SBI New FD Scheme For Senior Citizens: State Bank of India (SBI), the country’s largest bank, recently announced the launch of two new deposit schemes. The ‘Har Ghar Lakhpati and SBI Patrons‘, are designed to provide customers with greater financial flexibility and enhanced value. SBI has a market share of about 23% in deposits.
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What Is the SBI Patrons Scheme?
SBI has launched a new variant of Term Deposit ‘SBI Patrons’ for Super Senior Citizens. As per section 194P of the Income Tax Act 1961, resident individuals attaining the age of 80 years or more are considered as Super Senior Citizens.
‘SBI Patrons’: Term Deposit Scheme for Super Senior Citizens
Purpose Of SBI Patrons Scheme
Recognition of patronage of Super Senior Citizens by providing them additional benefits in terms of rate of interest.
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SBI Patrons Scheme Interest Rate
Under the ‘SBI Patrons’ scheme, super senior citizens will be offered an interest rate of 10 bps above the card rates applicable for senior citizens. ‘SBI Patrons’ is available to both existing and new Term Deposit customers.
SBI Patrons Scheme Eligibility
Eligible customers;
- All individuals (including SBI Staff) attaining the age of 80 years and above, singly/ jointly.
- In the case of a joint account, the primary account holder should attain the age of 80 years and above.
- Existing term deposit customers including SBI Staff will also get the benefit of additional interest on attaining 80 years of age from the date of launch.
- This will be taken care of by the system itself based on date of birth fed in the CBS system.
- Account holders need not do anything to avail of additional benefits.
- The benefit is available for retail depositors only. (TD amount less than Rs 3 Crores)
Type of deposit
TDR/ STDR (Callable only)
Minimum & Maximum amount
- Minimum: Rs 1000
- Maximum: Less than Rs 3 crore.
Period of Deposit
7 days to 10 years
Mode of operation
Single/ Jointly
Premature withdrawal
Available with a penal clause as applicable for normal term deposits.
SBI ‘Har Ghar Lakhpati’ Scheme
‘Har Ghar Lakhpati’ is a pre-calculated Recurring Deposit scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof. SBI said that this product 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.
