SBI Scheme: This SBI scheme will generate a huge corpus; get ₹1.10 lakh by depositing just ₹600..
If you wish to build a substantial fund for the future by saving small amounts regularly, SBI offers a scheme that could yield returns amounting to lakhs of rupees. It involves depositing a fixed amount every month, resulting in a large corpus upon maturity.
SBI’s 'Har Ghar Lakhpati' scheme could be a suitable option for you. It is particularly beneficial for those looking to save in advance for their children's education, weddings, or other future needs. You can choose a tenure ranging from 3 to 10 years based on your convenience and financial goals.
What is SBI’s 'Har Ghar Lakhpati' scheme?
'Har Ghar Lakhpati' is a monthly installment-based deposit scheme. Customers can determine the tenure and monthly deposit amount according to their specific needs and targets. The account can be opened in the name of a single individual or jointly by two people.
Children over the age of 10 can open an account in their own name, provided they can sign. For younger children, parents or guardians can open the account. In certain cases, there is a facility to deposit half the monthly installment amount. There is also an option to deposit future installments in advance, though this does not automatically increase the maturity amount.
How much do you need to save to reach a target of ₹1 lakh?
If your goal is to build a fund of ₹1 lakh, the required monthly deposit amount will vary depending on the chosen tenure. For instance, to reach the ₹1 lakh target in approximately 3 years, you would need to deposit about ₹2,510 per month; for 5 years, it would be around ₹1,420; and for 10 years, around ₹610.
The investment tenure for this scheme can range from 3 to 10 years. For example, if you deposit ₹600 per month for 10 years—calculated at an interest rate of 8%—you could receive approximately ₹1,10,168 upon maturity. In this scenario, your total deposited amount would be ₹72,000, while approximately ₹38,000 would be added as interest. However, the actual amount may vary based on the applicable interest rate and bank regulations.
**Information** | **Details**
Investment tenure | 10 years
Monthly deposit | ₹600
Total deposited amount | ₹72,000
Estimated interest rate | 8%
Earnings from interest | Approx. ₹38,168
Total amount at maturity | ₹1,10,168
This means that opting for a longer tenure allows for a lower monthly deposit amount. If your target is ₹2 lakh, ₹3 lakh, or more, the monthly installment would need to be increased accordingly. Thus, by starting regular savings with a small amount in this scheme, one can gradually build a substantial fund.
**What interest rate will be offered?**
The interest rate for this scheme may vary depending on the tenure and the category of the account holder. According to current information, general customers receive 6.55% interest for tenures of 3 and 4 years, and 6.30% for tenures ranging from 5 to 10 years.
For senior citizens, the interest rate can range from approximately 6.80% to 7.05%. Meanwhile, for SBI employees, it ranges from about 7.30% to 7.55%, and for senior citizen employees, it ranges from 7.80% to 8.05%. Changes in interest rates may also alter the calculations for monthly installments or the maturity amount.
**What happens if funds are withdrawn prematurely?**
If the need arises, the account can be closed and funds withdrawn before the scheme's tenure ends, subject to the bank's rules. A penalty of 0.50% may apply to deposits up to ₹5 lakh, and 1% to deposits exceeding ₹5 lakh. This could reduce the interest earned.
If the amount is withdrawn within 7 days of deposit, no interest is earned. Standard income tax rules will apply to the maturity proceeds. Therefore, it is important to understand the rules regarding tenure, interest rates, premature withdrawal, and taxation before opening the account.
Disclaimer: This content has been sourced and edited from News18 Hindi. 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.
