SBI Har Ghar Lakhpati RD Scheme: Check Interest Rates, How To Apply, Details

State Bank of India ( SBI ), India’s largest public sector bank, has unveiled an innovative recurring deposit (RD) scheme aimed at helping individuals build savings with ease. The “Har Ghar Lakhpati” initiative is designed to allow customers to accumulate Rs 1 lakh or more, empowering them to achieve their financial goals in a simplified manner.

The new scheme allows for a pre-calculated RD plan wherein the customer deposits a fixed amount monthly, which gets compounded quarterly. The flexibility of the plan allows an individual to select the tenure of the deposit between a minimum of 12 months and a maximum of 120 months (10 years) as per their financial goals, such as a dream vacation, a new home, or a child's education.

Features of Har Ghar Lakhpati Scheme:

Flexible Tenure: The customers can choose tenures that meet their requirement, starting from one year and up to 10 years.
Attractive Interest Rates: On tenures exceeding a year, an interest rate of 6.80 per cent will be offered, while on longer tenures more than two years, it increases to 7 per cent. For more extended tenures, the range is 6.5-7 per cent.

Inclusive Scheme: RD is offered for both adults as well as minor members who have attained the age of 10 years and have a good sign.

Senior Benefit: The benefits offered by the Patrons of SBI would include better rates of interest offered to senior citizens above 80 years of age. Senior citizens would get higher rates of 7.25 per cent on a three-year and four-year tenure of the investment when compared to 6.75 per cent.

Calculations on Investment

For a common man, investing Rs 2,500 per month for three years with an interest rate of 6.75 per cent will yield Rs 1 lakh at the end of the period. Alternatively, investing Rs 1,810 per month for four years with the same interest rate will also meet the Rs 1 lakh mark.
A common man who invests Rs 1,407 per month for five years at 6.50% interest will also cross the Rs 1 lakh mark.

For senior citizens:

A senior citizen can invest Rs 2,480 monthly for three years at 7.25 per cent interest to reach Rs 1 lakh. Or, Rs 1,791 per month for four years, or Rs 1,389 per month for three years at 7 per cent interest will also yield Rs 1 lakh.

Penalty for Withdrawal before the Due Date: The scheme will carry a penalty for withdrawals before the due date. It is 0.50 per cent in case of a deposit less than Rs 5 lakh. For the amount exceeding Rs 5 lakh, the penalty is 1 per cent. There is also a late payment penalty that will be applied. Charges may vary from Rs 1.50 to Rs 2.00 for every Rs 100/month, based on the tenure.

Interested customers can open an RD account through the online platform of SBI or by visiting any SBI branch. The scheme is available to both individual and joint account holders, and the account can even be opened on behalf of minors with a parent or legal guardian.

The scheme is from SBI known as Har Ghar Lakhpati which focuses on enabling the masses to save for the future in an easier way while ensuring simplicity and flexibility.

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