About Har Ghar Lakhpati Scheme:
- It is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof.
- The new scheme 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 habits.
- The minimum tenure of recurring deposits is 12 months (one year), and the maximum is 120 months (10 years).
About SBI Patrons Scheme:
- This is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above.
- It offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank.
- SBI Patrons is available to existing and new term deposit customers.
- SBI Patron’s depositors would earn an additional 10 basis points higher interest rate than what is offered to senior citizens.
Q1: What is a Recurring Deposit?
A Recurring Deposit (RD) is a type of term deposit offered by banks and financial institutions, allowing individuals to save money systematically by making fixed monthly deposits for a predetermined period. At the end of the tenure, the depositor receives the principal amount along with interest.
Source: LM
Last updated on Dec 26, 2024
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