New Delhi, Jan 4 (IANS): The State Bank of India (SBI) has announced two new deposit schemes, 'Har Ghar Lakhpati' and 'SBI Patrons', to provide greater financial flexibility and better value to its customers.

SBI has a market share of about 23 per cent in deposits. With these offerings, the bank said it is committed to prioritise innovation and further empower people.

‘Har Ghar Lakhpati' is a pre-calculated recurring deposit scheme designed for customers to deposit Rs 1,00,000 and its multiples.

With this product, customers can focus on planning and saving to achieve their financial goals.

This scheme has also been introduced for the age group below 18 years, so that this class can also work on their financial planning and savings plans from an early age.

The bank has also launched a special term deposit scheme 'SBI Patrons' for senior citizens aged 80 years and above.

With this product, the bank is offering enhanced interest rates. This scheme of the bank is available to both existing and new term deposit customers.

According to SBI Chairman CS Setty, “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."

He further added, "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 said it reaffirms its dedication to provide customer-centric solutions that serve various financial purposes.