Top News

New Delhi : The country's largest government bank State Bank of India i.e. SBI has now prepared a plan to make every Indian a millionaire. SBI has brought a deposit scheme for every household named Lakhpati. Not only this, SBI has also announced the implementation of a new scheme SBI Patrons for senior citizens.

According to the press conference held by SBI, Har Ghar Lakhpati is a pre-calculated recurring deposit scheme. Which has been designed to help customers make deposits of Rs 1 lakh or its multiples. Minors below 18 years of age can also take advantage of this scheme, so that they can develop the habit of saving at an early age.

Besides, SBI has also launched a scheme named SBI Patrons for select senior citizens. This scheme has been designed for senior citizens aged 80 years and above. This is going to be an FD scheme. Due to this new FD scheme, the long standing relationship of many senior citizens with the bank can be recognized and that senior citizen can also get an increase in interest rates. It is being told that SBI Patrons is available for both existing and new FD investors.

SBI's gift to senior citizens

SBI has also started other deposit schemes offering higher interest rates on FD to its customers. For example, SBI offers 7.50 percent interest rate to senior citizens for a tenure of 5 years to 10 years under the V-Care Deposit Scheme. Apart from this, SBI's 444 days FD scheme Amrit Vrishti gives interest rates up to 7.75 percent to senior citizens. This scheme is going to be available till 31st March.

Special feature of Recurring Deposit Account?

According to the SBI website, any person can open an SBI Recurring Deposit Account for a minimum tenure of 12 months and a maximum of 120 months. RD account can be opened in SBI with a minimum amount of Rs 100 per month. Let us tell you that for late payment in RD account, you also have to pay a penalty.

Click here to read other business news