Context:
State Bank of India – the country´s largest lender – has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges to raise resources. The first is Har Ghar Lakhpati and second is SBI Patrons.
Har Ghar Lakhpati (HGL)
“Har Ghar Lakhpati” (HGL) is a customized Recurring Deposit scheme, allowing customers to accumulate ₹1 Lakh or more by depositing small savings monthly and becoming ‘LAKHPATI’ upon deposit maturity.
- Features
- It aims to inculcate saving habit and proper financial goal planning.
- Available for minors. Through this, very early financial planning can be adopted.
SBI Patrons
SBI is launching a new Term Deposit scheme called “SBI Patrons” for Super Senior Citizens, who are defined as resident individuals aged 80 or older, as per Income Tax Act 1961, in order to provide them additional benefits.
- Features
- Higher interest rate, as reward for a long and enduring relationship.
