SBI Update: Every household in the country will become a millionaire, SBI brings a great scheme in the new year..
The country's largest public sector bank SBI has now come up with a plan to make every household a lakhpati. State Bank of India has come up with a deposit scheme named Har Ghar Lakhpati. At the same time, SBI has come up with a new scheme for senior citizens named SBI Patrons. According to SBI's press release, 'Har Ghar Lakhpati' is a pre-calculated recurring deposit scheme. Which has been designed to help customers deposit Rs 1 lakh or its multiples. Minors can also take advantage of this scheme, which can develop the habit of saving them from the beginning.
On the other hand, SBI has also launched 'SBI Patrons' for selected senior citizens. This is a special FD scheme designed for senior citizens aged 80 years and above. The new SBI scheme offers increased interest rates recognizing the long-standing relationship of many senior citizens with the bank. 'SBI Patrons' is available for both existing and new FD investors.
State Bank of India Chairman CS Setty said that 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. At SBI, we are committed to leveraging innovation and technology to provide solutions that empower every customer. We are committed to promoting financial inclusion and empowerment to contribute to India's development journey towards becoming a developed nation by 2047.
Current FD rates for senior citizens
Current FD rates for senior citizens (in percent)
7 days to 45 days 4
46 days to 179 days 6
180 days to 210 days 6.75
211 days to less than 1 year 7
1 year to less than 2 years 7.30
2 years to less than 3 years 7.50
3 years to less than 5 years 7.25
5 years to less than 10 years 7
SBI FD schemes for senior citizens
SBI has launched other deposit schemes offering high FD rates to its customers. For instance, the SBI V-Care deposit scheme offers senior citizens an interest rate of 7.50 percent for tenures of 5 years to less than 10 years. Similarly, the SBI 444-day FD scheme (Amrit Vrishti) offers an interest rate of 7.75 percent to senior citizens. This scheme is available till March 31, 2025. SBI Amrit Kalash, 400 days FD scheme offers an interest rate of 7.60 percent to senior citizens. This scheme is also available till March 31, 2025.
What is the specialty of the SBI RD account?
According to the SBI website, a person can open an SBI RD account for a minimum period of 12 months and a maximum of 120 months. An RD account can be opened in SBI with a minimum deposit amount of Rs 100 per month. Late payment in RD accounts attracts a penalty. If six consecutive installments are missed, the RD account will be closed prematurely and the balance amount will be paid to the account holder.
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