SBI Launches Har Ghar Lakhpati and SBI Patrons Deposit Schemes to Help Customers Achieve Financial Goals
The State Bank of India (SBI) has unveiled two new deposit schemes for its customers, as announced in a press release today. These new schemes are the Har Ghar Lakhpati and SBI Patrons.
The Har Ghar Lakhpati is a pre-calculated recurring deposit plan designed to help customers accumulate Rs 1 lakh or multiples of it. The scheme aims to simplify financial planning, allowing individuals to effectively save and reach their goals. Notably, this scheme is also available for minors, promoting early financial planning and instilling good savings habits from a young age.
SBI Launches ‘SBI Patrons’ Fixed Deposit Scheme for Senior Citizens Aged 80 and Above, Along with ‘Har Ghar Lakhpati’ RD Scheme
The State Bank of India (SBI) has introduced the SBI Patrons fixed deposit scheme, designed specifically for senior citizens aged 80 years and above. This specialized FD scheme offers enhanced interest rates, recognizing the long-standing relationship that senior customers have with the bank. Both new and existing FD investors can benefit from this scheme.
SBI emphasized that these new offerings reflect the bank’s commitment to innovation and reinforcing its leadership in the deposit market.
CS Setty, Chairman of SBI, stated, “Our goal is to create goal-oriented deposit products that not only enhance financial returns but also align with our customers’ aspirations. By redefining traditional banking, we are fostering inclusivity and empowerment. At SBI, we are dedicated to leveraging innovation and technology to deliver seamless solutions that empower every customer, contributing to India’s journey toward 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 Launches Additional Deposit Schemes Offering Enhanced FD Rates for Senior Citizens
In addition to its Har Ghar Lakhpati and SBI Patrons schemes, the State Bank of India (SBI) has introduced other deposit schemes providing higher interest rates for its customers. Among these, the SBI We-care deposit scheme offers senior citizens an interest rate of 7.50% for a tenor ranging from 5 to less than 10 years. Similarly, the SBI 444 days FD scheme (Amrit Vrishti) provides senior citizens with an interest rate of 7.75%, valid until March 31, 2025. Another option, the SBI Amrit Kalash FD scheme, with a tenure of 400 days, offers senior citizens an interest rate of 7.60%, also available until March 31, 2025.
Features of SBI RD Accounts
SBI also offers recurring deposit (RD) accounts, which can be opened for a minimum of 12 months and a maximum of 120 months. The minimum monthly deposit is Rs 100. However, a penalty is imposed for delayed payments. If there are six consecutive defaults in instalment payments, the RD account will be prematurely closed, and the balance will be refunded to the account holder.
For more news like this, visit The Economic Times.
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