Both the new products simplify the process of achieving financial goals.
The country’s largest bank, State Bank of India i.e. SBI has introduced two deposit schemes. The names of these two new deposit schemes are Har Ghar Lakhpati and SBI Patrons respectively. The bank says that these plans have been designed to provide greater financial flexibility and enhanced value to customers. Keeping in mind the broader aspiration of financial security, SBI said in a statement that Har Ghar Lakhpati is a pre-calculated recurring deposit scheme designed to help customers deposit Rs 1,00,000 or its multiples. Has been.
Available to both existing and new customers
The bank said that this product simplifies the process of achieving financial goals, allowing customers to plan and save effectively. The bank also introduced SBI Patrons, a special fixed deposit scheme for senior citizens aged 80 years and above. This product offers enhanced interest rates keeping in mind the long-standing relationship many senior customers have with the bank. SBI Patron is available for both existing and new fixed deposit customers.
understand the interest rate
SBI Patrons depositors will get 0.1 per cent higher interest than the interest rate offered to senior citizens, while the recurring deposit scheme will be similar to the rates offered on fixed deposits. According to PTI, at present, the fixed deposit rate for tenure more than one year is 6.80 percent, for tenure more than two years 7 percent, for tenure more than 3 years and less than 5 years 6.75 percent and for 5-10 years Is 6.5 percent. The minimum period of recurring deposit is 12 months (one year) and the maximum period is 120 months (10 years).
Initiative to simplify account opening process
SBI has about 23 percent market share in deposits. These innovative offerings demonstrate the Bank’s resolve to prioritize innovation and strengthen its market leadership in deposits. The Bank announced the launch of TAB-based end-to-end digital on-boarding process to simplify the process of opening NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for Non-Resident Indians (NRIs). Is of. This initiative has been made available at SBI branches in India and select overseas offices.
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