SBI New Deposit Scheme: State Bank of India announced these two schemes on Friday. One of these schemes can also be opened for children. The other scheme is for senior citizens above 80 years of age.
To encourage savings in every age group, State Bank of India has launched 2 new deposit schemes for its customers. One of these is RD scheme and the other is FD scheme. The bank announced both these schemes on Friday. These 2 schemes are Har Ghar Lakhpati Yojana and SBI Patrons. State Bank has informed through its press release that Har Ghar Lakhpati Yojana gives depositors an opportunity to create an amount of one lakh rupees or its multiples. Investment can also be made in the name of children. SBI Patrons has been designed keeping in mind the needs of senior citizens above 80 years of age.
What are the features of the schemes?
Har Ghar Lakhpati Yojana is a recurring deposit scheme. According to the bank, this is a pre-calculated scheme designed in such a way that it helps customers to add money in one lakh rupees or its multiples. This product is also available for children so that investment can be started from an early age and these children have a good amount when they grow up.
On the other hand, SBI Patrons is designed for senior citizens above 80 years of age. Under this FD scheme, senior citizens are being offered better interest rates. The scheme is for both existing and new FD investors.
What are the FD rates available to senior citizens
SBI We Care Deposit Scheme is offering an interest rate of 7.5 percent to senior citizens. The scheme is for a period of 5 years to 10 years. On the other hand, the bank’s 444-day FD scheme Amrit Vrishti is offering 7.75 percent to senior citizens. The scheme is valid till March 31, 2025. 7.6% interest is being given in the 400-day FD scheme Amrit Scheme. This scheme is also valid till March 31, 2025.
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