Become a Millionaire: By SBI’s New Deposit Schemes

State Bank of India (SBI) has introduced two new deposit schemes: Har Ghar Lakhpati and SBI Patrons. These schemes aim to offer customers more financial flexibility and greater value.

The Har Ghar Lakhpati scheme helps customers accumulate ₹1,00,000 or multiples of that amount. This pre-calculated recurring deposit (RD) scheme has a minimum tenure of 12 months and a maximum tenure of 120 months. This scheme makes it easier for customers to achieve their financial goals. Even minors can use this scheme, encouraging early financial planning and saving habits.

The SBI Patrons scheme caters to senior citizens aged 80 and above. This specialized term deposit offers higher interest rates to honor the bank’s long-term senior customers. Deposit holders earn an additional 10 basis points higher interest rate than what is offered to other senior citizens.

Interest rates for fixed deposits are 6.80% for tenures over one year, 7% for tenures over two years, 6.75% for tenures from three to five years, and 6.5% for tenures from five to ten years.

SBI aims to create deposit products that meet customers’ financial goals and aspirations. The bank uses innovation and technology to offer seamless solutions and empower every customer.