—’Har Ghar Lakhpati’ and ‘SBI Patrons’—aimed at providing customers with enhanced financial flexibility and value.
Har Ghar Lakhpati
This is a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate ₹1,00,000 or multiples thereof. The scheme simplifies financial goal planning, enabling customers to save systematically to achieve their targets. Notably, it is also available to minors, encouraging early financial planning and a savings habit among the younger population.
SBI Patrons
Tailored specifically for senior citizens aged 80 years and above, this term deposit scheme offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new term deposit customers, providing them with an opportunity to earn higher returns on their investments.
SBI Chairman CS Setty stated, “We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers’ aspirations. We are redefining traditional banking to make it more inclusive and impactful.”
These initiatives come as SBI seeks to bolster its deposit base amid a competitive banking environment. As of September 30, the bank’s deposit growth was at 9.13%, while loan growth stood at 14.93%. By introducing such customer-centric products, SBI reaffirms its commitment to fostering financial inclusion and empowerment, contributing to India’s growth journey towards becoming a developed nation by 2047.
