If you want to create a fund of ₹ 1 lakh or more by making small savings every month, then State Bank of India (SBI) has brought a great opportunity for you. The bank has recently launched a special scheme called ‘Har Ghar Lakhpati’, which is a type of recurring deposit (RD) scheme. In this, you can become a lakhpati in 10 years by depositing less than ₹ 600 every month. This scheme is for those who want a fixed return from a disciplined investment without any risk. Let us know about this scheme in detail.
What is SBI’s ‘Har Ghar Lakhpati’ scheme?
SBI’s ‘Har Ghar Lakhpati’ scheme is a special recurring deposit (RD) scheme, which aims to convert small monthly savings into a large fund. In this scheme, customers have to deposit a fixed amount every month. On maturity (completion of the period), the investor gets a fixed amount including interest. The interest on this deposit is compounded quarterly (every three months), making your money grow faster.
Interest rates and investment period
The interest rates in this scheme are different for general citizens and senior citizens. The investment period can range from 3 years to 10 years. Customers have to decide their maturity period while opening the RD account itself. For general citizens, the interest rate for a period of 3 to 4 years is 6.75%, while for other periods it is 6.50%. Senior citizens get 7.25% interest for a period of 3 to 4 years and 7.00% for other periods.
How to become a lakhpati?
Under this scheme, you can become a lakhpati by depositing a fixed amount every month according to your goal. For example, for general citizens, if you want ₹ 1 lakh in 3 years, you have to deposit ₹ 2,502 every month, which will get 6.75% interest. At the same time, if you want to create a fund of ₹ 1 lakh in 10 years, then you have to deposit only ₹ 593 every month, which will get 6.50% interest.
For senior citizens, the monthly deposit for ₹ 1 lakh in 3 years is ₹ 2,482, and for ₹ 1 lakh in 10 years is ₹ 576, on which they will get interest of 7.25% and 7.00% respectively. Through this scheme, SBI aims to promote the habit of saving among the common people and make them financially strong.
