Winning Bizness Desk
Mumbai.To attract customers in the New Year, banks are launching innovative schemes. Joining this trend, the State Bank of India (SBI), the country’s largest bank, has introduced two new plans: the Har Ghar Lakhpati RD Scheme and the SBI Patrons FD Scheme. These plans offer substantial benefits to investors. While the Har Ghar Lakhpati is a recurring deposit (RD) scheme helping investors save up to ₹1 lakh, the SBI Patrons is a fixed deposit (FD) scheme designed for senior citizens above 80 years. Let’s explore these schemes and how they work.
Objective of the Schemes
The primary aim of these schemes is to strengthen SBI's leadership position in the market. According to SBI Chairman C.S. Shetty, the focus is on creating goal-based financial products that not only boost returns but also help customers achieve their dreams.
Benefits for Lower Middle-Class Families
The Har Ghar Lakhpati scheme is tailored for lower middle-class families. It enables customers to accumulate ₹1 lakh or more by making regular monthly deposits. This scheme is particularly beneficial for children’s education and other financial needs, helping parents avoid financial stress during critical times.
How the Scheme Works
Under the Har Ghar Lakhpati RD scheme, customers can deposit funds for a tenure of 3 to 10 years. By saving small amounts monthly, substantial savings can be achieved. For example, at the current interest rate, saving ₹591 monthly can grow to ₹1 lakh in 10 years. Senior citizens, on the other hand, need to save just ₹574 monthly to reach the same amount within the same timeframe.
However, failure to deposit the monthly amount incurs penalties. For RD accounts of five years or less, the penalty is ₹9 per month, while for accounts exceeding five years, it’s ₹12 per month. If no deposits are made for six consecutive months, the account is closed, and the saved amount is credited back to the customer’s account.
SBI Patrons FD Scheme for Senior Citizens
The SBI Patrons FD scheme is exclusively for senior citizens aged 80 years and above. It is available for both existing and new customers. Deposits range from ₹1,000 to ₹3 crore, with tenures between 7 days and 10 years. Premature withdrawal is allowed but incurs a penalty.
