SBI New Deposit Schemes: SBI, the country’s largest public sector bank, has launched two new deposit schemes. These two schemes are Har Ghar Lakhpati and SBI Patrons. The bank launched these schemes on Friday, January 3. ‘Har Ghar Lakhpati’ is an RD scheme which helps in creating a capital of Rs 1 lakh or its multiples. As per the current interest rate, common people can create a capital of Rs 1 lakh in 10 years by saving just Rs 591 every month, while senior citizens can do so by saving Rs 574. SBI Patrons is a term deposit scheme which has been launched for super senior citizens of the age of 80 years or above.
Har Ghar Lakhpati, SBI’s new RD scheme
According to the details available on SBI’s website, you can deposit money in ‘Har Ghar Lakhpati’ scheme for a period of three to 10 years. By making small savings every month, a capital of more than one lakh rupees can be created. However, if money is not deposited in the account in any month, a penalty may be imposed. For RDs with a period of 5 years or less, a penalty of one and a half rupees per 100 rupees will be charged per month and for RDs with a period of more than 5 years, a penalty of 2 rupees per 100 rupees will be charged. However, this may change from time to time. On the other hand, if you make the payment in advance, it will not affect the maturity value. If you do not pay installments continuously for six months, the account will be closed and the money will be sent to the savings bank account linked to it. A calculation of the interest rate and how much money will have to be deposited every month for a maturity amount of one lakh is given below.
| 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 Citizen | 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% |
Calculation of Monthly Deposit for Maturity Amount ₹ 1,00,000
| 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 Citizen | ₹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 new and special FD scheme
SBI Patrons has been launched for super senior citizens aged 80 years or above. Under this scheme, they will get 0.10% more interest on term deposits than senior citizens. The minimum amount deposited in this scheme is Rs 1000 and the maximum amount is Rs 3 crore and the deposit period is from 7 days to 10 years. However, if you withdraw the money before maturity, you will have to pay a penalty equal to that of a normal term deposit.
