SBI Scheme : The State Bank of India’s (SBI) Har Ghar Lakhpati Recurring Deposit (RD) scheme is crafted to assist individuals in gradually building their savings. By making a consistent monthly deposit, you can accumulate Rs 1 lakh or more by the time the scheme matures. This plan is ideal for monthly earners, allowing them to save regularly without the stress of needing to set aside large amounts at once. With an RD, you deposit a fixed sum each month throughout the deposit term, earning interest on your savings, and receive the total amount back at the end of the term. Additionally, you have the flexibility to increase your monthly contributions as your income rises.
The Har Ghar Lakhpati scheme from SBI aims to encourage a gradual approach to saving. By making regular monthly deposits, participants can grow their savings to over Rs 1 lakh by the end of the maturity period. This straightforward savings plan transforms small monthly contributions into a significant sum over time.
In this article, we will detail how much both general citizens and senior citizens need to deposit each month to reach savings of Rs 6.5 lakh or Rs 8.2 lakh over periods of 3, 4, and 5 years.
What is SBI’s Har Ghar Lakhpati scheme?
The SBI Har Ghar Lakhpati scheme is a unique recurring deposit plan designed to help individuals meet their financial aspirations. It provides a structured savings option where customers can systematically save money through small monthly deposits to accumulate Rs 1 lakh or more.
Who is eligible to open an account?
1. Any resident individual can open this RD account, either individually or jointly.
2. Minors aged 10 and above, who can sign appropriately, are also eligible to open an account in their name.
3. Parents or legal guardians can open an RD account on behalf of minors.
SBI Lakhpati RD: Interest rates for general citizens
6.75% for a tenure of 3 or 4 years
6.50% for a tenure of 5 to 10 years.
SBI Lakhpati RD: Interest Rates for Senior Citizens
Senior citizens benefit from a slightly elevated interest rate compared to the general public:
– 7.25% for a duration of 3 or 4 years
– 7.00% for a duration of 5 to 10 years
What is the monthly investment required for a general citizen to achieve a maturity amount of Rs 6.5 lakh in 3 years?
A general citizen would need to invest approximately Rs 16,257.93 each month to reach a maturity amount of Rs 6.5 lakh in 3 years. For a 4-year term, the monthly investment drops to around Rs 11,776.72, while for a 5-year term, it would be about Rs 9,156.11.
What monthly investment is necessary for a general citizen to accumulate Rs 8.2 lakh at maturity in 3 years?
To achieve a maturity amount of Rs 8.2 lakh in 3 years, a general citizen should invest roughly Rs 20,510.01 per month. If the investment period is extended to 4 years, the monthly contribution would be about Rs 14,856.79.
What is the monthly investment needed for a general citizen to earn Rs 8.2 lakh at maturity in 5 years?
For a 5-year term, a general citizen would need to invest around Rs 11,550.79 each month to reach a maturity amount of Rs 8.2 lakh.
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