The country’s largest government bank SBI has recently launched the ‘Har Ghar Lakhpati’ scheme, which is designed to help people save in a simple and structured way. In this scheme, you can invest a fixed monthly amount for a fixed period.

What is the objective of the scheme?

The ‘Har Ghar Lakhpati’ scheme launched by State Bank of India (SBI) is a pre-calculated RD product designed to help people achieve their financial goals. The scheme aims to provide a customized recurring deposit solution that allows customers to accumulate a large sum of Rs 1 lakh by investing small monthly amounts.

Who can open an account?

Anyone can invest in this scheme. You can open a single or joint account under this. Minors above 10 years of age can also open an account independently. Along with this, they can also open an account with their parents or legal guardians. The interest rate in this may vary depending on your age and maturity period. For general citizens, the interest rate is 6.75 percent for 3 to 4 years and 6.50 percent for a period of 5 to 10 years.

Higher interest to senior citizens

Senior citizens get interest at the rate of 7.25 percent for 3 to 4 years and 7.00 percent for 5 to 10 years. Let us know how much can a normal citizen invest monthly to get 1 lakh maturity in 3 years? The answer is Rs 2,502 every month. Whereas a senior citizen will have to invest Rs 2,482 monthly to reach 1 lakh in 3 years.

Monthly investment for 5 lakhs

To get a maturity amount of Rs 3 lakh in 3 years, a normal citizen will have to invest around Rs 7,503 per month. Whereas in the case of senior citizens, the monthly investment will be around Rs 7,445. To get a maturity amount of Rs 5 lakh in 3 years, you will have to increase your monthly investment to Rs 12,506. On the other hand, senior citizens can create a fund of Rs 5 lakh in 3 years by investing an estimated Rs 12,408 per month.

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State Bank of India (SBI) has launched a new recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme is specially designed for those people who want to create a big fund by saving a little bit every month from their salary. Under this scheme, you can easily raise an amount of Rs 1 lakh or more.

How does this scheme work?

In this scheme of SBI, you can make monthly savings for a flexible period of 3 to 10 years. For example, if you deposit ₹ 2,500 every month for 3 years, you will get ₹ 1 lakh on maturity. If you invest for 10 years, the monthly installment will reduce to ₹ 591. The monthly installment and interest rates are fixed at the beginning of the scheme.

Interest rates and benefits

• The interest rate for general customers is up to 6.75%.
• Senior citizens get interest up to 7.25%.
• SBI employees and senior employees get the benefit of interest up to 8%.
• However, TDS is also applicable on this scheme under Income Tax rules.

Children can also open an account

Children aged 10 years and above can also invest in this scheme, provided they know how to sign. For children who cannot sign, an account can be opened with a parent or guardian.

Flexibility and fines

The scheme allows partial installments to be deposited, but there is a penalty for delay in installments. There can be a penalty of ₹1.50 to ₹2 on an installment of ₹100. If 6 consecutive installments are not deposited, the account will be closed and the remaining amount will be transferred to the savings account.

How to open an account?

To avail the scheme, you will have to visit your nearest SBI branch and submit the required documents. You will have to select the maturity amount and the investment period, based on which the monthly installment will be decided. SBI’s Har Ghar Lakhpati Yojana is a great opportunity for small investors. It not only promotes the habit of saving, but is also an easy way to raise a large fund from a small amount.

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What is Har Ghar Lakhpati Scheme (SBI Har Ghar Lakhpati)?

Keeping in mind the widespread aspiration of financial security, SBI said in a statement that ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers make deposits of Rs 1,00,000 or its multiples. The bank said that this product simplifies the process of achieving financial goals, allowing customers to plan and save effectively.

What are SBI Patrons?

Apart from this, the bank also introduced a special fixed deposit scheme ‘SBI Patrons’ for senior citizens aged 80 years and above. It offers enhanced interest rates keeping in mind the long-standing relationship of many senior customers with the bank. ‘SBI Patron’ is available to both existing and new fixed deposit customers.

Senior citizens will get 0.1% more interest

‘SBI Patrons’ depositors will get 0.1 percent more interest than the interest rate given to senior citizens, while the recurring deposit scheme will be similar to the rates given on fixed deposits. Currently, the fixed deposit rate is 6.80 percent for a period of more than one year, seven percent for a period of more than two years, 6.75 percent for a period of more than 3 years and less than 5 years and 6.5 percent for 5-10 years.

The minimum period of recurring deposit is 12 months (one year) and the maximum period is 120 months (10 years).

SBI has a market share of around 23 per cent in deposits. These innovative offerings demonstrate the bank’s resolve to prioritise innovation and strengthen its market leadership in deposits.

SBI Chairman CS Setty said, “Our aim is to create goal-oriented deposit products that not only enhance financial returns but also align with the aspirations of our customers. We are redefining traditional banking to make it more inclusive and impactful.”

Meanwhile, the bank has announced the launch of TAB-based end-to-end digital on-boarding process to simplify the process of opening NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for Non-Resident Indians (NRIs).

This initiative is available at SBI branches in India and select overseas offices, using digital tools to enhance the efficiency and convenience of account opening.

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