SBI Har Ghar Lakhpati: State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme has been specially designed for those people who want to create a big fund by saving a little from their salary every month. 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 installment will reduce to ₹591. The monthly installments and interest rates are decided at the beginning of the plan.
Interest Rates and Benefits
The interest rate for general customers is up to 6.75%.
Senior citizens get interest up to 7.25%.
SBI employees and senior employees get the benefit of interest up to 8%.
However, TDS is also applicable on this scheme under income tax rules.
Children can also open an account
Children aged 10 years and 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
There is a facility to deposit partial installment in the scheme, but there is a penalty for delay in installments. The penalty for an installment of ₹100 may be ₹1.50 to ₹2. If 6 consecutive installments 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 the benefits of the scheme, you will have to go to your nearest SBI branch and submit the necessary documents. You have to select the maturity amount and investment period, based on which the monthly installment will be decided. SBI’s Har Ghar Lakhpati Scheme is a great opportunity for small investors. It not only promotes the habit of saving, but is also an easy way to raise a big fund from a small amount.
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