The State Bank of India (SBI) has introduced two innovative deposit schemes aimed at different customer segments, focusing on financial inclusion and rewarding senior citizens.
Har Ghar Lakhpati Scheme
A recurring deposit scheme designed to help customers accumulate savings and become “Lakhpatis” upon maturity.
Key Features:
- Objective: Enable customers to save and accumulate ₹1 Lakh or more through small monthly deposits.
- Eligibility:
- Open to all resident individuals.
- Accounts can be opened singly or jointly.
- Minors (above 10 years of age who can sign legibly) can open an account independently or with a parent/legal guardian.
- Tenure: Customers can choose a deposit period between 3 to 10 years.
SBI Patrons Scheme
A fixed deposit scheme offering higher interest rates for senior citizens aged 80 years and above.
Key Features:
- Target Audience: Senior citizens aged 80 years and above.
Enhanced Interest Rates: Special rates to reward the loyalty and long-standing relationships of senior customers.
