State Bank Of India Launches Two New Deposit Schemes - Check Details

Deposit schemes offer a safe and convenient way of saving your money and growing it in a gradual manner. Investors seek deposit schemes as they offer guaranteed returns over a set period of time.

With the beginning of the new year, the State Bank of India (SBI) has launched two new deposit schemes for customers. The state-owned bank announced the launch of the two schemes via a release on January 3. The schemes are called ‘Har Ghar Lakhpati’ and ‘SBI Patrons Scheme’. Here’s a look at some of the key features of the two schemes:

Har Ghar Lakhpati

The SBI said in the release that ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme. The scheme is aimed at helping customers of the bank grow their savings to Rs 1 lakh or in multiples of the same.

The scheme is designed to help account holders in setting and achieving financial goals. Since the scheme is a recurring deposit scheme, minors can also invest in it to begin their financial planning from an early age.

A recurring deposit account can be opened for a minimum of 12 months and a maximum of 120 months, according to the SBI website. The minimum deposit required for opening a recurring deposit account with the SBI is Rs 100 per month. However, a penalty is levied if the monthly deposit is delayed and accounts are closed if six consecutive instalment defaults are made.

SBI Patrons Scheme

The public sector lender has also launched a ‘SBI Patrons’ scheme. The scheme is for senior citizens who are aged 80 years and above. The scheme offers enhanced interest rates for long-term customers of the bank. Both existing and new fixed deposit investors can invest in the scheme.

Here’s a look at the interest rates senior citizens can earn on their fixed deposits:

7 days to 45 days - 4 per cent

46 days to 179 days - 6 per cent

180 days to 210 days - 6.75 per cent

211 days to less than 1 year - 7.00 per cent

1 year to less than 2 years - 7.3 per cent

2 years to less than 3 years - 7.50 per cent

3 years to less than 5 years - 7.25 per cent

5 years to less than 10 years - 7.00 per cent

CS Setty, Chairman of State Bank of India, said that the bank aims to create goal-oriented deposit products that enhance returns and align with customers’ aspirations.

“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,” Setty said.