Scheme for Senior Citizens : The State Bank of India (SBI), the country’s largest public sector bank, has lately introduced two new deposit options. These schemes, ‘Har Ghar Lakhpati’ and ‘SBI Patrons’, were created with the goal of providing consumers with greater financial flexibility and better advantages than before. SBI holds around 23% of the deposit market.
What is the ‘SBI Patrons’ program?
‘SBI Patrons’ is a unique term deposit for super senior persons, or Indian residents aged 80 and up. Its goal is to provide greater interest to super senior folks than the current rates.
Interest Rate
Under this arrangement, super senior citizens will receive an additional 10 basis points (bps) of interest on senior citizen card rates. Premature withdrawal will be permitted, but usual terms and restrictions will apply.
Table of Contents
Scheme for Senior Citizens of Eligibility
- All Indian residents aged 80 and up (including SBI employees).
- In the case of a joint account, the primary account holder must be 80 or older.
- Existing term deposit customers will also benefit.
- This perk is available only to retail depositors (deposits of less than Rs 3 crore).
Deposit duration and amount
The minimum payment is ₹1,000.
Maximum amount: Under ₹3 crore.
Deposit periods range from 7 days to 10 years.
SBI Har Ghar Lakhpati Scheme
This is a pre-calculated recurring deposit system that will allow clients to save up to Rs 1,000,000 or its multiples. The plan attempts to help clients achieve their financial goals in a simple way by making them easier to reach.
Scheme’s Special Features
This strategy is also available for minors, which will help them acquire saving habits from a young age. This strategy will provide clients with the best plan for them and a simple method to save.
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