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SBI launches two new schemes: Har Ghar Lakhpati RD and SBI Patrons FD.

Banking & Finance | Dated: 06 Jan 2025

On January 03, 2025, the State Bank of India (SBI), India's largest Public Sector Bank (PSB), launched two new deposit schemes: the Har Ghar Lakhpati Recurring Deposit (RD) scheme and the SBI Patrons Fixed Deposit (FD) scheme. These schemes are designed to provide customers with more financial flexibility and enhanced value.

🎯 Key Highlights:

  • - The Har Ghar Lakhpati RD scheme is a pre-calculated recurring deposit scheme aimed at helping customers accumulate Rs 1 lakh or multiples of it.
  • - The scheme simplifies the process of achieving financial goals by enabling customers, including minors, to plan, save effectively, and develop early financial planning and saving habits.
  • - The tenure of SBI RD accounts is a minimum of 12 months (1 year) and a maximum of 120 months (10 years).

💡 Other Important Facts:

  • (i) The SBI Patrons FD scheme is designed for senior citizens aged 80 and above, offering higher interest rates for both existing and new term deposit customers.
  • (ii) Depositors under this scheme will earn an additional 10 basis points (bps) in interest compared to the standard senior citizen rates.
  • (iii) Other SBI FD schemes for senior citizens include the SBI We-care deposit scheme (7.50% for 5-10 years) and the SBI 444 days FD scheme (7.75% available until March 31, 2025).

📚 Test Your Knowledge:

Which bank launched the 'Har Ghar Lakhpati RD' and 'SBI Patrons FD' schemes recently?

Correct Answer: State Bank of India

🚀 Quick Recap:

About SBI

  • Chairman : Challa Sreenivasulu Setty
  • Headquarter : Mumbai