SBI Announces Launch Of Two New Deposit Schemes

State Bank of India has launched two new deposit schemes, Har Ghar Lakhpati and SBI Patrons, the bank said in an exchange filing on Friday.

SBI has a market share of about 23% in deposits.

This was in line with SBI Chairman C.S. Setty's statements about innovating on deposits.

“These innovative offerings demonstrate the bank’s resolve to prioritise ‘innovation’ and strengthen its market leadership in deposits,” the exchange filing said.

Har Ghar Lakhpati is a recurring deposit scheme to help customers to accumulate Rs 1,00,000 or multiples thereof. This product simplifies the process of achieving financial goals, allowing customers to plan and save effectively, and it is also available to minors.

SBI Patrons is a term deposit scheme for senior citizens aged 80 years and above, which offers enhanced interest rates for SBI Patrons, who are available to both existing and new term deposit customers.