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SBI Har Ghar Lakhpati Scheme: The country's largest public sector bank SBI runs a special RD scheme for its customers, in which by investing a very small amount every month, you can save lakhs of rupees without any additional burden. However, now SBI has announced a 0.20 percent cut in the interest rates offered in this lakhpati-making scheme (SBI Har Ghar Lakhpati Scheme). This means that customers will now have to invest a little more money monthly than before.

What is SBI's Har Ghar Lakhpati Scheme

SBI's Har Ghar Lakhpati Scheme is a recurring deposit (RD) scheme. In this RD scheme, customers can invest for a tenure of 3 years to 10 years. Customers can choose it according to their convenience. Your EA installment is determined according to the tenure and on maturity you get Rs 1,00,000. If you choose a tenure of 10 years, then common people can start investing with just Rs 610 and senior citizens with Rs 600.

Who can open an account?

Any Indian citizen can invest in this scheme. The scheme offers the opportunity to invest both singly and jointly. Minors can open an account alone (above 10 years of age and able to sign clearly) or with their parents/legal guardians.

Tenure from 3 to 10 years
This RD scheme of SBI has a tenure of 3 years to 10 years, you can choose it according to your convenience. According to the tenure, the RD installment has to be paid every month, and on maturity, you get Rs 1,00,000.

Also, understand these rules.
If for any reason 6 consecutive installments are missed, the account will be closed prematurely and the balance amount will be transferred to the account holder's savings account.