The country's largest bank, State Bank of India (SBI), has introduced two deposit schemes. The names of these two new deposit schemes are Har Ghar Lakhpati and SBI Patrons respectively. The bank says that these schemes have been designed to provide greater financial flexibility and enhanced value to the customers. Keeping in mind the widespread aspiration of financial security, SBI said in a statement that Har Ghar Lakhpati is a pre-calculated recurring deposit scheme designed to help customers deposit Rs 1,00,000 or its multiples.

Available to both existing and new customers

The bank said the product simplifies the process of achieving financial goals, enabling customers to plan and save effectively. The bank also introduced SBI Patrons, a special term deposit scheme for senior citizens aged 80 years and above. The product offers enhanced interest rates keeping in mind the long-standing relationship many senior customers have with the bank. SBI Patron is available to both existing and new term deposit customers.

Understand the interest rate

SBI Patron depositors will get 0.1 per cent higher interest than the rate offered to senior citizens, while the recurring deposit scheme will be at par with fixed deposit rates. Currently, fixed deposit rates are 6.80 per cent for tenure of more than one year, 7 per cent for tenure of more than two years, 6.75 per cent for tenure of more than three years and less than five years, and 6.5 per cent for tenure of 5-10 years, according to PTI. The minimum tenure of recurring deposit is 12 months (one year) and the maximum tenure is 120 months (10 years).

Initiatives to simplify the account opening process

SBI has a market share of around 23 per cent in deposits. These innovative offerings demonstrate the Bank's resolve to prioritise innovation and strengthen its market leadership in deposits. 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). This initiative has been made available across SBI branches in India and select overseas offices.