The country’s largest bank, State Bank of India (SBI), has introduced two new deposit schemes: Har Ghar Lakhpati and SBI Patrons. The bank states that these schemes are designed to provide greater financial flexibility and enhanced value to customers. With financial security being a widespread aspiration, SBI mentioned in a statement that Har Ghar Lakhpati is a pre-calculated recurring deposit scheme aimed at helping customers deposit Rs 1,00,000 or its multiples. Throughout this article, we will share all the details regarding these schemes.
Available to Both Existing and New Customers
The bank mentioned that these new products simplify the process of achieving financial goals, enabling customers to plan and save effectively. SBI has also introduced a special fixed deposit scheme, SBI Patrons, for senior citizens aged 80 years and above. This scheme offers enhanced interest rates in recognition of the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new fixed deposit customers.
#MoneyToday | Investment 2025: SBI launches two new deposit schemes — Har Ghar Lakhpati RD scheme, SBI Patrons FD scheme https://t.co/3VYS8nayom
— Business Today (@business_today) January 3, 2025
Interest Rates for SBI Patrons and Har Ghar Lakhpati
SBI Patron’s depositors will receive an interest rate of 0.1% higher than that offered to senior citizens, while the recurring deposit scheme will align with the rates provided on fixed deposits. Currently, the fixed deposit rates for various tenures are as follows:
- More than 1 year: 6.80%
- More than 2 years: 7%
- More than 3 years and less than 5 years: 6.75%
- 5-10 years: 6.5%
The minimum tenure for recurring deposits is 12 months (1 year), and the maximum tenure is 120 months (10 years).
SBI Unveils ‘Har Ghar Lakhpati’ & ‘SBI Patrons’: Know Benefits Of New Deposit Schemes#sbi #sbischeme #fixeddeposits #fdscheme https://t.co/hZ1COFpCVM
— TIMES NOW (@TimesNow) January 4, 2025
Simplifying the Account Opening Process
SBI holds a 23% market share in deposits. These innovative offerings reflect the bank’s commitment to prioritizing innovation and solidifying its market leadership in the deposits segment. To further ease processes for Non-Resident Indians (NRIs), SBI has launched a TAB-based digital onboarding system for NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. This service is available at select SBI branches in India and overseas offices.