The State Bank of India (SBI) has launched two innovative deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aiming to enhance financial inclusion and cater to diverse customer needs.
Har Ghar Lakhpati: Pre-Calculated Recurring Deposit Scheme
‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit designed to help customers accumulate ₹1 lakh or multiples thereof. This scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. It is also available to minors, encouraging early financial planning and savings habits.
SBI Patrons: Specialized Fixed Deposit for Senior Citizens
SBI has introduced ‘SBI Patrons,’ a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers.
Interest Rates and Terms
Har Ghar Lakhpati: The minimum tenure for recurring deposits is 12 months (one year), and the maximum is 120 months (10 years). The interest rates for this scheme are aligned with those offered on fixed deposits.
SBI Patrons: Depositors under this scheme would earn an additional 10 basis points higher interest rate than what is offered to senior citizens. The current fixed deposit rates for senior citizens are:
- Above 1 year tenure: 6.80%
- Above 2 years: 7%
- Above 3 years to less than 5 years: 6.75%
- For 5-10 years: 6.5%
Strategic Objectives
These initiatives reflect SBI’s commitment to innovation and customer-centric solutions. By introducing these schemes, SBI aims to:
- Enhance financial inclusion by offering products that cater to specific customer segments.
- Strengthen its market leadership in deposits.
- Provide goal-oriented deposit products that align with customers’ aspirations.
SBI Chairman CS Setty emphasized the bank’s dedication to leveraging innovation and technology to deliver solutions that empower every customer, contributing to India’s growth journey towards becoming a developed nation by 2047.
Summary of the news
| Why in News | Key Points |
|---|---|
| SBI launched two new deposit schemes: Har Ghar Lakhpati and SBI Patrons | – Har Ghar Lakhpati: Pre-calculated recurring deposit to accumulate ₹1 lakh or more. – SBI Patrons: Fixed deposit scheme for senior citizens aged 80 and above. – Har Ghar Lakhpati available for minors. – SBI Patrons offers 10 bps higher interest rate for senior citizens. – Tenure for Har Ghar Lakhpati ranges from 12 months to 120 months. |
| Scheme Names | Har Ghar Lakhpati, SBI Patrons |
| Target Group | – Har Ghar Lakhpati: General customers, including minors. – SBI Patrons: Senior citizens aged 80 years and above. |
| Interest Rates | – Har Ghar Lakhpati: Interest aligned with fixed deposit rates. – SBI Patrons: Additional 0.1% interest over senior citizens’ FD rates. |
| Tenure for Har Ghar Lakhpati | 12 months to 120 months (1 year to 10 years). |
| SBI Patrons Fixed Deposit Rates for Senior Citizens | – 6.80% for 1 year+ – 7.00% for 2 years+ – 6.75% for 3 years to less than 5 years – 6.50% for 5-10 years |
| Launch Date | The schemes were announced on January 2025. |
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