First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to ₹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 ₹1 lakh by encouraging RDs. It is important to create that narrative. We want to create goal-oriented deposits," Setty told Business Standard during an interaction.
The second product SBI is developing offers depositors the option to allocate a portion of the interest earned on fixed deposits (FDs) to mutual funds and another portion to create a pension corpus.
"Our idea is: if someone opens an FD product with us, how do we combine FD, RD, SIP, and the National Pension System (NPS)?" Setty said.
This story is from the December 02, 2024 edition of Business Standard.
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This story is from the December 02, 2024 edition of Business Standard.
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