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SBI Har Ghar Lakhpati Scheme: State Bank of India's Har Ghar Lakhpati scheme is a very good recurring deposit scheme launched to create a large corpus fund for people. Although its name includes Lakhpati, there is no obstacle to becoming a millionaire through this. Just keep investing a good amount every month as per the scheme. It is also possible that you can invest separately in this scheme in the name of many family members and deposit a lump sum good amount after a fixed time. There is no limit on the maximum limit of deposit under this scheme.

Penalty will also be levied on late payment.

Under SBI's Har Ghar Lakhpati Yojana, a provision has been made to impose penalties on late payments to keep the investment in fixed deposits disciplined. Even premature withdrawals will be penalized. But this kind of penalty is not too bad to maintain financial discipline in this deposit scheme with a good rate of interest, guaranteed return, and capital safety. This fixed deposit scheme of three to 10 years has an interest rate of between 6.75 percent to 7.25 percent. Anyone above 10 years can open an account for investing in it. A person from 10 years to 60 years old will get interest at the rate of 6.75 percent on investment in it. A person of 60 years or above will get interest at the rate of 7.25 percent under this.

10% TDS on annual interest of more than 40 thousand

Under the Har Ghar Lakhpati scheme, if you get annual interest of more than 40 thousand rupees, then 10 percent TDS will be deducted from it under the second fixed deposit scheme. For the elderly, this limit is 50 thousand rupees. If you are unable to deposit money for six consecutive months, then this RD account will be closed and the balance will be transferred to your savings account.

Disclaimer: This content has been sourced and edited from abplive. While we have made modifications for clarity and presentation.