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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 purpose of this scheme is to help people build a fund of Rs 1 lakh or more through small monthly savings.

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’. This scheme aims to help people build a fund of Rs 1 lakh or more through small monthly savings. This scheme is designed for those individuals who regularly save some money every month from their salary. Want to invest regular monthly savings for fixed interest and time? Know here how SBI’s Lakhpati scheme will help you become a millionaire.

Benefits of the SBI Har Ghar Lakhpati Scheme

Under this scheme, customers can make monthly savings for a flexible period of 3 to 10 years. Children aged 10 years or above can also invest in this scheme of SBI. The special thing in this is that they should know how to sign themselves. For children who cannot sign, the account can be opened with parents or legal guardians.

How does SBI’s new scheme work?

The maturity amount in this scheme starts from Rs 1 lakh. Customers can choose the period and monthly instalment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, he will get ₹ 1 lakh on maturity. If you choose a plan for 10 years, the monthly iinstalmentreduces to Rs 591. The monthly ininstalmentlan is based on the interest rate applicable at the time of starting the scheme. That is, a pre-fixed interest is received on it.

Interest rates and tax

• The interest rates under the scheme vary according to the customer category.
• The interest rate for general customers is up to 6.75%.
• The interest rate for senior citizens is up to 7.25%.
• SBI employees and senior citizen employees get up to 8% interest.
• TDS applies to the scheme as per income tax rules.

Flexibility and penalty

The scheme has the facility of partial instalment payment. However, a penalty is levied on delay in instalments The penalty can range from ₹1.50 to ₹2 on an instalment of Rs 100. This penalty depends on the period. If 6 consecutive instalments are not deposited, the account will be closed and the balance amount will be transferred to the customer’s savings account.

How to open an account

To join the scheme, customers can go to their nearest SBI branch and submit the required documents. They will have to select the maturity amount and period, based on which the monthly instinstalmentl be decided.