SBI Har Ghar Lakhpati RD Scheme: State Bank of India (SBI) has launched a special scheme, ‘Har Ghar Lakhpati,’ for savers. The objective of this scheme is to give small investors an opportunity to create a fund of Rs 1 lakh or more by depositing money regularly every month. In this, you can become a millionaire in 10 years by depositing less than Rs 600 every month. This scheme is for those who want fixed returns without risk through a disciplined investment plan.
SBI How does Har Ghar Lakhpati Yojana work?
SBI’s Har Ghar Lakhpati Scheme is a special type of Recurring Deposit (RD) scheme. In this, customers have to deposit a fixed amount every month, and on completion of the plan period, they get a fixed amount including interest. The main objective of this scheme is to give customers an opportunity to raise a large amount of money through small monthly investments. Recurring Deposit (RD) is a savings scheme in which customers deposit a fixed amount every month. The bank provides interest on this deposited amount, which is compounded on a quarterly basis.
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Interest rates of SBI’s Har Ghar Lakhpati Scheme
Under SBI’s Har Ghar Lakhpati Scheme, the interest rates applicable for general citizens and senior citizens are different. The maturity period of the scheme ranges from 3 years to 10 years. That means this maturity period can be 3 years, 4 years, 5 years, 6 years, 7 years, 8 years, 9 years or 10 years. The interest rates are fixed for each of these periods. Customers have to decide their maturity period while opening a recurring deposit account and they get interest accordingly. You may have to pay a small penalty for premature withdrawal of money or closing the account. At present the interest rates of SBI’s Har Ghar Lakhpati Scheme are as follows:
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for ordinary citizens: 6.75% interest rate for 3 and 4 years tenure and 6.50% for other tenures.
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for senior citizens: 7.25% interest rate for 3 and 4 years tenure and 7.00% for other tenures.
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How much will an ordinary citizen have to invest for Rs 1 lakh?
If you are a normal citizen, then the monthly investment required to raise Rs 1 lakh in SBI’s Har Ghar Lakhpati Scheme is as follows:
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To raise Rs 1 lakh in 3 years : Rs 2,502 per month with 6.75% interest rate.
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To raise Rs 1 lakh in 4 years : Rs 1,812 per month with 6.75% interest rate.
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To raise Rs 1 lakh in 5 years : Rs 1,409 per month with 6.50% interest rate.
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To raise Rs 1 lakh in 10 years : Rs 593 per month with 6.50% interest rate.
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How much should senior citizens invest for Rs 1 lakh?
For senior citizens, the monthly investment amount in this scheme is slightly less, because they get more interest:
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To raise Rs 1 lakh in 3 years : Rs 2,482 per month with 7.25% interest rate.
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To raise Rs 1 lakh in 4 years : Rs 1,793 per month with 7.25% interest rate.
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To raise Rs 1 lakh in 5 years : Rs 1,391 per month with 7.00% interest rate.
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To raise Rs 1 lakh in 10 years : Rs 576 per month with 7.00% interest rate.
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The information given here is for a target fund of Rs 1 lakh, but you can also open an account to deposit more corpus as per your goal and saving capacity while opening your account in SBI’s Har Ghar Lakhpati Scheme. According to your target, the bank official will give you the exact information about monthly contribution at the time of opening the account.
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Who should invest in this scheme?
SBI’s Har Ghar Lakhpati Scheme is beneficial for all those people who have regular income and want to accumulate a decent amount by saving small amounts every month. The good thing is that in this scheme your money is protected from market risks and you get fixed returns. This scheme can be a good option for everyone, from first-time investors, students, small savers to senior citizens. If you want to invest in a disciplined manner without risk, then this scheme can be included in your priority.