State Bank of India (SBI), the largest bank in the country, has introduced two new deposit schemes—Har Ghar Lakhpati and SBI Patrons. These schemes are designed to offer greater financial flexibility and enhanced value for customers, while aligning with their financial goals.
Har Ghar Lakhpati Scheme
The Har Ghar Lakhpati scheme is a pre-calculated Recurring Deposit (RD) that allows customers to accumulate ₹1,00,000 or its multiples. It aims to simplify financial planning and savings, enabling customers to achieve their financial goals more effectively. The scheme is available to both adults and minors, promoting early financial planning and saving habits.
- Tenure: The minimum tenure for this recurring deposit is 12 months (1 year), and the maximum tenure is 120 months (10 years).
- Objective: To help customers accumulate ₹1,00,000 or multiples of it, making it easier for individuals to plan their finances.
SBI Patrons Scheme for Senior Citizens
The SBI Patrons scheme is a specialized Term Deposit product designed specifically for senior citizens aged 80 years and above. This scheme offers enhanced interest rates, making it an attractive option for senior citizens looking to invest their savings.
- Interest Rates: Depositors under the SBI Patrons scheme will receive an additional 10 basis points (0.10%) higher interest rates than the rates offered to regular senior citizens.
- Eligibility: The scheme is available to both new and existing term deposit customers who are 80 years or older.
Fixed Deposit Rates at SBI
For reference, here are the current fixed deposit rates offered by SBI:
- Above 1 year: 6.80%
- Above 2 years: 7.00%
- Above 3 years to less than 5 years: 6.75%
- 5 to 10 years: 6.50%
Digital Onboarding for NRI Accounts
SBI has introduced a TAB-based end-to-end digital onboarding procedure for Non-Resident Indians (NRIs) to expedite the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. This new system uses digital tools to enhance efficiency and convenience, and is available at all SBI branches in India and select overseas locations.
Multiple-Choice Questions (MCQs):
- What is the primary objective of the Har Ghar Lakhpati scheme?
- A) To help customers accumulate ₹1,00,000 or its multiples
- B) To provide loans to customers
- C) To offer life insurance to customers
- D) To promote credit card usage
- What is the minimum tenure for the Har Ghar Lakhpati recurring deposit scheme?
- A) 6 months
- B) 12 months
- C) 24 months
- D) 36 months
- What is the additional interest rate offered under the SBI Patrons scheme for senior citizens aged 80 years and above?
- A) 5 basis points
- B) 10 basis points
- C) 20 basis points
- D) 50 basis points
- Which of the following is NOT a feature of the SBI Patrons scheme?
- A) Available to senior citizens aged 80 years and above
- B) Offers higher interest rates than regular senior citizen deposits
- C) Available only for new customers
- D) Available to both new and existing customers
- What is the fixed deposit rate for tenures above 2 years but less than 3 years at SBI?
- A) 6.80%
- B) 7.00%
- C) 6.75%
- D) 6.50%
- What digital procedure has SBI introduced for NRIs to open NRE and NRO accounts?
- A) Paper-based application process
- B) TAB-based end-to-end digital onboarding procedure
- C) Phone call verification process
- D) Physical visits to the bank for account opening