SBI schemes to help senior citizens earn more money, know interest rates, other details here

India's largest public sector bank, State Bank of India (SBI), has recently launched two new deposit schemes. These are 'Har Ghar Lakhpati' and 'SBI Patrata' whoch are designed to provide customers with greater financial flexibility and better benefits. 

"Har Ghar Lakhpati" means "Every Home becomes millionaire" (a lakhpati is an Indian term for a person who has earned or possesses at least one lakh, or 100,000 rupees). 

SBI has around 23% share in the deposit market.  

What is the 'SBI Patrons' scheme? 

'SBI Patrons' is a special term deposit for super senior citizens, i.e., Indian residents aged 80 years and above. The purpose of this scheme is to offer super senior citizens interest rates higher than the current rates. The interest rate under this scheme offers super senior citizens an extra 10 basis points (bps) above the card rates for senior citizens. Premature withdrawal is allowed, subject to general conditions. 

Eligibility 

All Indian resident individuals aged 80 years or above (including SBI staff). For joint accounts, the primary account holder must be 80 years or above. Existing term deposit customers are also eligible. This benefit is only for retail depositors (deposits less than ₹3 crores). 

Deposit Period and Amount 

A minimum amount of Rs 1,000 and a maximum amount less than ₹3 crores. The deposit period starts from 7 days and lasts to 10 years.  

SBI Har Ghar Lakhpati Scheme 

This is a pre-calculated recurring deposit scheme that helps customers save in multiples of ₹1,00,000. The scheme aims to enable customers to achieve their financial targets in an easy manner. 

Key Features 

This scheme is also available for minors, helping develop saving habits from childhood. The SBI scheme provides customers with the right plan and an easy way to save.