The State Bank of India (SBI), the country’s largest bank, has introduced two new deposit schemes—Har Ghar Lakhpati and SBI Patrons—designed to offer customers greater financial flexibility and value.
Har Ghar Lakhpati is a pre-calculated Recurring Deposit (RD) scheme aimed at helping customers accumulate Rs 1,00,000 or its multiples. It is also available to minors, promoting early financial planning and saving habits. The minimum tenure for recurring deposits under this scheme is 12 months (one year), while the maximum tenure extends up to 120 months (10 years).
SBI Patrons is a specialised Term Deposit scheme created for seniors aged 80 years and above. This product offers enhanced interest rates, with depositors earning an additional 10 basis points over the rates provided to senior citizens. Both existing and new term deposit customers can avail of this scheme. The interest rates for recurring deposits under Har Ghar Lakhpati are aligned with those offered on fixed deposits.
SBI has launched a TAB-based end-to-end digital onboarding procedure to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. This initiative employs digital tools to enhance the efficiency and convenience of account opening and is available at all SBI branches in India and select overseas locations.
