI RD account for a minimum period of 12 months and a maximum of 120 months. An RD account with SBI can be opened for a minimum deposit amount of Rs 100 per month. A penalty is levied on delay payments in RD accounts. If there are six consecutive instalment defaults, then the RD account shall be prematurely closed and the balance will be paid to the account holder.
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