SBI: If you are a customer who deposits funds in the bank to earn interest, this announcement is relevant to you. The public sector Indian State Bank (SBI) has introduced two new initiatives aimed at attracting deposits: ‘Har Ghar Lakhpati’ and ‘SBI Patrons’.
Two new schemes from SBI
According to a statement from SBI, ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme that encourages customers to save 100,000 rupees or its multiples. This plan is designed to facilitate the achievement of financial objectives, enabling customers to plan and save more effectively.
SBI Patrons
Additionally, the bank has rolled out a special fixed deposit scheme called ‘SBI Patrons’ specifically for senior citizens aged 80 and above. This offering provides enhanced interest rates, recognizing the long-standing relationships many senior customers have with the bank. ‘SBI Patrons’ is available to both new and existing fixed deposit customers. What are the interest rates? Let’s know more about the new scheme we are talking about.
Special points to know about SBI Patrons scheme
Under the ‘SBI Patrons’ scheme, depositors will receive an interest rate that is 0.1 percent higher than the standard rate offered to senior citizens, while the recurring deposit scheme will align with the interest rates applicable to fixed deposits. Currently, the interest rates for fixed deposits exceeding one year are 6.80 percent, 7 percent for those over two years, 6.75 percent for deposits between three and five years, and 6.5 percent for terms of five to ten years. The minimum duration for the Recurring Deposit is 12 months (one year), with a maximum of 120 months (10 years).
Positive news for NRIs
In addition, the bank has unveiled a TAB-based end-to-end digital onboarding process to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for Non-Resident Indians (NRIs).