SBI Introduces Deposit Schemes for Minors, Senior Citizens in 2025

The State Bank of India (SBI) has launched two new deposit schemes to cater to diverse customer needs. Announced on Friday, via a press release, the schemes are named Har Ghar Lakhpati and SBI Patrons. Har Ghar Lakhpati is a recurring deposit scheme designed to help customers accumulate savings of Rs 1 lakh or multiples thereof. The scheme offers a structured approach to saving, enabling individuals to meet their financial goals efficiently. It is also available to minors, encouraging early financial planning and disciplined savings habits.

SBI Patrons is a fixed deposit scheme specifically designed for senior citizens aged 80 years and above. This program provides enhanced interest rates, recognizing the long-standing relationship many senior customers share with the bank. Both new and existing fixed deposit account holders in the eligible age group can benefit from this scheme.

SBI Chairman CS Setty highlighted the bank’s commitment to customer-centric solutions, stating that these new products are designed to align with customer aspirations while offering enhanced financial returns. He also highlighted SBI’s dedication to innovation, financial inclusion, and supporting India’s development goals for 2047.

SBI has released below fixed deposit interest rates for senior citizens:

For a tenure of 7 days to 45 days, the interest rate is 4.00 percent.

For deposits lasting 46 days to 179 days, the rate is 6.00 percent.

For tenures of 180 days to 210 days, the interest rate is 6.75 percent.

For durations between 211 days and less than one year, the rate is 7.00 percent.

For one year to less than two years, the interest rate is 7.30 percent.

For two years to less than three years, the rate is 7.50 percent.

For three years to less than five years, the rate is 7.25 percent.

For five years to less than ten years, the interest rate is 7.00 percent.

In addition to these rates, SBI has introduced other specialized deposit schemes. The SBI We-Care deposit scheme offers senior citizens an interest rate of 7.50 percent for tenures of five to ten years. The SBI 444 Days Fixed Deposit scheme, also called Amrit Vrishti, provides a 7.75 percent interest rate and is available until March 31, 2025. Another option, the SBI Amrit Kalash Fixed Deposit scheme, offers a 400-day tenure with a 7.60 percent interest rate for senior citizens, also available until March 31, 2025.

SBI’s recurring deposit accounts can be opened for periods ranging from 12 to 120 months, with a minimum deposit amount of Rs 100 per month. However, penalties are applied for delayed payments, and accounts with six consecutive defaults are prematurely closed.