SBI launches two new schemes: Har Ghar Lakhpati RD and SBI Patrons FD.

Banking & Finance

On January 03, 2025, the State Bank of India (SBI), India's largest Public Sector Bank (PSB), launched two new deposit schemes: the Har Ghar Lakhpati Recurring Deposit (RD) scheme and the SBI Patrons Fixed Deposit (FD) scheme. These schemes are designed to provide customers with more financial flexibility and enhanced value.


      - The Har Ghar Lakhpati RD scheme is a pre-calculated recurring deposit scheme aimed at helping customers accumulate Rs 1 lakh or multiples of it.

      - The scheme simplifies the process of achieving financial goals by enabling customers, including minors, to plan, save effectively, and develop early financial planning and saving habits.

      - The tenure of SBI RD accounts is a minimum of 12 months (1 year) and a maximum of 120 months (10 years).

Main Point :-   (i) The SBI Patrons FD scheme is designed for senior citizens aged 80 and above, offering higher interest rates for both existing and new term deposit customers.

      (ii) Depositors under this scheme will earn an additional 10 basis points (bps) in interest compared to the standard senior citizen rates.

(iii) Other SBI FD schemes for senior citizens include the SBI We-care deposit scheme (7.50% for 5-10 years) and the SBI 444 days FD scheme (7.75% available until March 31, 2025).
About SBI

Chairman : Challa Sreenivasulu Setty
Headquarter : Mumbai
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