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State Bank of India (SBI) has launched a new recurring deposit (RD) scheme called 'Har Ghar Lakhpati'. The aim of this scheme is to give customers an opportunity to accumulate a large fund through small investments.

SBI Har Ghar Lakhpati Scheme: The country's largest public sector bank, State Bank of India (SBI), has launched a new recurring deposit (RD) scheme called 'Har Ghar Lakhpati'. The objective of this scheme is to give customers an opportunity to accumulate a large fund through small investments. This scheme is especially beneficial for those who want to make small savings regularly and want to be financially prepared for their children's education, marriage or other big expenses in the future.

Small savings make every household a lakhpati with a big fund

Under this scheme, customers can deposit a fixed amount every month, and on maturity they will get a large amount with interest. The maturity period of this scheme is from 3 to 10 years. This means that investors can choose a shorter or longer period as per their convenience. Children aged 10 years and above can open their account in this scheme, if they are able to sign themselves. Accounts of younger children can be opened with their parents or legal guardians. Senior citizens and common citizens can also take advantage of this scheme.

Interest Rates and Special Benefits

General Investors: 6.75% p.a. interest
Senior Citizens: 7.25% p.a. interest
SBI Employees: 8% p.a. interest
Interest rates vary depending on the maturity period and category of customer.

How can you become a millionaire?

₹1 lakh in 3 years, if an investor deposits ₹2,500 every month for 3 years, then on maturity he will get an amount of more than ₹1 lakh including interest. On the other hand, if a customer chooses maturity for 10 years in ₹1 lakh in 10 years, then he will have to deposit only ₹591 every month. If the customer is unable to deposit the installment on time in any month, then he will have to pay a penalty. This means a late fee of 1.50 to 2 rupees per 100 rupees.

If an investor does not deposit 6 consecutive installments, his account will be closed and the deposit amount will be transferred to the savings account.

Account opening process

Customers can visit their nearest SBI branch to open an account under this scheme. This scheme is a great opportunity for common citizens, through which they can create a big fund for the future by making small savings. This scheme is very beneficial for children's education, marriage or other big expenses. Senior citizens get the benefit of higher interest in this scheme.