'Har Ghar Lakhpati': State Bank of India's new mantra for deposit accretion

Country's largest lender ups the ante for resources with two new schemes set to launch this month

At a time when banks are finding it challenging to mobilise resources, State Bank of India (SBI)—the country’s largest lender—has devised a three-pronged strategy to boost deposit accretion.

 

First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to Rs 1 lakh through recurring deposit (RD) schemes. 

“RDs are the original systematic investment plans (SIPs),” says SBI Chairman C S Setty. “Earlier, people would ask when their deposits would double. One product we are working on is Har Ghar Lakhpati—a goal of saving Rs 1 lakh by encouraging RDs. It is important to