SBI introduces Patrons scheme with enhanced interest rates for senior citizens aged 80 years or above.
State Bank of India (SBI) has launched two new deposit schemes “Har Ghar Lakhpati”(a pre-calculated Recurring Deposit to accumulate a sum of ₹1 lakh or its multiple)and“Patrons” (a term deposit product for senior citizens aged 80 years or above).
“The Har Ghar Lakhpati scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. This product is also available to minors, encouraging early financial planning and savings habit,” India’s largest bank said in a statement.
SBI, which currently has a market share of about 23% in deposits. said the “Patrons” scheme offers enhanced interest rates for senior citizens (aged 80 years or above) and is available to both existing and new Term Deposit customers.
Challa Sreenivasulu Setty, Chairman of the State Bank of India, said the bank aims to create goal-oriented deposit products that enhance financial returns and align with customers’ aspirations.