SBI has introduced a revolutionary savings initiative called “Har Ghar Lakhpati.” This pre-calculated Recurring Deposit (RD) scheme helps people save Rs 1,00,000 or multiples of it with ease. It offers a simple and effective way for individuals and families to reach their financial goals. What Is Har Ghar Lakhpati? The “Har Ghar Lakhpati” scheme simplifies savings by offering an RD account where you deposit a fixed monthly amount. The money you deposit grows with compound interest, paid quarterly. This scheme is available for both adults and minors, making it an […]
SBI Har Ghar Lakhpati RD
SBI has introduced a revolutionary savings initiative called “Har Ghar Lakhpati.” This pre-calculated Recurring Deposit (RD) scheme helps people save Rs 1,00,000 or multiples of it with ease. It offers a simple and effective way for individuals and families to reach their financial goals.
The “Har Ghar Lakhpati” scheme simplifies savings by offering an RD account where you deposit a fixed monthly amount. The money you deposit grows with compound interest, paid quarterly. This scheme is available for both adults and minors, making it an inclusive option for everyone.
The scheme offers flexible tenure choices, ranging from 12 months to 120 months (10 years). This means you can plan your savings according to your specific financial goals, whether it’s saving for a vacation, wedding, or home.
SBI offers competitive interest rates for this RD scheme. For tenures above one year, the interest rate is 6.80%. For tenures exceeding two years, the rate increases to 7%. Also for longer durations, the interest rate varies between 6.50% and 6.75% depending on the tenure.
SBI is also focused on the financial security of senior citizens. Through the SBI Patrons scheme, senior citizens aged 80 years or more receive enhanced interest rates. This additional benefit ensures that senior customers enjoy higher returns on their savings.
Read More: Delhi University: PM Modi To Inaugurate New College Veer Savarkar After Three Decades
To begin with the “Har Ghar Lakhpati” scheme, customers can visit their nearest SBI branch or open the account online. The process is simple and quick. Resident individuals can open the account either singly or jointly. Minors above 10 years of age, capable of signing legibly, can also open an account on their own. If they are younger, parents or legal guardians can open the account jointly.
The scheme offers an investment period of 3 to 10 years. The interest rates vary depending on the tenure. For periods of 3 to 4 years, the interest rate for general citizens is 6.75%, and for senior citizens, it is 7.25%. For other periods, the interest rate is 6.50% for regular citizens and 7% for seniors.
Read More: ISRO: Remarkable Milestone As Cowpea Seeds Successfully Germinate In Space
In case of early withdrawal, a penalty of 0.50% is charged if the principal amount is less than Rs 5 lakh. If it exceeds Rs 5 lakh, the penalty increases to 1%. For missed monthly payments, a penalty of Rs 1.50 per Rs 100 will be applied for tenures up to five years. For tenures beyond five years, the penalty increases to Rs 2.00 per Rs 100 per month.
To help you achieve Rs 1 lakh, here are some monthly investment scenarios based on different interest rates:
For Regular Citizens:
For Senior Citizens:
SBI’s “Har Ghar Lakhpati” is an excellent way to accumulate savings without the complexities of traditional investment plans. It offers a secure, flexible, and accessible way to meet financial milestones with ease. Whether you’re a young professional or a senior citizen, this scheme can help you build wealth effortlessly.
