If you are thinking of investing your money in a place where you get a fixed return and your principal is also completely safe, then the ‘Har Ghar Lakhpati’ scheme of ‘State Bank of India’ (SBI) can be a fantastic option for you. This is a recurring deposit (RD) scheme, which gives you a golden opportunity to deposit a large amount even with small monthly investments. In this scheme, not only your money is safe, but you also get attractive interest rates, especially for senior citizens. Let’s go deep into this scheme and understand all its aspects.
What is SBI Har Ghar Lakhpati scheme
SBI’s ‘Har Ghar Lakhpati’ scheme is a recurring deposit (RD) scheme, in which customers have to deposit a fixed amount every month. On completion of the scheme, customers are given returns with interest! The bank provides interest every quarter. This scheme is a boon for those who want to save in a disciplined way and want to achieve their financial goals in a fixed period.
Special offer for general and senior citizens
Under the ‘Har Ghar Lakhpati’ scheme, the interest rates are different for general citizens and senior citizens.
General Citizen
For a period of 3 to 4 years: 6.75% interest rate.
For other periods: 6.50% interest rate.
Senior Citizen
For a period of 3 to 4 years: 7.25% interest rate.
For other periods: 7.00% interest rate.
These interest rates ensure you solid returns on your investment, which helps your deposit amount grow rapidly.
Who can invest
Any general citizen can invest in this scheme of SBI! The maturity period of this scheme is from 3 to 10 years. That is, 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 ₹ 600. If you want to accumulate one lakh rupees in 10 years, then for this you have to invest ₹ 576 per month! In this, senior citizens get interest at the rate of 7.00%. This is an extraordinary facility that allows every Indian citizen to start their savings journey.