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SBI 'Har Ghar' Lakhpati RD: For many people, setting aside a lump sum for investment is difficult. A recurring deposit or RD makes this easier. It lets you save a fixed amount every month, earn interest, and withdraw a decent corpus at maturity. As your salary grows, you can even increase your monthly deposits.

To encourage consistent saving, the State Bank of India (SBI) launched the Har Gar Lakhpati RD scheme. The concept is simple. You invest a fixed sum every month and at the end of the chosen tenure you receive Rs 1 lakh or its multiples.

In this article, we look at how much general and senior citizens need to deposit every month to build Rs 8.25 lakh over 3, 4, and 5 years. (Note: SBI offers maturity slabs in multiples of Rs 1 lakh.)

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SBI Lakhpati RD: Who all can open an account?

All resident Indians are eligible to open an account. It can be opened individually or jointly. Minors above 10 years who can sign are also allowed to open the account in their own name. Alternatively, parents or guardians can open it on their behalf.

SBI lakhpati RD latest interest rates

For general citizens the current rate is 6.55 per cent for three and four years and 6.30 per cent for five to ten years.

Senior citizens enjoy higher rates. The rate is 7.05 per cent for three and four years and 6.80 per cent for five to ten years.

SBI Lakhpati RD: How much one needs to save for Rs 8.25 lakh fund

If your goal is to build Rs 8.25 lakh here is how much you need to invest every month:

For general citizens

Estimated Rs 20,699.76 per month for 3 years
Estimated Rs 15,010.13 per month for 4 years
Estimated Rs 11,682.55 per month for 5 years

For senior citizens

Estimated Rs 20,538.36 per month for 3 years
Estimated Rs 14,853.66 per month for 4 years
Estimated Rs 11,529.72 per month for 5 years

(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)