SBI RD Scheme: State Bank of India (SBI) has launched an innovative recurring deposit scheme called ‘Har Ghar Lakhpati’ for the middle class and common citizens of the country. The main objective of this scheme is to provide citizens with an assured fund of at least Rs 1 lakh after maturity from small savings, without the risk of market fluctuations . This is proving to be a great option for investors looking for safe and good returns.
What exactly is the ‘Har Ghar Lakhpati’ scheme?
This scheme is an improved version of the traditional RD account of State Bank of India. In this, the investor has to deposit a fixed amount every month in the account. At the end of the scheme period, the total amount deposited and the compound interest earned on it are combined and a lump sum of 1 lakh or its multiple (e.g. 2 lakh, 3 lakh) is given to the depositor. SBI RD Scheme
Key highlights and interest rates of the scheme
The biggest attraction of State Bank of India’s (SBI) ‘Har Ghar Lakhpati’ scheme is the assured and secure returns that customers get. Under this scheme, common citizens are offered attractive interest rates ranging from 6.50% to 6.80% per annum for a long tenure of 3 years to 10 years. On the other hand, the bank has always been more generous for senior citizens, and they get an additional interest of 0.50%; which takes their returns to as high as 7.00% to 7.30%. The biggest feature of this interest structure is that the interest rate fixed at the time of starting the investment remains the same throughout the tenure. Due to this, even if the Reserve Bank of India (RBI) or the market reduces the interest rates in the future, there is no negative impact on the customer’s fixed return or maturity amount, due to which this scheme is considered very safe. SBI RD Scheme
The complete math of becoming a millionaire
The calculation of how much an investor will have to save under the ‘Har Ghar Lakhpati’ scheme is very simple and planned. If you want a fund of at least Rs 1 lakh after maturity, you can choose a tenure of 5 years or 10 years as per your convenience. SBI RD Scheme
For a period of 5 years (60 months), a common citizen will have to invest around Rs 1400 to 1450 per month, which comes to an average daily savings of just Rs 48. This will make your total savings in 5 years around Rs 85,000 and with interest you will get a fund of more than Rs 1 lakh. SBI RD Scheme
SBI RD Scheme
If you want to reduce your monthly expenses even further, you can opt for a tenure of 10 years (120 months). In this, you will have to deposit only Rs 590 to 630 per month, which means you will have to save only Rs 20 per day. In this long tenure, due to the benefit of compound interest, your actual investment will be only around Rs 72,000, but with a large portion of interest, you will get more than Rs 1 lakh in hand at the end of the tenure. Since the interest rate is higher for senior citizens, their monthly installments are a few rupees less than this figure. SBI RD Scheme
Important Terms and Conditions
- You can invest money in this scheme for a minimum period of 3 years (36 months) to a maximum period of 10 years (120 months). SBI RD Scheme
- When opening the account, you have to deposit a certain amount into the account every month.
- If you do not pay the monthly installment on the due date, the bank charges a penalty of Rs. 1.50 to Rs. 2.00 (depending on the period) for every Rs. 100 installment.
- If you do not deposit any installment for 6 consecutive months, the bank closes your special account prematurely. After that, the deposited amount is credited to your regular savings account.
- In case of emergency, you are allowed to withdraw money before the maturity date, but in such cases, the interest rate is 0.50% to 1.00% less than the original interest rate. SBI RD Scheme
Additional facilities and qualifications
Under the ‘Har Ghar Lakhpati’ scheme, State Bank of India (SBI) offers its customers a number of great additional facilities and easy eligibility criteria. The biggest feature of this scheme is that if you suddenly need money during the investment period, you do not need to close the account at all; you can avail a loan or overdraft facility of up to 90% of the total amount deposited in your account till then at a very low interest rate. SBI RD Scheme
Any citizen of India is eligible to invest in this scheme. Customers can open this account in their own name alone or as a joint account with a family member . Notably, this account can also be opened in the name of children above 10 years under the supervision of parents and save for their future. Along with this, nomination (heir) facility is also mandatory on the account to ensure that the deposited capital is safely available to the family in case of unexpected events . SBI RD Scheme
How to open an account?
Customers do not need to visit the bank to avail this scheme. If you already have an account with State Bank, you can open this account from home in a few minutes by going to the ‘Deposit’ option through SBI YONO App or Internet Banking. New customers can open this account by visiting their nearest SBI branch with KYC documents. This scheme is considered very beneficial for those who want to achieve big goals with small savings. SBI RD Scheme
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