SBI Scheme – SBI’s Har Ghar Lakhpati Yojana is a recurring deposit (RD) scheme in which customers have to deposit a fixed amount every month. After completion of the scheme, customers are given returns along with interest. The bank provides interest on a quarterly basis.
Under the Har Ghar Lakhpati Yojana, interest rates are different for general citizens and senior citizens. General citizens get 6.75% interest for a period of 3 to 4 years and 6.50% for other periods. Senior citizens get 7.25% interest for a period of 3 to 4 years and 7.00% interest for other periods.
Any ordinary citizen can invest in this scheme of SBI. The maturity period of this scheme is from 3 to 10 years. That means you have to invest for a minimum of 3 years or a maximum of 10 years. In this scheme, customers can become lakhpatis by investing as little as Rs 600. If you want to accumulate one lakh rupees in 10 years, then you will have to invest Rs 576 per month for this.
In this, senior citizens get interest at the rate of 7.00%.Any Indian citizen can invest in the Har Ghar Lakhpati scheme. Under this scheme, the customer can open a single or joint account. Under the State Bank of India’s Har Ghar Lakhpati scheme, parents can also open an account with their child above 10 years of age.
Monthly Investment for Non-Senior Citizens
To raise Rs 10 lakh in 3 years: Rs 25,020 (interest rate 6.75%)
To raise Rs 10 lakh in 4 years: Rs 18,120 (interest rate 6.75%)
To raise Rs 10 lakh in 5 years: Rs 14,090 (interest rate 6.50%)
To raise Rs 10 lakh in 10 years: Rs 5930 (interest rate 6.50%)
Monthly Investment for Senior Citizens
To raise Rs 10 lakh in 3 years: Rs 24,820 (interest rate 7.25%)
To raise Rs 10 lakh in 4 years: Rs 17,930 (interest rate 7.25%)
To raise Rs 10 lakh in 5 years: Rs 13,910 (Interest rate 7.00%)
To raise Rs 10 lakh in 10 years: Rs 5760 (Interest rate 7.00%).