SBI’s ‘Har Ghar Lakhpati’ scheme, deposit Rs 561 every month, after 3 years…

The country’s largest public sector bank, State Bank of India (SBI), has launched a new recurring deposit (RD) scheme called ‘Har Ghar Lakhpati’. The scheme aims to help people build a fund of Rs 1 lakh or more through small monthly savings.

The scheme is designed for individuals who regularly save some money from their salary every month. Want to invest regular monthly savings for a fixed interest and time.

Benefits of SBI Har Ghar Lakhpati Scheme:

Under this scheme, customers can save monthly for a flexible tenure of 3 to 10 years. Children of 10 years of age or above can also invest in this scheme of SBI. For children who cannot sign, the account can be opened with a parent or legal guardian.

How does SBI’s new scheme work?

The maturity amount in this scheme starts from Rs 1 lakh. Customers can choose the tenure and monthly installment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, he will get ₹ 1 lakh at the maturity. If you choose a plan for 10 years, the monthly installment reduces to Rs 591. The monthly installment is based on the interest rate applicable at the time of starting the plan, i.e. it earns a pre-determined interest.

Interest rates and interest rates under tax scheme vary according to the category of customer.

• The interest rate for general customers is up to 6.75%.
• The interest rate for senior citizens is up to 7.25%.
• SBI employees and senior citizen employees get up to 8% interest.
• TDS is applicable on the scheme as per income tax rules.

Flexibility and fines:

• The scheme has the facility of partial installment payment.
• However, there is a penalty for late payment of installments. The penalty for an installment of Rs 100 can range from ₹1.50 to ₹2. This penalty depends on the period.
• If 6 consecutive installments are not deposited, the account will be closed and the outstanding amount will be transferred to the customer’s savings account.