State Bank of India launches two new schemes to boost deposit mobilisation
State Bank of India (SBI) – the country’s largest lender – has unveiled two new schemes to boost deposit mobilization when most banks face challenges in raising resources.
State Bank of India launches two new schemes to boost deposit mobilisation
State Bank of India (SBI) – the country’s largest lender – has unveiled two new schemes to boost deposit mobilization when most banks face challenges in raising resources.
The first is ‘Har Ghar Lakhpati,’ a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof and develop a savings habit. “This product simplifies the process of achieving financial goals, allowing customers to plan and save effectively. This product is also available to minors, encouraging early financial planning and a savings habit,” SBI said in a statement.
The other is ‘SBI Patrons,’ a specialized term deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new term deposit customers.
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“We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers' aspirations,” CS Setty, Chairman, of State Bank of India, said while announcing these new products.
“We are redefining traditional banking to make it more inclusive and impactful. We are committed to fostering financial inclusion and empowerment to contribute to India’s growth journey towards becoming a developed nation by 2047,” Setty said.
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