SBI launches Har Ghar Lakhpati scheme and SBI Patrons FD deposit scheme

Tags: Government Schemes

Why in the news?

• The State Bank of India (SBI), has announced the launch oftwo new deposit schemes Har Ghar Lakhpati and SBI Patrons, for customers.

Key points:

• Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof. 

• The new scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. 

• This product is also available to minors, encouraging early financial planning and savings habits.

• SBI has also introduced ‘SBI Patrons,’ for select senior citizens.

•  This is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. 

• The new SBI scheme offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new FD investors.