SBI Scheme– State Bank of India (SBI) runs many such savings and investment schemes, which help the middle class to create a big fund in a short time. ‘Har Ghar Lakhpati’ is one such scheme of SBI. This is a recurring deposit (RD) scheme. With this, you can create a fund of 1 lakh to 10 lakh by depositing small amounts every month.
In this scheme, SBI pays interest on the amount deposited every month. The interest is compounded every three months. Currently, in this scheme, general citizens are being given a maximum interest of 6.75% per annum and senior citizens are being given a maximum interest of 7.25% per annum.
Who can invest in the scheme?
Any Indian citizen can invest in this scheme. Individuals can open a single or joint account in it. Parents can also open an account for their child above 10 years of age. SBI’s Har Ghar Lakhpati RD scheme is a good option for all those investors who want to save regularly every month and deposit their target amount within the stipulated time.
The maturity period of ‘Har Ghar Lakhpati’ scheme usually ranges from 3 years to 10 years. That is, you can invest for 3 years to 10 years.
How much should you invest every month?
Under SBI’s ‘Har Ghar Lakhpati’ scheme, an estimated calculation has been done of how much money senior citizens and general citizens will have to deposit every month to raise Rs 10 lakh:- If you invest Rs 593 every month, you will make Rs 1 lakh in the next 10 years. To raise Rs 10 lakh in 3 years, you will have to invest Rs 25020 every month. To create a fund of Rs 10 lakh in 4 years, the investment amount will be Rs 18120. To raise Rs 10 lakh in 5 years, you will have to invest Rs 13910. To make Rs 10 lakh in 10 years, you will have to invest Rs 5760 every month.
If the interest income from recurring deposit (RD) is up to Rs 40 thousand, then no tax will have to be paid. In the case of senior citizens, this limit has been set at Rs 50 thousand. If the income is more than this, 10% TDS is deducted.