State Bank of India (SBI) has launched the ‘Har Ghar Lakhpati’ recurring deposit (RD) scheme, offering a structured savings option for individuals looking to build wealth over time. This initiative allows people to invest small monthly amounts and accumulate a lump sum ranging from ₹1 lakh to ₹5 lakh at maturity.
A Smart Way to Save Regularly
For individuals with a monthly income, investing in installments rather than making a lump-sum deposit can be a more convenient way to save. Recurring deposits help in disciplined savings and offer the flexibility to increase contributions as income grows. The ‘Har Ghar Lakhpati’ scheme is designed for those who want a simple, goal-oriented savings approach without the risks of market-linked investments.
Who Can Open an Account?
The scheme is open to all resident individuals. Accounts can be opened individually or jointly, and even minors above 10 years can open an account independently if they can sign legibly or with a guardian.
Interest Rates Based on Tenure
SBI offers different interest rates based on the depositor’s age and investment tenure:
- For General Citizens:
- 6.75% for 3 and 4 years
- 6.50% for 5 to 10 years
- For Senior Citizens:
- 7.25% for 3 and 4 years
- 7.00% for 5 to 10 years
Penalties on Premature Withdrawals
If the deposit amount is up to ₹5 lakh, a penalty of 0.50% is charged on premature withdrawal. For deposits above ₹5 lakh, the penalty increases to 1%. The applicable interest will be lower by either the penalty rate or the contracted rate, whichever is lower. No interest is paid if the deposit period is less than seven days.
Monthly Investment Requirements
For individuals planning to save ₹2 lakh or ₹5 lakh, here’s how much they need to invest per month based on the tenure:
For ₹2 Lakh Maturity
- 3 Years
- General Citizen: ₹5,002.44
- Senior Citizen: ₹4,963.42
- 5 Years
- General Citizen: ₹2,817.27
- Senior Citizen: ₹2,780.37
- 7 Years
- General Citizen: ₹1,878.87
- Senior Citizen: ₹1,843.96
For ₹5 Lakh Maturity
- 3 Years
- General Citizen: ₹12,506.10
- Senior Citizen: ₹12,408.55
- 5 Years
- General Citizen: ₹7,043.16
- Senior Citizen: ₹6,950.93
- 7 Years
- General Citizen: ₹4,697.17
- Senior Citizen: ₹4,609.91
A Simple and Secure Investment Option
SBI’s ‘Har Ghar Lakhpati’ scheme is ideal for individuals looking for a secure and predictable savings plan. With attractive interest rates and flexible investment amounts, this RD scheme helps people achieve their financial goals in a structured and disciplined manner.
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