New Delhi, Jan 3 (PTI) In a move to attract deposits, the State Bank of India (SBI) on Friday said it has launched two new deposit schemes Har Ghar Lakhpati and SBI Patrons, designed to provide customers with greater financial flexibility and enhanced value.

Recognising the widespread aspiration for financial security, Har Ghar Lakhpati a pre-calculated recurring deposit scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof, SBI said in a statement.

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This product simplifies the process of achieving financial goals, allowing customers to plan and save effectively, it said.

Besides, the bank also introduced SBI Patrons, a specialised term deposit scheme tailored for senior citizens aged 80 years and above.

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This product offers enhanced interest rates, recognising the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers, it said.

SBI Patrons depositors would earn an additional 10 basis points higher interest rate than what is offered to senior citizens, while the recurring deposit scheme would be similar to rates offered on fixed deposits.

At present, the fixed deposit rate for above one year tenure is 6.80 per cent above two years 7 per cent, above 3 years to less than 5 years 6.75 per cent and for 5-10 years is 6.5 per cent.

The minimum tenure of recurring deposits is 12 months (one year) and the maximum is 120 months (10 years).

SBI has a market share of about 23 per cent in deposits. These innovative offerings demonstrate the bank's resolve to prioritise innovation and strengthen its market leadership in deposits.

SBI Chairman CS Setty said, "We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers' aspirations. We are redefining traditional banking to make it more inclusive and impactful".

At SBI, he said, "we are committed to leveraging innovation and technology to seamlessly deliver solutions that empower every customer. We are committed to fostering financial inclusion and empowerment, to contribute to India's growth journey towards becoming a developed nation by 2047".

Meanwhile, the bank has announced the launch of a TAB-based end-to-end digital on-boarding process for Non-Resident Indians (NRIs) to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.

This initiative has been made available across SBI branches in India and select foreign offices, employing digital tools to enhance the efficiency and convenience of account opening.

The initiative eliminates the need for physical paperwork, enabling a faster account opening process both at branches and during customer visits by digitally verifying documents, thereby making the process more efficient and convenient.

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