SBI gave a big surprise to everyone. State Bank of India (SBI), the largest public sector bank in the nation, has unveiled two new deposit schemes aimed at millions of customers. This announcement was made through a press release from SBI. The new schemes are called ‘Har Ghar Lakhpati’ and ‘SBI Patrons’. SBI describes ‘Har Ghar Lakhpati’ as a pre-calculated deposit scheme designed to assist customers in saving Rs 1 lakh or more.
These schemes are tailored to help customers reach their financial objectives, enabling better planning and saving. Notably, this SBI product is also accessible to minors, promoting early financial literacy and saving habits among children. Additionally, SBI has introduced the ‘SBI Patrons’ Special FD Scheme specifically for senior citizens aged 80 and above.
SBI Patrons offers above-average interest rates
The ‘SBI Patrons’ scheme provides interest rates that exceed the usual offerings. It is available for both new and existing fixed deposit investors. SBI emphasizes its commitment to innovation in the banking sector with this new initiative. SBI Chairman CS Shetty stated, “Our goal is to develop savings products that not only yield attractive returns but also align with our customers’ aspirations and financial objectives.”
Furthermore, SBI has rolled out other deposit schemes featuring higher interest rates for its clientele. For instance, the SBI V-Care Deposit Scheme offers senior citizens an interest rate of 7.50% for terms ranging from 5 to 10 years. Similarly, the 444-day FD scheme (Amrit Vrishti) provides senior citizens with an interest rate of 7.75%. The deadline for this scheme has been extended until March 31, 2025.
