SBI Har Ghar Lakpati RD: Invest Small Monthly Amounts to Secure Rs.1 Lakh
SBI Har Ghar Lakpati RD: Invest Small Monthly Amounts to Secure Rs.1 Lakh
Under this scheme, you can deposit small amounts every month to accumulate a total of one lakh rupees or more in your account.
The State Bank of India (SBI) has introduced a new recurring deposit scheme that allows customers to build up Rs 1 lakh or more in their accounts by making small monthly deposits, ultimately achieving the status of ‘Lakhpati’ upon the deposit’s maturity.
Under this scheme, you can deposit small amounts every month to accumulate a total of one lakh rupees or more in your account. General citizens will receive an interest rate of up to 6.75%, while senior citizens can earn up to 7.25% annually.
First, let’s understand what an RD is. A Recurring Deposit (RD) can significantly aid in your savings. You can treat it like a piggy bank, where you consistently deposit a fixed amount each month when your salary arrives. Upon maturity, you will have a substantial sum at your disposal.
All individuals residing in the area have the option to open an account either individually or jointly. A minor over the age of 10 who is capable of signing clearly may open an account independently; otherwise, they can do so with their parents or legal guardian.
The penalty for early closure varies based on the payment amount. For all tenors, if the withdrawal amount is less than Rs 5 lakh, the penalty will be 0.50%. However, if the amount exceeds Rs 5 lakh, a penalty of 1% will apply across all tenors.
If a recurring deposit installment is not paid on time, a penalty of Rs 1.50 will be charged for every Rs 100 of the recurring deposit each month for tenors of five years or less. For tenors exceeding five years, the penalty increases to Rs 2.00 for every Rs 100 per month.
It is important to highlight that the interest rate for a three or four-year tenure is set at 6.75% for general residents and 7.25% for senior citizens. For other tenures, the interest rate stands at 6.50% for regular citizens and 7% for senior citizens.
A regular citizen who invests Rs 2,500 each month for three years at an interest rate of 6.75% will accumulate Rs 1 lakh by the end of the investment period. Furthermore, by investing Rs 1,407 every month for five years at an interest rate of 6.50%, a regular citizen can achieve the same Rs 1 lakh by the end of the investment duration.
A senior citizen who contributes Rs 2,480 each month for a duration of three years at an interest rate of 7.25% will accumulate Rs 1 lakh by the end of the investment period. Alternatively, if a senior citizen invests Rs 1,791 monthly for four years at the same interest rate of 7.25%, they will also reach Rs 1 lakh at the conclusion of the term. Furthermore, a senior citizen investing Rs 1,389 every month for three years at an interest rate of 7% can achieve Rs 1 lakh by the end of the term. Additionally, if a senior citizen puts in Rs 1,810 each month for four years at an interest rate of 6.75%, they will also secure Rs 1 lakh at the end of the investment period. For a regular citizen, investing Rs 1,407 monthly for five years at an interest rate of 6.50% will yield Rs 1 lakh by the end of the term.
If six consecutive payments are missed, the account will be closed early, and the funds will be either paid out or transferred to the account holder’s associated Savings Bank account with SBI.
