The State Bank of India (SBI) has introduced the Har Ghar Lakhpati recurring deposit (RD) scheme, designed to help individuals and families achieve their financial goals through structured monthly savings. This scheme allows investors to deposit a fixed amount every month for a set period, ultimately accumulating a maturity amount ranging from Rs 1 lakh to Rs 5 lakh. It offers a goal-oriented approach to saving, making it easier to build wealth without the complexities of other investment options.
For people with a monthly earning cycle, this scheme provides a more convenient alternative to lump-sum investments. With the flexibility to increase monthly deposits as income grows, the plan ensures that savings can keep pace with salary increments.
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SBI Har Ghar Lakhpati RD account eligibility
The scheme is open to all resident individuals. Account holders can open an RD account either singly or jointly. Minors above the age of 10 can also open an independent account, provided they can sign legibly. Alternatively, minors can open an account with their parents or legal guardians.
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SBI Har Ghar Lakhpati RD interest rates
The interest rate under the scheme varies depending on the investment tenure and the age of the depositor.
For general citizens, the interest rates are as follows:
– 6.75 per cent per annum for investment periods of 3 and 4 years
– 6.50 per cent per annum for investment periods ranging from 5 to 10 years
Senior citizens enjoy higher interest rates:
– 7.25 per cent per annum for investment periods of 3 and 4 years
– 7.00 per cent per annum for investment periods ranging from 5 to 10 years
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SBI Lakhpati RD: Monthly investment required for different maturity amounts :
The monthly investment required to accumulate Rs 6 lakh, Rs 9 lakh, or Rs 12 lakh in 5 years differs for general citizens and senior citizens due to varying interest rates.
For general citizens:
– To accumulate Rs 6 lakh in 5 years, a monthly investment of Rs 8,451.80 is required.
– To accumulate Rs 9 lakh in 5 years, the monthly deposit increases to Rs 12,677.70.
– To accumulate Rs 12 lakh in 5 years, a monthly investment of Rs 16,903.59 is needed.
For senior citizens, who enjoy higher interest rates:
– To accumulate Rs 6 lakh in 5 years, a monthly deposit of Rs 8,341.12 is required.
– To accumulate Rs 9 lakh in 5 years, the monthly investment would be Rs 12,511.68.
– To accumulate Rs 12 lakh in 5 years, a monthly deposit of Rs 16,682.24 is needed.
