SBI New Scheme For Minors And Senior Citizens: The State Bank of India (SBI) has announced two new deposit schemes, ‘Har Ghar Lakhpati’ and ‘SBI Patrons’, to provide greater financial flexibility and better value to its customers. SBI has a market share of about 23 per cent in deposits. With these offerings, the bank said it is committed to prioritising innovation and further empowering people.
SBI ‘Har Ghar Lakhpati’ Scheme
‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed for customers to deposit Rs 1,00,000 and its multiples. With this product, customers can focus on planning and saving to achieve their financial goals.
This scheme has also been introduced for the age group below 18 years, so that this class can also work on their financial planning and savings plans from an early age.
SBI ‘Har Ghar Lakhpati’ Scheme Eligibility
All resident individuals are eligible to open an account either individually or jointly. Minors aged 10 years or above, who can provide a clear and legible signature, may open an account independently. Otherwise, the account can be opened jointly with a parent or legal guardian.
‘SBI Patrons’ Scheme:
The bank has also launched a special term deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. With this product, the bank is offering enhanced interest rates. This scheme of the bank is available to both existing and new term deposit customers.
‘SBI Patrons’ Scheme Eligibility
All individuals, including SBI staff, aged 80 years or above are eligible to open accounts either singly or jointly. For joint accounts, the primary account holder must be 80 years or older. Existing term deposit customers, including SBI staff, will automatically receive the benefit of additional interest upon reaching the age of 80 from the date of the scheme’s launch.
This process is managed automatically by the system, based on the date of birth recorded in the CBS system, requiring no action from account holders to avail of this benefit. The offer is exclusively available to retail depositors with term deposits of less than Rs 3 crores.
SBI New FD Rates For Senior Citizens
| Tenors | Current FD Rates for Senior Citizens |
|---|---|
| 7 days to 45 days | 4.00% |
| 46 days to 179 days | 6.00% |
| 180 days to 210 days | 6.75% |
| 211 days to less than 1 year | 7.00% |
| 1 year to less than 2 years | 7.30% |
| 2 years to less than 3 years | 7.50% |
| 3 years to less than 5 years | 7.25% |
| 5 years to less than 10 years | 7.00% |
SBI New Scheme: Strategic Objectives
SBI aims to enhance financial inclusion by introducing schemes tailored to meet the unique needs of specific customer segments. The initiative seeks to reinforce its market leadership in deposits while offering goal-oriented solutions that align with customers’ aspirations, ensuring a more personalized and fulfilling banking experience.