SBI RD Scheme: India’s largest bank, SBI, has launched a special savings scheme to benefit its customers. With this scheme, you can accumulate a substantial amount of money by investing a small amount monthly. We are talking about SBI’s RD (Recurring Deposit) scheme, which has been named “Har Ghar Lakhpati” (Every Household a Millionaire). Through this scheme, you can secure your family’s future. Ordinary citizens are receiving up to 6.55% interest, while senior citizens are receiving up to 7.05% interest under this scheme.
What is the Har Ghar Lakhpati Scheme?
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This SBI scheme is a Recurring Deposit (RD) scheme. This means you can deposit a fixed amount monthly. After the maturity period, a large sum of money is accumulated. For example, if you deposit ₹610 monthly in this scheme for 10 years, your fund will grow to ₹1 lakh after 10 years.
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What is a Recurring Deposit Scheme?
An RD is a savings method that you can use like a piggy bank. You have to deposit a fixed amount from your salary or income every month. The scheme’s tenure can be from 3 to 10 years. Upon completion of the scheme’s tenure, you receive a large sum of money, including both the deposited amount and the interest.
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Fund of More Than ₹1 Lakh Can Be Created
With the Har Ghar Lakhpati scheme, you can create a fund of more than just ₹1 lakh. Through this scheme, you can create a fund of ₹2 lakh, ₹3 lakh, ₹4 lakh, or even more. The larger the target you set, the higher the monthly installment you will have to deposit.
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Who Can Invest?
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To invest in this scheme, the person must be an Indian citizen.
A person can open a single or joint account.
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Parents can also open an account in their child’s name, provided the child is 10 years of age or older.
In this system, parents can legally open a joint account with their children who are under 10 years of age.