SBI Har Ghar Lakhpati Scheme: There has been some change in the interest rates of the ‘Har Ghar Lakhpati’ scheme of State Bank of India (SBI). The bank has reduced the interest rates given under the scheme by 0.20 percent. Now general citizens will get a maximum of 6.55 percent and senior citizens will get a maximum of 7.05 percent annual interest.
What is Har Ghar Lakhpati Scheme?
SBI’s ‘Har Ghar Lakhpati’ scheme is a recurring deposit (RD) scheme. With the help of this scheme, retail investors can create a big fund by investing small amounts every month. This is a scheme ( Recurring Deposit) in which one can raise Rs 1 lakh in 10 years by depositing about Rs 600 every month. Under this scheme, you can also create a fund larger than Rs 1 lakh, which will depend on your monthly investment capacity.
Maturity period and interest
The maturity period of Har Ghar Lakhpati usually ranges from 3 years to 10 years. You can invest in this scheme for 3 years to 10 years.
On choosing a maturity of 3 years, general citizens get 6.55 percent interest and senior citizens get 7.05 percent interest. On choosing a maturity of 4 years, general citizens get 6.55 percent interest and senior citizens get 7.05 percent interest. By choosing 5 years maturity, general citizens get 6.30 percent interest and senior citizens get 6.80 percent interest.
Even if you choose a maturity period of 10 years, general citizens get 6.30 percent interest and senior citizens get 6.80 percent interest.
10 lakhs in 10 years to raise funds
Interest for general citizens: 6.30% per annum
Monthly investment: Rs 6,000
Total deposit: Rs 7,20,000
Amount on maturity: Rs 10,02,878
Profit: Rs 2,82,878
Interest for senior citizens: 6.80% p.a.
Monthly investment: Rs 5,825
Total deposit: Rs 6,99,000
Amount on maturity: Rs 10,00,717
Profit: Rs 3,01,717