SBI Har Ghar Lakhpati Recurring Deposit Scheme: In the new year, banks launch many new schemes to attract their customers. The country's largest bank, State Bank of India (SBI), has also recently launched the Har Ghar Lakhpati RD scheme for its customers. SBI's Har Ghar Lakhpati scheme is a recurring deposit scheme (SBI Har Ghar Lakhpati), in which customers can raise one lakh rupees or multiples like two lakhs, three lakhs, four lakhs, etc. according to their financial goal.

The special thing about this scheme is that under this, an account can also be opened in the name of minor children. This will help in securing the future of children and inculcating the habit of saving in them at an early age. How can you achieve your financial goal with SBI's Har Ghar Lakhpati Scheme? When does this scheme mature and how much amount will you have to invest every month? We will tell you the answers to all these questions today.

What is SBI's Har Ghar Lakhpati Scheme?

SBI's Har Ghar Lakhpati is a recurring deposit (RD) scheme. This scheme is designed for those customers who want to raise one lakh rupees or multiples like 2 lakhs, 3 lakhs, 4 lakhs, 5 lakhs, etc. to fulfill any of their financial goals.

What is the purpose of the scheme?

SBI wants every customer to be a lakhpati, keeping this in mind, the bank has launched a special recurring deposit scheme Har Ghar Lakhpati RD Scheme. The purpose of this scheme is to help customers to raise an amount of Rs 1 lakh, 2 lakhs, 3 lakhs, etc. for their purposes by making small savings every month so that they can become a 'lakhpati' on the maturity of the scheme and fulfill their financial goals.

Who can open an account in this scheme?

Har Ghar Lakhpati Scheme is for people of all ages. That is, a person of any age can open his account under this scheme alone or jointly. Children who are more than 10 years of age and can sign their name properly can open their account alone. Children who are less than 10 years of age can open their account jointly with parents or legal guardians under the Har Ghar Lakhpati scheme.

The maturity period of the scheme

The maturity period of SBI's Har Ghar Lakhpati scheme is 3 years. Pay special attention to the fact that if you pay all your installments in advance, then there will be no change in your maturity value. This means that your total amount will remain the same as was determined earlier. On the other hand, if a person is unable to pay his installments on time, then this may reduce the maturity value. Because in such a case, the bank can deduct a penalty from the maturity value.

How much interest is being received in this scheme

Senior citizens are being given more benefits in this scheme. While the scheme offers 6.50% to 6.75% interest to common people, investors above 60 years of age are offered 7 to 7.25% interest. If you are an SBI staff, you will get more benefits in this scheme. In this scheme, 7.50 to 7.75% interest is being offered to SBI staff and 8 to 8.25% interest is being offered to SBI senior citizen staff.

How much will have to be invested every month to become a millionaire?

The bank has started this scheme to make people millionaires. To raise Rs 1 lakh from the scheme, common customers will have to deposit Rs 2500 every month for 3 years. That is, they will have to pay an installment of Rs 2500 every month for 36 months. According to SBI, investors are allowed to make a partial payment of the monthly installment.

Customers will have to deposit installments every month to raise Rs 1 lakh or multiples like Rs 2 lakh, 3 lahks, 4 lahks, and 5 lakh as per their requirement. Investors can choose a period between 3 years to 10 years for how much time they want to achieve their financial goals. That is, you can choose a period of a minimum of three years or maximum of 10 years according to your goal.

How can you become a millionaire, understand the calculation

Now let's assume that an investor's goal is to raise Rs 1 lakh in 3 years under the Har Ghar Lakhpati scheme, then in this context, he will have to deposit Rs 2500 every month. If he continues to deposit Rs 2500 every month for the next three years, then his total amount on maturity after 3 years will be Rs 99,950. In 3 years, the investor will deposit Rs 2500 every month and pay Rs 90,000 in 3 years and the interest on it at the rate of 6.50 percent per annum will give him a benefit of Rs 9,950.

In this way, on maturity, an amount of about Rs 10,000 will be added to his principal amount. That is, with this small saving every month, he will become a millionaire in three years. On the other hand, senior citizens will get Rs 10,734 as interest because senior citizens are getting 7.25 percent interest on this scheme.

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