What is Har Ghar Lakhpati Scheme (SBI Har Ghar Lakhpati)?

Keeping in mind the widespread aspiration of financial security, SBI said in a statement that ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers make deposits of Rs 1,00,000 or its multiples. The bank said that this product simplifies the process of achieving financial goals, allowing customers to plan and save effectively.

What are SBI Patrons?

Apart from this, the bank also introduced a special fixed deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. It offers enhanced interest rates keeping in mind the long-standing relationship of many senior customers with the bank. ‘SBI Patron’ is available to both existing and new fixed deposit customers.

Senior citizens will get 0.1% more interest

‘SBI Patrons’ depositors will get 0.1 percent more interest than the interest rate given to senior citizens, while the recurring deposit scheme will be similar to the rates given on fixed deposits. Currently, the fixed deposit rate is 6.80 percent for a period of more than one year, seven percent for a period of more than two years, 6.75 percent for a period of more than 3 years and less than 5 years and 6.5 percent for 5-10 years.

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 CS Setty said, “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 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 available at SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.

The post SBI New Deposit Schemes: SBI introduced 2 great deposit schemes, senior citizens will also get huge interest first appeared on Rightsofemployees.com.

This scheme is valid till 31st December 2022. At the same time, the bank has increased the interest rates of FDs of less than Rs 2 crore by 47 basis points. According to the bank’s website, the new rates are effective from 8 November 2022.

FD Special Scheme

At least Rs 10,000 can be deposited in UCO Bank’s Special Fixed Deposit scheme. Thereafter, investments can be made in multiples of Rs.1,000. A maximum amount of Rs 2 crore can be deposited in this scheme.

UCO 444 Fixed Deposit Scheme

In UCO Bank’s UCO 444 Deposit Scheme, common citizens will get 6.15% interest while senior citizens will get 6.65% return. This scheme is of 444 days. In this scheme, there is facility to take overdraft and loan against deposits. Staff, ex-staff will get 1% more interest while ex-staff senior citizens will get 1.50% extra interest.

UCO 666 FD Scheme

In the UCO 666 FD scheme, 6.25% interest is being offered to common citizens and 6.75% to senior citizens. Minimum Rs 10,000 and maximum less than Rs 2 crore can be deposited in this scheme.

New interest rates

According to the website of UCO Bank, the bank has increased the interest rate on FDs maturing in 7 days to 29 days by 35 bps from 2.55% to 2.90%. On the other hand, on fixed deposits maturing in 30-45 days, UCO Bank increased the interest rate by 20 bps from 2.80% to 3.00%. The bank is now offering an interest rate of 3.50% on FDs maturing in 46-90 days. UCO Bank increased the interest rate on FDs maturing in 91-180 days by 5 bps from 3.70% to 3.75%.

The post Good News! This government bank launched 2 new deposit schemes, increased interest rates, will be more profitable first appeared on Rightsofemployees.com.