SBI Bank : SBI announced two new deposit plans on Friday . Har Ghar Lakhpati and SBI Patrons.According to SBI, ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit strategy meant to assist consumers acquire Rs 1 lakh or multiples thereof. “SBI Patrons” is a fixed deposit scheme developed specifically for elderly citizens aged 80 and up. These plans are intended to give customers greater financial flexibility.
SBI Bank provide Har Ghar Lakhpati SBI deposit scheme
Har Ghar Lakhpati is a pre-calculated Recurring Deposit (RD) plan that allows customers to accumulate Rs 1,000,000 or multiples thereof. This strategy makes achieving financial objectives easier by helping users to plan and save properly. The lowest term for recurring deposits is 12 months (one year), while the maximum is 120 months (10 years).
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SBI Patrons’ Deposit Scheme
SBI Patrons is a specialist term deposit scheme designed for older individuals aged 80 and above. This product offers higher interest rates in recognition of many elderly customers’ long-term engagement with the bank. This initiative is open to both existing and new term deposit customers.
Interest Rates
According to the bank’s official release, SBI Patrons depositors will earn an additional 10 basis points higher interest rate than senior citizens, while the recurring deposit program will give rates comparable to fixed deposits.
The current fixed deposit rate is 6.80 percent for terms longer than one year, 7.5% for tenures longer than two years, 6.75 percent for tenures longer than three years but less than five years, and 6.5% for tenures of five to ten years.
SBI Bank : SBI Chairman’s Message
“We aspire to provide goal-oriented deposit solutions that increase financial returns and align with our clients’ objectives. We’re rethinking traditional banking to be more inclusive and effective. At SBI, we are committed to using innovation and technology to provide seamless solutions that empower every consumer. We are dedicated to promoting financial inclusion and empowerment to help India achieve its goal of being a developed nation by 2047,” said CS Setty, Chairman of the State Bank of India.
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