SBI Launches Innovative Deposit Schemes for Financial Flexibility

The State Bank of India (SBI) has introduced two new deposit schemes: Har Ghar Lakhpati and SBI Patrons. Aimed at providing financial flexibility, these schemes cater to clients wanting financial security and senior citizens seeking better interest rates. SBI is also enhancing its digital onboarding for NRIs.

In a strategic move to boost deposits, the State Bank of India (SBI) has announced two new deposit schemes: Har Ghar Lakhpati and SBI Patrons. The bank aims to offer greater financial flexibility and value, targeting the clients' aspiration towards financial security.

The Har Ghar Lakhpati scheme is a pre-calculated recurring deposit that helps customers accumulate sums starting at Rs 1,00,000 effortlessly. Meanwhile, SBI Patrons specifically caters to senior citizens aged 80 and above, providing an attractive additional 10 basis points interest rate over the standard senior citizen rates.

SBI is also embracing digital innovation by launching a tablet-based digital onboarding process for Non-Resident Indians (NRIs). This end-to-end initiative streamlines NRE and NRO account openings, eliminating physical paperwork and verifying documents digitally, expanding convenience across branches in India and select international offices.

(With inputs from agencies.)