by Suman Gupta
· Har Ghar Lakhpati – A pre-calculated RD to accumulate a sum of ₹1,00,000 or its multiple
· SBI Patrons – A term deposit product for senior citizens aged 80 years or above
Mumbai, January , 2025: State Bank of India (SBI), the country’s largest bank, has announced the launch of two new deposit schemes Har Ghar Lakhpati, SBI Patrons, designed to provide customers with greater financial flexibility and enhanced value. SBI has a market share of about 23% in deposits. These innovative offerings demonstrate the bank’s resolve to prioritize ‘innovation’ and strengthen its market leadership in deposits.
Recognizing the widespread aspiration for financial security, ‘Har Ghar Lakhpati,’ a pre-calculated Recurring Deposit scheme designed to help customers to accumulate ₹1,00,000 or multiples thereof. 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 savings habit.
SBI has also introduced ‘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.
Mr. CS Setty, Chairman, State Bank of India, stated, “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, 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.”
With the launch of these products, SBI reaffirms its dedication to providing customer-centric solutions that cater to varying life stages and financial ob-jectives.
About State Bank of India: State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lenders in the country which has so far fulfilled the home-buying dreams of around 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 7.64 lakh crore. As of September 2024, the bank has a deposit base of over Rs. 51.17 lakh crore with a CASA ratio of 40.03% and advances of more than Rs. 39.20 lakh crore. Ranked as the 4th most trustworthy bank in the world by Newsweek, SBI commands a market share of 27% and 19.2% in home loans and auto loans respectively. SBI has the largest network of 22,640+ branches and 63,000+ ATMs / ADWMs in India with close to 78,000+ BC outlets. The number of customers using Internet banking stands at 132 million. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY25. YONO, which has more than 8.1 crore registered users, witnessed 37 lakh new YONO registrations in Q2FY25. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,253 crores through YONO during Q2FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.
