SBI Scheme: The ‘Har Ghar Lakhpati Scheme’ offered by SBI is a beneficial savings plan aimed at enhancing the financial stability of every household. It is a specialized recurring deposit (RD) scheme where by making modest monthly contributions, you can amass a sum of Rs 1 lakh or more within a period of 3 to 10 years. This scheme is tailored to provide financial security for the middle class, women, and children.

Key features of Lakhpati Scheme:

– The Har Ghar Lakhpati Yojana is an RD account designed to accumulate a minimum of Rs 1 lakh.
– The scheme duration ranges from 3 years (36 months) to 10 years (120 months) and is open to resident Indian citizens as single account holders, joint account holders, or in the name of children above 10 years of age.

Who is eligible to open this account?

– Single Account: Any adult can open an account in their own name.
– Joint Account: Two or more adults can jointly open an account.
– Minor: Children over 10 years old can operate this account in their name.
– Guardian: Parents or guardians can open the account for children under 10 years old.

How does the scheme operate?

– You need to deposit a fixed amount monthly into the account for a chosen tenure of 3 to 10 years.
– The deposit earns compound interest at a rate set by the bank, and upon completion of the tenure, you receive a lump sum payment of Rs 1 lakh or more.

Monthly deposit required to reach Rs 1 lakh:

– Estimated monthly deposits required to accumulate Rs 1 lakh at an average annual interest rate of 7.00% to 7.50%:
– For 3 years (36 months): Approximately Rs 2,500 to Rs 2,550 per month.
– For 5 years (60 months): Around Rs 1,380 to Rs 1,420 per month.
– For 10 years (120 months): Roughly Rs 550 to Rs 600 per month.

Key benefits of the scheme:

– Secure investment: RDs are risk-free with no exposure to stock market risks.
– Budget-friendly: Even individuals with low incomes can conveniently save a portion monthly.
– Additional benefits for senior citizens: Senior citizens typically receive up to 0.50% higher interest rates.
– Loan option: In emergencies, you can avail a loan against your RD deposit.

Required documentation:

– Identity Proof: Aadhar Card, PAN Card, or Voter ID.
– Address Proof: Ration card, electricity bill, or Aadhar card.
– Passport Size Photographs: 2 recent photographs.
– Bank Account: Active savings account and mobile number.