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Public sector State Bank of India (SBI) has launched two new deposit schemes 'Har Ghar Lakhpati' and 'SBI Patrons' to attract deposits.
Giving this information on Friday, SBI said that these schemes have been designed to provide greater financial flexibility and enhanced value to the customers.
Keeping in mind the wider aspiration of financial security, SBI said in a statement that 'Har Ghar Lakhpati' is a pre-calculated recurring deposit scheme designed to help customers build a deposit of Rs 1,00,000 or its multiples.
The bank said that this product simplifies the process of achieving financial goals, enabling customers to plan and save effectively. In addition, the bank also introduced a special fixed deposit scheme 'SBI Patrons' for senior citizens aged 80 years and above. This product offers enhanced interest rates keeping in mind the long-standing relationship of many senior customers with the bank.
'SBI Patron' is available to both existing and new term deposit customers. 'SBI Patron' depositors will get 0.1 per cent higher interest than the interest rate offered to senior citizens, while the recurring deposit scheme will be at par with the rates offered on term deposits. Currently, the term deposit rates are 6.80 per cent for tenures of more than one year, seven per cent for tenures of more than two years, 6.75 per cent for tenures of more than 3 years and less than 5 years and 6.5 per cent for tenures of 5-10 years.
The minimum tenure of recurring deposits is 12 months (one year) and the maximum tenure is 120 months (10 years). SBI has a market share of about 23 per cent in deposits. These innovative offerings demonstrate the bank's resolve to prioritise innovation and strengthen its market leadership in deposits. SBI Chairman C S Setty said, "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."
Meanwhile, the bank has announced the launch of a TAB-based end-to-end digital on-boarding process to simplify the process of opening NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for non-resident Indians (NRIs). The initiative has been made available across SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.
