The government and major institutions are always working to boost investment opportunities for everyday folks, making it easier to invest and earn better returns. Recently, SEBI rolled out a consultation paper for SIPs starting at just Rs 250. In January, both SBI and Punjab National Bank launched several new schemes that offer simple investment options with attractive returns. If you’re on the lookout for safe investment opportunities, these FD schemes might be worth checking out.
What’s SBI’s latest offering?
SBI has introduced two new deposit schemes aimed at retail investors. One of them is the Har Ghar Lakhpati Yojana, designed to help people reach their financial goals. This recurring deposit scheme allows you to aim for one lakh or more over a period of 3 to 10 years by depositing a fixed amount each month. For instance, to accumulate one lakh in three years, you’d need to deposit Rs 2502 monthly. Plus, this scheme is open to kids aged 10 and up.
The second scheme is the SBI Patrons Yojana, specifically for those over 80 years old. This plan offers senior citizens an extra 10 basis points on their interest for terms ranging from 7 days to 10 years.
PNB’s new offerings
Punjab National Bank has also rolled out two new term deposit schemes. They’ve introduced options for 303 days and 506 days, with a 7 percent interest rate for the 303-day scheme. Meanwhile, the 506-day option offers a 6.7 percent interest rate. Senior citizens can enjoy additional interest benefits according to the bank’s policies.
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