SBI Launched Har Ghar Lakhpati RD scheme and SBI Patrons FD scheme

Current Context: On 4th January 2025, The State Bank of India (SBI) launched two new deposit schemes: Har Ghar Lakhpati Recurring Deposit (RD) scheme and SBI Patrons Fixed Deposit (FD) scheme.

• Har Ghar Lakhpati RD Scheme
• This scheme is designed to help individuals accumulate ₹1 lakh or more through small monthly savings.
• Eligibility: Open to all resident individuals, including minors aged 10 years and above who can sign independently.
• Tenure: Flexible tenure ranging from 3 to 10 years.
• Interest Rates: Vary based on customer category and tenure, with rates up to 6.75% for the general public and up to 8% for SBI staff and senior citizen staff.
• Maturity Amount: Starts at ₹1 lakh, with the amount depending on the monthly instalment and tenure chosen.
• Penalties: Delays in payments attract penalties, and missing six consecutive instalments results in premature closure.
• SBI Patrons FD Scheme
• This scheme is specifically for senior citizens aged 80 years and above. Key features include:
• Enhanced Interest Rates: Offers an additional 10 basis points higher interest rate compared to regular senior citizen rates.
• Tenure: Available for various tenures, with interest rates ranging from 6.80% for above one year to 6.5% for 5-10 years.
• Eligibility: Open to both existing and new term deposit customers.

Question:

1 What is the primary goal of the SBI Har Ghar Lakhpati RD Scheme?

• A) To encourage investment in mutual funds
• B) To help individuals accumulate ₹1 lakh or more through monthly savings
• C) To provide emergency loans
• D) To offer tax-free savings accounts

Answer: B) The Har Ghar Lakhpati RD Scheme is specifically designed to assist individuals in accumulating ₹1 lakh or more through small, consistent monthly savings.