The number of people saving money is on the rise. Individuals increasingly set aside a portion of their income, regardless of its amount, to meet changing financial and future needs. Various saving schemes are available to assist them in this effort.
One notable option is the “Har Ghar Lakhpati” recurring Deposit Scheme offered by SBI, a leading public sector bank. This scheme is designed to help people save money in a structured and achievable manner.
Let’s explore how you can accumulate one lakh rupees through this saving scheme. The State Bank of India’s unique recurring deposit scheme allows minors (above 10) and adults to make deposits.
Participants can choose a tenure for this scheme ranging from one year to ten years. The interest rate is 7% for regular customers and 7.25% for senior citizens.
For example, if a regular customer deposits Rs. 2,500 per month over a period of three years, they will receive Rs. 1 lakh upon maturity at an interest rate of 6.75%. If they opt for a five-year tenure, the monthly deposit required would be Rs. 1,407, yielding the same Rs. 1 lakh at an interest rate of 6.50%.
Senior citizens over 60 have slightly different terms. For three years, they would need to deposit Rs. 2,480 per month to receive Rs. 1 lakh at an interest rate of 7.25%. If the tenure is extended to five years, the deposit would reduce to Rs. 1,389 per month, earning them Rs. 1 lakh at a fixed interest rate of 7%.
To enroll in this scheme, you must be an Indian citizen and hold an account with SBI. Accounts can be opened at any SBI branch or online. It’s important to note that a penalty will be applied if you fail to make the monthly deposit or if you withdraw money prematurely.
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