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?
📌 Also Read: EPFO Update: Will you get interest on your PF money if you lose or quit your job? Know the rules
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.
Read Here: FPO 2026 Update: Step-by-Step Guide to Getting Higher Prices for Your Crop Than Open Market
📌 Also Read: Silver Price Today - Check the fresh rate of 1 kg silver in 10 cities
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.
📌 Also Read: PAN Card Misuse Explained– How Fraudsters Take Loans in Your Name?
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.
📌 Also Read: EPFO's New Facility - Withdraw PF Money Without Filling Forms - Read Details
Read Here: Big Blow for SBI Customers – ATM Withdrawals will Now be More Expensive – Read Details
Who Can Invest?
📌 Also Read: Cashless Treatment Worth Rs 1.5 Lakh! PM Modi’s New Scheme Explained
To invest in this scheme, the person must be an Indian citizen.
A person can open a single or joint account.
📌 Also Read: Silver Price Weekly - Silver ₹7,690 Cheaper Than Weekly High; Check 22K & 24K Gold Prices
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.