SBI Har Ghar Lakhpati Scheme: The country’s largest public sector bank, State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. The objective of this scheme is to help people create a corpus of Rs 1 lakh or more through small monthly savings. This scheme is designed for those individuals who regularly save some money from their salary every month. Want to invest regular monthly savings for fixed interest and time. Know here how SBI’s Lakhpati scheme will help you become a millionaire.
Benefits of SBI Har Ghar Lakhpati Scheme
Under this scheme, customers can make monthly savings for a flexible time period of 3 to 10 years. Children aged 10 years and above can also invest in this scheme of SBI. The special thing in this is that he knows how to sign his own signature. For children who cannot sign, the account can be opened with a parent or legal guardian.
How does SBI’s new scheme work?
The maturity amount in this scheme starts from Rs 1 lakh. Customers can choose the period and monthly installment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, then on maturity he will get ₹ 1 lakh. If you choose a plan for 10 years, the monthly installment reduces to Rs 591. Monthly Installment Plan is based on the interest rate applicable at the time of starting the plan. That is, pre-determined interest is available on it.
interest rates and taxes
The interest rates under the scheme vary according to the category of the customer.
The interest rate for general customers is up to 6.75%.
The interest rate for senior citizens is up to 7.25%.
SBI employees and senior citizen employees get interest up to 8%.
TDS is applicable on the scheme as per income tax rules.
Flexibility and penalty
The scheme has the facility of partial installment payment. However, penalty is imposed on delay in installments. The penalty can range from ₹1.50 to ₹2 on an installment of Rs 100. This penalty depends on the period. If 6 consecutive installments are not deposited, the account will be closed and the balance amount will be transferred to the customer’s savings account.
How to open an account
To join the scheme, customers can visit their nearest SBI branch and submit the necessary documents. They will have to select the maturity amount and period, based on which the monthly installment will be decided.
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