The country’s largest government bank, State Bank of India, has now decided to make every household a lakhpati. SBI has come up with a deposit scheme named Har Ghar Lakhpati. Actually, SBI has launched two new schemes. One scheme is of recurring deposit, named Har Ghar Lakhpati (SBI Lakhpati Scheme). So the second scheme is named SBI Patrons, which has been made keeping in mind senior citizens. Let us tell you that this is an FD scheme. Let us tell you that the fixed deposit rate for a period of more than one year is 6.80 percent, for more than two years it is 7 percent, for more than 3 years and less than 5 years it is 6.75 percent. And for 5-10 years the interest is 6.5 percent. The minimum period of recurring deposit is 12 months and the maximum period is 10 years.
This is a pre-calculated recurring deposit (SBI Lakhpati Scheme) scheme
According to the press release of SBI, Har Ghar Lakhpati is a pre-calculated recurring deposit (SBI Lakhpati Scheme). Which is designed to help customers to deposit Rs 1 lakh or its multiples. Minors can also take advantage of this scheme, so that they can be inculcated with the habit of saving from the beginning. On the other hand, SBI has also launched ‘SBI Patrons’ for select senior citizens. This is a special FD scheme designed for senior citizens aged 80 years and above. SBI Patrons is available to both existing and new FD investors. Let us tell you that SBI Patrons depositors will get 0.1 percent more interest than the interest rate given to senior citizens. While the recurring deposit scheme will be similar to the rates given on fixed deposits.
Read Also:- Employees Provident Fund Organisation (EPFO) has launched Centralised Pension Payment System (CPPS)
Our aim is to create goal oriented deposit products
State Bank of India Chairman CS Setty said that “With this scheme (SBI Lakhpati Scheme) our aim is to create goal oriented deposit products that not only enhance financial returns but also align with the aspirations of our customers. We are redefining traditional banking to make it more inclusive and impactful. At SBI, we are committed to leveraging innovation and technology to provide solutions that empower every customer. We are committed to promoting financial inclusion and empowerment to contribute to India’s development journey towards becoming a developed nation by the year 2047.”
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