SBI Har Ghar Lakhpati Scheme: Get a lump sum of ₹1 lakh through small monthly savings—discover this smart investment method..
If you wish to build a substantial lump-sum fund through small savings, the country's largest public sector bank, the State Bank of India (SBI), offers a fantastic opportunity. Through SBI's special 'Har Ghar Lakhpati' scheme, any ordinary person can easily accumulate a sum of ₹1 lakh.
Essentially, this is a special Recurring Deposit (RD) scheme designed to ensure you receive a total of ₹1,00,000 (one lakh rupees) upon maturity after a fixed period. Let us explore the features and the financial details of this scheme in depth.
What is SBI's 'Har Ghar Lakhpati' scheme?
The 'Har Ghar Lakhpati' scheme is primarily an RD (Recurring Deposit) plan offered by SBI. Its main objective is to encourage savings among individuals who may not be able to invest a large lump-sum amount at once but can set aside a portion of their monthly salary or income. Under this scheme, you deposit a fixed amount every month; the bank offers attractive interest on this deposit, and upon maturity, you receive a total fund of ₹1 lakh.
How do you get ₹1 lakh upon maturity?
To achieve the target of ₹1 lakh under this scheme, you are required to deposit a fixed amount each month. The monthly installment depends on the tenure you choose for the RD.
* If you opt for a tenure of 1 year (12 months) or 2 years, you will need to deposit a slightly higher monthly amount.
* If you choose a tenure of 5 years (60 months), your monthly installment becomes significantly lower (approximately ₹1,400 to ₹1,500). By combining the deposit amount with the accrued compound interest, you receive a guaranteed return of ₹1 lakh at maturity.
How much needs to be deposited monthly to get ₹1 lakh? If your goal is to build a fund of ₹1 lakh, the estimated monthly deposit amount according to SBI would be as follows:
5 years: ₹1,420 per month
6 years: ₹1,150 per month
7 years: ₹960 per month
8 years: ₹810 per month
9 years: ₹700 per month
10 years: ₹610 per month
Interest Rates and Benefits for Senior Citizens
1. For General Citizens: SBI currently offers attractive interest rates on its RD (Recurring Deposit) based on the tenure, ranging from 6.5% to 7%.
2. Bonus for Senior Citizens: If the RD is opened in the name of a senior citizen, they receive an additional 0.50% interest compared to general citizens. This further reduces the burden of their monthly installments.
Key Features of the Scheme
1. Safe Investment: Since this is a scheme from the country's largest public sector bank, your money remains completely insulated from stock market risks and is 100% secure.
2. Loan/Overdraft Facility: In case of an urgent need for funds, you can avail of a loan or overdraft facility against this RD.
3. Habit of Regular Saving: The auto-debit feature, which deducts money from your account every month, helps cultivate a habit of regular saving.
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
