SBI Har Ghar Lakhpati Recurring Deposit Scheme:Har Ghar Lakhpati Yojana has recently been launched by State Bank of India i.e. SBI. This scheme is a new variant of recurring deposit. Har Ghar Lakhpati Scheme simplifies the process of achieving financial goals. It helps customers to save effectively. Under this scheme, accounts can also be opened in the name of minor children. This will help secure their financial future and encourage them to start saving at an early age. What is SBI’s Har Ghar Lakhpati Scheme? How will this scheme help in achieving financial goals? What is scheme maturity? How much amount needs to be invested every month? Let us know the answers to all such questions
What is SBI’s Har Ghar Lakhpati Scheme?
SBI’s Har Ghar Lakhpati is a recurring deposit (RD) scheme. Which is mainly designed for those customers who want to raise Rs 1 lakh or its multiples like Rs 2 lakh, 3 lakh, 4 lakh and 5 lakh.
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In how many years will the scheme mature?
The maturity of SBI’s Har Ghar Lakhpati Scheme is 3 years.
How much interest is being received?
Under the scheme, common people are getting minimum 6.50% and maximum 6.75% interest. Investors above 60 years of age are getting 7 to 7.25 percent interest, SBI staff is getting 7.50 to 7.75 percent and SBI staff senior citizens are getting 8 to 8.25 percent interest.
| Interest rate per year (%) | ||||||||
| 3 year | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | |
| common people | 6.75% | 6.75% | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
| above 60 years | 7.25% | 7.25% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| SBI employee | 7.75% | 7.75% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% |
|
SBI Staff Senior Citizen |
8.25% | 8.25% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% |
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How much will you have to invest every month to become a millionaire?
| You can become a millionaire by saving this much money monthly. | ||||||||
| 3 year | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | |
| common people | Rs 2,500 | Rs 1,810 | Rs 1,407 | Rs 1,133 | Rs 938 | Rs 793 | Rs 680 | Rs 591 |
| above 60 years | Rs 2,480 | Rs 1,791 | Rs 1,389 | Rs 1,115 | Rs 921 | Rs 776 | Rs 663 | Rs 574 |
| SBI employee | Rs 2,460 | Rs 1,772 | Rs 1,370 | Rs 1,097 | Rs 903 | Rs 759 | Rs 647 | Rs 559 |
|
SBI Staff Senior Citizen |
Rs 2,441 | Rs 1,753 | Rs 1,352 | Rs 1,079 | Rs 886 | Rs 742 | Rs 631 | Rs 543 |
For example, if an investor deposits Rs 2500 every month in Har Ghar Lakhpati Yojana and continues to do so for the next three years, then his total deposited amount will be Rs 90 thousand. On maturity, he will get Rs 99,950 at 6.50 per cent interest, which means he will get a benefit of Rs 9,950 i.e. about Rs 10 thousand in the form of interest. In the case of senior citizens, this benefit will be Rs 10,734 because the interest on senior citizen RD is 7.25 percent.
Similarly, if an investor invests Rs 5000 every month and continues to do so for the next three years, then on maturity he will get Rs 1,99,899 i.e. about Rs 2 lakh. In which the total investment amount will be Rs 1.8 lakh and Rs 19,899 (approximately Rs 20 thousand) will be earned as interest.
Who can open an account in Har Ghar Lakhpati Scheme?
Har Ghar Lakhpati Scheme is for all people. That means everyone can open an account under this scheme singly or jointly. Children above 10 years of age who can sign properly can open an account alone. Under the Har Ghar Lakhpati Scheme, accounts for children below 10 years of age can be opened with parents or legal guardians.
