SBI Har Ghar Lakhpati: State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme is specially designed for those people who want to create a big fund by saving a little bit every month from their salary.
SBI Har Ghar Lakhpati: State Bank of India (SBI) has launched a new recurring deposit (RD) scheme called ‘Har Ghar Lakhpati’. This scheme is specially designed for those people who want to create a big fund by saving a little bit every month from their salary. Under this scheme, you can easily raise an amount of Rs 1 lakh or more.
How does this scheme work?
In this scheme of SBI, you can make monthly savings for a flexible period of 3 to 10 years. For example, if you deposit ₹ 2,500 every month for 3 years, you will get ₹ 1 lakh on maturity. If you invest for 10 years, the monthly instalment will be reduced to ₹ 591. The monthly instalment and interest rates are fixed at the beginning of the scheme.
Interest rates and benefits
Children can also open an account.
Children aged 10 years or above can also invest in this scheme, provided they know how to sign. For children who cannot sign, an account can be opened with a parent or guardian.
Flexibility and penalty
The scheme has the facility of depositing partial instalments, but there is a penalty for delay in instalments. There may be a penalty of ₹ 1.50 to ₹ 2 on an instalment of ₹ 100. If 6 consecutive instalments are not deposited, the account will be closed and the remaining amount will be transferred to the savings account.
How to open an account?
To avail of the scheme, you will have to visit your nearest SBI branch and submit the required documents. You will have to select the maturity amount and the investment period, based on which the monthly instalment will be decided. SBI’s Har Ghar Lakhpati Yojana is a great opportunity for small investors. It not only promotes the habit of saving but is also an easy way to raise a large fund from a small amount.
