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If you want to stay away from risk and create a big fund from small savings, then SBI's 'Har Ghar Lakhpati' RD scheme can be the best for you. In this, by depositing a fixed amount every month, a fund of lakhs of rupees is created on maturity, that too with complete security.

If you want to create a big fund in the future by saving safely without any risk, then we are going to tell you about the best investment scheme. We are talking about the State Bank of India's (SBI) 'Har Ghar Lakhpati' scheme, which can be a good investment option. This is a recurring deposit (RD) scheme, where if you deposit a fixed amount every month, you can create a fund of lakhs on maturity.

Har Ghar Lakhpati scheme is especially best for those people who want to achieve big goals with small savings and want to grow money by staying away from market risk.

Interest rate statement

This is a special savings scheme of SBI which will help every Indian family to build a secure future. You can open it individually, jointly or in the name of a minor child by the parents. The interest rates of this scheme vary according to age and period. For general citizens, the interest rates are 6.75% per annum for 3 and 4 years and 6.50% per annum for 5 to 10 years.

Let us tell you that this savings scheme of the bank can prove to be a great option for senior citizens. If you invest for 3 or 4 years, then you will get an annual interest rate of about 7.25%, while this rate will be 7.00% on investment of 5 to 10 years. Another most special feature of this scheme is that the interest is compounded on a quarterly basis, which can give you a better return on your maturity amount.

Investment amount

To reach Rs 1 lakh in 3 years, you have to deposit around Rs 2,500 every month.

To reach Rs 1 lakh in 5 years, you have to deposit around Rs 1,407 every month.

For senior citizens, to get the same amount, Rs 2,480 per month has to be deposited for 3 years and Rs 1,389 per month for 5 years.

What will happen if it is closed before time?

By the way, if you close the 'Har Ghar Lakhpati' RD scheme before the scheduled time, then some conditions will apply. 0.50% penalty on premature withdrawal on deposit amount up to ₹ 5 lakh, while a 1% penalty of 1% will be imposed on an amount above ₹ 5 lakh. In such cases, interest will be paid at the rate which is either the declared rate of the scheme less the penalty or the rate of the scheme, whichever is lower.

(Note: This article is for information only and should not be considered as investment advice in any way; it is recommended to consult financial advisors for investment.)