SBI Har Ghar Lakhpati: State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme is specially designed for those people who want to create a big fund by saving a little bit every month from their salary
State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme is specially designed for those people who want to create a big fund by saving a little bit every month from their salary. Under this scheme, you can easily raise an amount of Rs 1 lakh or more.
How does this scheme work?
In this scheme of SBI, you can make monthly savings for a flexible period of 3 to 10 years. For example, if you deposit ₹ 2,500 every month for 3 years, you will get ₹ 1 lakh on maturity. If you invest for 10 years, the monthly installment will reduce to ₹ 591. The monthly installment and interest rates are fixed at the beginning of the scheme.
Interest rates and benefits
- The interest rate for general customers is up to 6.75%.
- Senior citizens get interest up to 7.25%.
- SBI employees and senior employees get the benefit of interest up to 8%.
- However, TDS is also applicable on this scheme under Income Tax rules.
Children can also open an account
Children aged 10 years and above can also invest in this scheme, provided they know how to sign. For children who cannot sign, an account can be opened with a parent or guardian.
Flexibility and fines
The scheme allows partial installments to be deposited, but there is a penalty for delay in installments. There can be a penalty of ₹1.50 to ₹2 on an installment of ₹100. If 6 consecutive installments are not deposited, the account will be closed and the remaining amount will be transferred to the savings account.
How to open an account?
To avail the scheme, you will have to visit your nearest SBI branch and submit the required documents. You will have to select the maturity amount and the investment period, based on which the monthly installment will be decided. SBI’s Har Ghar Lakhpati Yojana is a great opportunity for small investors. It not only promotes the habit of saving, but is also an easy way to raise a large fund from a small amount.
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