let’s take a look at the following SBI schemes launches Har Ghar Lakhpati and SBI Patrons Deposit. The SBI recently reintroduced two new deposit schemes to increase their target market and customer base.
Har Ghar Lakhpati: Calculated Data of Recurring Deposit Scheme
Har Ghar Lakhpati is a pre-defined regular savings plan which aims helping the customers meet the goal of saving ₹1 lakh or any multiple of it. This initiative helps the customers to plan and save in a very orderly way thus helping those that want to reach their financial endeavours. First of all, it is important to note that under the scheme minors can also participate to teach them on having good saving habits as well as planning for the future.
SBI Patrons: Specialized Fixed Deposit which will be attractive for Senior Citizens”
New product called ‘SBI Patrons’ has been announced by SBI for the financial needs of the senior citizens above 80 years of age that include a specially designed fixed deposit. This scheme provides a higher interest rate since many of these senior customers have had a longstanding business association with the bank. The ‘SBI Patrons’ is an offer open to both fresh and renewing term deposit investors.
Interest Rates and Terms
– Har Ghar Lakhpati: One may open a recurring deposit account with minimum period of one year and a maximum period of up to ten years at the bank. The interest rates for this scheme depend with the normal fixed deposits rates.
– SBI Patrons: The current structure also reveals that depositors under this scheme also receive an extra 10 basis points over and above any senior citizen rate that maybe offered. The current fixed deposit rates for senior citizens are:
– Above 1 year tenure: 6.80%
– Above 2 years: 7%
– Above 3 years to less than 5 years: 6.75%
– For 5-10 years: 6.5%
This strategies underline innovation principles that SBI has been embracing in its bid to offer customers friendly solutions. Through introduction of these schemes, SBI seeks to increase its deposit base on products of choice for the targeted segments of customers, to further consolidate its leadership in deposit mobilization and open up good deposit products that capture the customers’ life’s goals.
SBI Chairman CS Setty stressed that the bank is committed to the use of innovation and technology to get relevant solutions in each customer’s hands to contribute to India’s development path to a developed country by 2047.