The country’s largest government bank SBI has started a new scheme for its customers, named ‘Har Ghar Lakhpati’. This is a recurring deposit i.e. RD scheme. Through this, an investor can accumulate a huge fund by making small savings every month. In this, senior citizens are going to benefit even more, because they are going to get more interest than common investors.
Small savings and big fund
This scheme has been started especially keeping in mind those investors who are planning to raise huge funds through this Har Ghar Lakhpati RD Account by depositing a fixed amount every month. The maturity period of this RD scheme is 3 to 10 years. It means clearly that investors can invest money in this scheme of SBI for a period of 3 years to 10 years. Small savings are given to the investor in the form of a large amount along with interest on maturity. Which can be used to fulfill the education or other needs of children.
Even a 10 year old child can open an account
Talking about the age limit for opening an account in the ‘Har Ghar Lakhpati’ scheme, everyone from children to senior citizens can easily open their account in this scheme. If we look at the terms and conditions of the scheme, children of 10 years of age and above who can sign their name are eligible, while the account of younger children can be opened with their parents or legal guardian.
Interest available up to 7.25%
Talking about the interest received on investment in this special RD scheme of SBI, it varies according to the customers and maturity period. In fact, the common investor is being offered an interest of 6.75 percent in this scheme, while senior citizens are being offered a whopping 7.25 percent interest on investment in the Har Ghar Lakhpati Scheme. If an SBI employee invests in this scheme, he is getting interest up to 8 percent.
This is how you can raise Rs 1 lakh
Let us tell you here that State Bank has started this scheme with the aim that people can raise big funds by making small savings every month. If an investor wants to raise Rs 1 lakh and chooses a maturity of 3 years, then he will have to save Rs 2,500 per month for three years. In such a situation, after including interest, he will get Rs 1 lakh on maturity.
Now suppose the customer selects a maturity period of 10 years, then he will have to invest only Rs 591 every month. In SBI Har Ghar Lakhpati RD Scheme, the monthly installment to be paid by the customer will be calculated on the basis of the interest rate applicable at the time of opening the account. Under this scheme, customers can open an account by visiting their nearest SBI branch.
So much penalty for missing installment
If the installment deposited in the account every month is late, then a provision for penalty has also been made in it. Under the scheme, late fee of Rs 1.50 to 2 can be applied on Rs 100. It is important to keep one thing in mind that if an investor does not pay 6 installments continuously, then his account will be closed and the deposited amount will be transferred to his savings account.