State Bank of India’s (SBI’s) Two New Deposit Schemes

06.01.2025

State Bank of India’s (SBI’s) Two New Deposit Schemes

Why in the news?   

The State Bank of India recently launched two new deposit schemes namely, Har Ghar Lakhpati and SBI Patrons, designed to provide customers with greater financial flexibility and enhanced value.

About Har Ghar Lakhpati Scheme:

• It is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof.
• The new 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 habits.
• The minimum tenure of recurring deposits is 12 months (one year), and the maximum is 120 months (10 years).

About SBI Patrons Scheme:

• This is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above.
• It offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank.
• SBI Patrons is available to existing and new term deposit customers.
• SBI Patron's depositors would earn an additional 10 basis points higher interest rate than what is offered to senior citizens.

                                                                  Source: Live Mint

The SBI Patrons Scheme, recently seen in the news, is designed specifically for which group of people?

A.Women entrepreneurs

B.Government employees

C.Senior citizens aged 80 years and above

D.Farmers and agricultural worker

Answer C