SBI drives innovation to solidify market leadership in Deposit Products
FinTech BizNews Service
Mumbai, January 3, 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 Rs1,00,000 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 objectives.
