SBI launches innovation products to attract deposits
State Bank of India (SBI) on Friday said it has launched two new deposit schemes Har Ghar Lakhpati and SBI Patrons, designed to provide customers with greater financial flexibility and enhanced value. Recognising the widespread aspiration for financial security, Har Ghar Lakhpati a pre-calculated recurring deposit scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof, SBI said in a statement.
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This product simplifies the process of achieving financial goals, allowing customers to plan and save effectively, it said.
Besides, the bank also introduced SBI Patrons, a specialised term deposit scheme tailored for senior citizens aged 80 years and above.
This product offers enhanced interest rates, recognising the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers, it said.
SBI Patrons depositors would earn an additional 10 basis points higher interest rate than what is offered to senior citizens, while the recurring deposit scheme would be similar to rates offered on fixed deposits.
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