SBI Lakhpati RD: Recurring Deposit or RD is considered an investment with limited risk. This investment plan is liked by those people who want to invest some money monthly without any big risk.
The country’s largest government bank SBI has recently launched the ‘Har Ghar Lakhpati’ scheme, which is designed to help people save in a simple and structured way. In this scheme, you can invest a fixed monthly amount for a fixed period.
What is the objective of the scheme?
The ‘Har Ghar Lakhpati’ scheme launched by State Bank of India (SBI) is a pre-calculated RD product designed to help people achieve their financial goals. The scheme aims to provide a customized recurring deposit solution that allows customers to accumulate a large sum of Rs 1 lakh by investing small monthly amounts.
Who can open an account?
Anyone can invest in this scheme. You can open a single or joint account under this. Minors above 10 years of age can also open an account independently. Along with this, they can also open an account with their parents or legal guardians. The interest rate in this may vary depending on your age and maturity period. For general citizens, the interest rate is 6.75 percent for 3 to 4 years and 6.50 percent for a period of 5 to 10 years.
Higher interest to senior citizens
Senior citizens get interest at the rate of 7.25 percent for 3 to 4 years and 7.00 percent for 5 to 10 years. Let us know how much can a normal citizen invest monthly to get 1 lakh maturity in 3 years? The answer is Rs 2,502 every month. Whereas a senior citizen will have to invest Rs 2,482 monthly to reach 1 lakh in 3 years.
Monthly investment for 5 lakhs
To get a maturity amount of Rs 3 lakh in 3 years, a normal citizen will have to invest around Rs 7,503 per month. Whereas in the case of senior citizens, the monthly investment will be around Rs 7,445. To get a maturity amount of Rs 5 lakh in 3 years, you will have to increase your monthly investment to Rs 12,506. On the other hand, senior citizens can create a fund of Rs 5 lakh in 3 years by investing an estimated Rs 12,408 per month.
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