SBI, the largest public sector bank in India, has introduced two new deposit schemes: Har Ghar Lakhpati and SBI Patrons. These schemes were launched on Friday, January 3.
Har Ghar Lakhpati is a recurring deposit (RD) plan designed to help individuals accumulate Rs 1 lakh or its multiples.
Based on the current interest rates, regular customers can save Rs 591 per month to reach Rs 1 lakh in 10 years, while senior citizens need to save only Rs 574 monthly to achieve the same goal.
SBI Patrons, on the other hand, is a term deposit scheme specifically tailored for super senior citizens aged 80 years and above.
Har Ghar Lakhpati, SBI’s new RD scheme
As per the details on SBI’s website, the Har Ghar Lakhpati scheme allows deposits for a duration of 3 to 10 years.
By making small monthly savings, you can accumulate a capital of over Rs 1 lakh.
However, if a deposit is missed in any month, a penalty will apply. For recurring deposits (RDs) with a tenure of 5 years or less, a penalty of Rs 1.50 per Rs 100 per month is charged.
For RDs exceeding 5 years, the penalty increases to Rs 2 per Rs 100 per month. These charges are subject to change over time.
If installments are paid in advance, it will not affect the maturity value. However, if no deposits are made for six consecutive months, the account will be closed, and the funds will be transferred to the linked savings account.
A detailed calculation of the applicable interest rates and monthly deposit amounts required to achieve a maturity amount of Rs 1 lakh is provided.
Interest Rates
| Period (years) | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|
| Common people | 6.75% | 6.75% | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
| Senior Citizens | 7.25% | 7.25% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| Staff | 7.75% | 7.75% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% |
| Senior Citizen Staff | 8.25% | 8.25% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% |
Monthly Deposit Calculation for Rs 1,00,000 Maturity
| Period (years) | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|
| Common people | ₹2,500 | ₹1,810 | ₹1,407 | ₹1,133 | ₹938 | ₹793 | ₹680 | ₹591 |
| Senior Citizens | ₹2,480 | ₹1,791 | ₹1,389 | ₹1,115 | ₹921 | ₹776 | ₹663 | ₹574 |
| Staff | ₹2,460 | ₹1,772 | ₹1,370 | ₹1,097 | ₹903 | ₹759 | ₹647 | ₹559 |
| Senior Citizen Staff | ₹2,441 | ₹1,753 | ₹1,352 | ₹1,079 | ₹886 | ₹742 | ₹631 | ₹543 |
SBI Patrons: SBI’s Special FD Scheme
SBI Patrons is a special scheme for super senior citizens aged 80 years or above.
This scheme offers an additional 0.10% interest on term deposits compared to the rate available to senior citizens.
The minimum deposit amount is Rs 1,000, while the maximum is Rs 3 crore, with a deposit period ranging from 7 days to 10 years.
However, if the deposit is withdrawn before maturity, a penalty will be charged, similar to that of a regular term deposit.
