Investment 2025: SBI launches two new deposit schemes -- Har Ghar Lakhpati RD scheme, SBI Patrons FD scheme

Investment options: The State Bank of India (SBI) has announced the introduction of two new deposit schemes for its customers, namely the Har Ghar Lakhpati RD scheme, SBI Patrons FD scheme. 

Har Ghar Lakhpati is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof. ‘SBI Patrons,’ is a fixed deposit scheme specifically for select senior citizens who are 80 years and 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,” SBI said in a statement.

‘SBI Patrons’ is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. The new SBI scheme offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new FD investors, the bank said in its statement.

SBI FD rates for senior citizen investors

Tenors                                      FD Rates for Senior Citizens
7 days to 45 days                     4.00%
46 days to 179 days                 6.00%
180 days to 210 days               6.75%
211 days to less than 1 year    7.00%
1 Year to less than 2 years      7.30%
2 years to less than 3 years    7.50%
3 years to less than 5 years    7.25%
5 years and up to 10 years      7.50%*

SBI RD Interest Rates 2024 (Below Rs. 2 Crore)

Tenure                                   RD Rates for General Citizens    RD Rates Senior Citizen

1 year – 1 year 364 days      6.80%                                          7.30%
2 years – 2 years 364 days   7.00%                                          7.50%
3 years – 4 years 364 days   6.50%                                          7.00%
5 years – 10 years                 6.50%                                          7.00%

CS Setty, Chairman of State Bank of India, said, “We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers' aspirations. We are redefining traditional banking to make it more inclusive and impactful. At SBI, we are committed to leveraging innovation and technology to seamlessly deliver solutions that empower every customer. We are committed to fostering financial inclusion and empowerment, to contribute to India’s growth journey towards becoming a developed nation by 2047.”

Fixed Deposit (FD) and Recurring Deposit (RD) are secure investment options supported by the Government of India. FD allows for a one-time investment with fixed interest rates, ensuring consistent returns throughout the chosen term. RD, on the other hand, suits individuals looking to save regularly, as it involves monthly deposits with quarterly interest compounding. These schemes provide versatility in terms of duration and cater to varying financial objectives.

SBI has introduced new deposit schemes with higher FD rates for its customers. One such scheme is the SBI We-care deposit scheme, which provides senior citizens with an interest rate of 7.50% for a tenor of 5 years to less than 10 years. Additionally, the SBI 444 days FD scheme (Amrit Vrishti) offers senior citizens an interest rate of 7.75%, available until March 31, 2025.

Another option is the SBI Amrit Kalash FD scheme, which offers senior citizens an interest rate of 7.60% for a tenor of 400 days. This scheme is also available until March 31, 2025.

According to data from the latest RBI report, SBI's deposit growth as of September 30 remained in single digits at 9.13%, while loan growth stood at 14.93%, aligning with industry norms. Recent trends show a convergence in deposit and loan growth, with both registering a growth rate of 11.5%. As of September 30, SBI's deposit book totaled Rs 51.17 trillion, giving the bank a market share of approximately 23%.