The scheme is designed for individuals who regularly save some money from their salary every month. Want to invest regular monthly savings for a fixed interest and time.

Benefits of SBI Har Ghar Lakhpati Scheme:

Under this scheme, customers can save monthly for a flexible tenure of 3 to 10 years. Children of 10 years of age or above can also invest in this scheme of SBI. For children who cannot sign, the account can be opened with a parent or legal guardian.

How does SBI’s new scheme work?

The maturity amount in this scheme starts from Rs 1 lakh. Customers can choose the tenure and monthly installment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, he will get ₹ 1 lakh at the maturity. If you choose a plan for 10 years, the monthly installment reduces to Rs 591. The monthly installment is based on the interest rate applicable at the time of starting the plan, i.e. it earns a pre-determined interest.

Interest rates and interest rates under tax scheme vary according to the category of customer.

• The interest rate for general customers is up to 6.75%.
• The interest rate for senior citizens is up to 7.25%.
• SBI employees and senior citizen employees get up to 8% interest.
• TDS is applicable on the scheme as per income tax rules.

Flexibility and fines:

• The scheme has the facility of partial installment payment.
• However, there is a penalty for late payment of installments. The penalty for an installment of Rs 100 can range from ₹1.50 to ₹2. This penalty depends on the period.
• If 6 consecutive installments are not deposited, the account will be closed and the outstanding amount will be transferred to the customer’s savings account.

The post SBI’s ‘Har Ghar Lakhpati’ scheme, deposit Rs 561 every month, after 3 years… first appeared on Rightsofemployees.com.

The scheme is designed for individuals who regularly save some money from their salary every month. Want to invest regular monthly savings for a fixed interest and time.

Benefits of SBI Har Ghar Lakhpati Scheme:

Under this scheme, customers can save monthly for a flexible tenure of 3 to 10 years. Children of 10 years of age or above can also invest in this scheme of SBI. For children who cannot sign, the account can be opened with a parent or legal guardian.

How does SBI’s new scheme work?

The maturity amount in this scheme starts from Rs 1 lakh. Customers can choose the tenure and monthly installment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, he will get ₹ 1 lakh at the maturity. If you choose a plan for 10 years, the monthly installment reduces to Rs 591. The monthly installment is based on the interest rate applicable at the time of starting the plan, i.e. it earns a pre-determined interest.

Interest rates and interest rates under tax scheme vary according to the category of customer.

• The interest rate for general customers is up to 6.75%.
• The interest rate for senior citizens is up to 7.25%.
• SBI employees and senior citizen employees get up to 8% interest.
• TDS is applicable on the scheme as per income tax rules.

Flexibility and fines:

• The scheme has the facility of partial installment payment.
• However, there is a penalty for late payment of installments. The penalty for an installment of Rs 100 can range from ₹1.50 to ₹2. This penalty depends on the period.
• If 6 consecutive installments are not deposited, the account will be closed and the outstanding amount will be transferred to the customer’s savings account.

The post SBI’s ‘Har Ghar Lakhpati’ scheme, deposit Rs 561 every month, after 3 years… first appeared on Rightsofemployees.com.

SBI said that the product simplifies the process of achieving financial goals, enabling customers to plan and save effectively. In addition, the bank also launched a special fixed deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. The product offers enhanced interest rates keeping in mind the long-standing relationship of many senior citizens with the bank.

‘SBI Patron’ is available to both existing and new fixed deposit customers. ‘SBI Patron’ depositors will get 0.1 per cent higher interest rate than the interest rate offered to senior citizens, while the rates on recurring deposit scheme will be same as those offered on fixed deposits.

At present, the fixed deposit rate for a period of more than one year is 6.80 percent, for a period of more than two years it is 7 percent, for a period of more than 3 years and less than 5 years it is 6.75 percent and for a period of 5-10 years it is 6.5 percent. The minimum period of recurring deposit is 12 months (one year) and the maximum period is 120 months (10 years).

SBI has a market share of around 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 C S Setty said that our aim is to create goal-oriented deposit products that not only enhance financial returns but also align with the aspirations of our customers. We are redefining traditional banking to make it more inclusive and impactful.

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

This initiative is made available across SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.

The post SBI New Schemes: SBI launches “Har Ghar Lakhpati” and “SBI Patrons” schemes, Key Benefits & Feature first appeared on Rightsofemployees.com.