SBI New FD Scheme for Senior Citizen: State Bank of India (SBI), the country’s largest public sector bank, has recently launched two new deposit schemes. These schemes named ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ have been designed with the aim of providing customers more financial flexibility and better benefits than before. SBI has about 23% share in the deposit market.
What is ‘SBI Patrons’ Scheme?
‘SBI Patrons’ is a special term deposit for Super Senior Citizens i.e. Indian residents aged 80 years and above. Its objective is to offer higher interest rates to super senior citizens than the current rates.
interest rate
Under this scheme, super senior citizens will get additional interest of 10 basis points (bps) on senior citizen card rates. Premature withdrawal of money will be allowed but normal conditions will apply.
All Indian resident individuals (including SBI staff) aged 80 years or more.
In case of a joint account, the primary account holder must be 80 years of age or above.
Existing term deposit customers will also benefit.
This benefit is only for retail depositors (deposits less than Rs 3 crore).
Deposit period and amount
Minimum Amount: ₹1,000
Maximum Amount: Less than ₹3 crore.
Deposit Period: 7 days to 10 years.
SBI ‘Har Ghar Lakhpati’ Scheme
This is a pre-calculated recurring deposit scheme, which will help customers save Rs 1,00,000 or its multiples. The scheme aims to enable customers to achieve their financial goals in a simple manner.
Special features of the scheme
This scheme is also available for minors, which will help in developing saving habits right from childhood. This scheme will give customers the right plan for themselves and an easy way to save.
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