SBI New FD Scheme for Senior Citizen: The country’s largest public sector bank, State Bank of India (SBI), has recently launched two new deposit schemes. These schemes named ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ have been designed with the target of giving more financial flexibility and better benefits to the customers than before.
SBI New FD Scheme for Senior Citizen: The country’s largest public sector bank, State Bank of India (SBI), has recently launched two new deposit schemes. These schemes named ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ have been designed with the target of giving more financial flexibility and better benefits to the customers than before. SBI has about 23% share in the deposit market.
What is ‘SBI Patrons’ scheme?
‘SBI Patrons’ is a special term deposit for super senior citizens i.e. Indian residents aged 80 years and above. Its purpose is to offer more interest to super senior citizens than the current rates.
Interest Rate
Under this scheme, super senior citizens will get an extra interest of 10 basis points (bps) on senior citizen card rates. Premature withdrawal will be allowed but general terms and conditions will apply.
Eligibility
- All Indian resident individuals aged 80 years or above (including SBI staff).
- In case of joint account, the primary account holder should be 80 years or above.
- Existing term deposit customers will also get the benefit.
- This benefit is only for retail depositors (deposit less than Rs 3 crore).
Deposit period and amount
Minimum amount: ₹1,000
Maximum amount: Less than ₹3 crore.
Deposit period: 7 days to 10 years.
SBI Har Ghar Lakhpati Scheme
This is a pre-calculated recurring deposit scheme that will help customers save up to Rs 1,00,000 or its multiples. The scheme aims to enable customers to achieve financial goals in a simple way by making it easier for them to achieve their financial goals.
Special Features of the Scheme
This scheme is also available for minors, which will help in developing saving habits from childhood. This scheme will give customers the right plan for themselves and an easy way to save.
