SBI Har Ghar Lakhpati Recurring Deposit Scheme: On the new year, banks launch many new schemes to attract their customers. The country’s largest bank, State Bank of India (SBI), has also recently launched the Har Ghar Lakhpati RD scheme for its customers. SBI’s Har Ghar Lakhpati scheme is a recurring deposit scheme (SBI Har Ghar Lakhpati), in which customers can raise one lakh rupees or its multiples like two lakhs, three lakhs, four lakhs etc. according to their financial goal.
The special thing about this scheme is that under this, an account can also be opened in the name of minor children. This will help in securing the future of children and inculcating the habit of saving in them at an early age. How can you achieve your financial goal with SBI’s Har Ghar Lakhpati Scheme? When does this scheme mature and how much amount will you have to invest every month? We will tell you the answers to all these questions today.
What is SBI’s Har Ghar Lakhpati Scheme?
SBI’s Har Ghar Lakhpati is a recurring deposit (RD) scheme. This scheme is designed for those customers who want to raise one lakh rupees or its multiples like 2 lakhs, 3 lakhs, 4 lakhs, 5 lakhs etc. to fulfill any of their financial goals.
What is the purpose of the scheme
SBI wants every customer to be a lakhpati, keeping this in mind, the bank has launched a special recurring deposit scheme Har Ghar Lakhpati RD Scheme. The purpose of this scheme is to help customers to raise an amount of Rs 1 lakh, 2 lakhs, 3 lakhs, etc. for their purposes by making small savings every month, so that they can become a ‘lakhpati’ on maturity of the scheme and fulfill their financial goals.
Who can open an account in this scheme?
Har Ghar Lakhpati Scheme is for people of all ages. That is, a person of any age can open his account under this scheme alone or jointly. Children who are more than 10 years of age and can sign their name properly can open their account alone. Children who are less than 10 years of age can open their account jointly with parents or legal guardian under the Har Ghar Lakhpati scheme.
Maturity period of the scheme
The maturity period of SBI’s Har Ghar Lakhpati scheme is 3 years. Pay special attention to the fact that if you pay all your installments in advance, then there will be no change in your maturity value. This means that your total amount will remain the same as was determined earlier. On the other hand, if a person is unable to pay his installments on time, then this can reduce the maturity value. Because in such a case, the bank can deduct a penalty from the maturity value.
How much interest is being received on this scheme
Senior citizens are being given more benefits on this scheme. While the scheme offers 6.50% to 6.75% interest to common people, investors above 60 years of age are offered 7 to 7.25% interest. If you are an SBI staff, you will get more benefits in this scheme. In this scheme, 7.50 to 7.75% interest is being offered to SBI staff and 8 to 8.25% interest is being offered to SBI senior citizen staff.
How much will have to be invested every month to become a millionaire
This scheme has been started by the bank to make people millionaires. To raise 1 lakh rupees from the scheme, common customers will have to deposit Rs 2500 every month for 3 years. That is, they will have to pay an installment of Rs 2500 every month for 36 months. According to SBI, investors are allowed to make partial payment of the monthly installment.
Customers will have to deposit monthly installments to raise Rs 1 lakh or its multiples like Rs 2 lakh, 3 lakh, 4 lakh and 5 lakh as per their requirement. Investors can choose a period between 3 years to 10 years for how much time they want to achieve their financial goals. That is, you can choose a period of minimum three years or maximum 10 years according to your goal.
How can you become a lakhpati, understand the calculation
Now let’s assume that the target of an investor is to raise Rs 1 lakh in 3 years under the Har Ghar Lakhpati scheme, then in this context he will have to deposit Rs 2500 every month. If he keeps depositing Rs 2500 every month for the next three years, then after 3 years his total amount on maturity will be Rs 99,950. In 3 years, the investor will deposit Rs 2500 every month and pay Rs 90,000 in 3 years and the interest on it at the rate of 6.50 percent per annum will give him a benefit of Rs 9,950.
In this way, on maturity, an amount of about Rs 10,000 will be added to his principal amount. That is, with this small saving every month, he will become a millionaire in three years. On the other hand, senior citizens will get Rs 10,734 as interest because senior citizens are getting 7.25 percent interest on this scheme.
Now suppose if an investor invests Rs 5000 every month for three years, then on maturity he will get a total of Rs 1,99,899 i.e. about Rs 2 lakh. Out of this amount, Rs 1.8 lakh is the total investment amount and Rs 19,899 (about Rs 20 thousand) will be received as interest.
Is it possible to withdraw before time?
If a person suddenly needs money and wants to withdraw from this scheme before time, then he will have to pay a penalty and face a reduction in the interest rate. If the investor’s target was to raise up to Rs 5 lakh from this scheme, then the penalty on premature withdrawal will be 0.50 percent. On the other hand, if the target was to raise more than Rs 5 lakh, then he will have to pay a penalty of 1% on withdrawal before the scheme matures. This penalty will be applicable for all time tenures. That is, in this RD scheme, if the deposited amount is withdrawn before maturity, the interest rate will be deducted by 0.50% or 1%. If the deposit period is less than 7 days, then you will not get any interest.
Penalty on late deposit
Investors will have to pay a penalty for not paying the installment on time in this scheme. If the RD (Recurring Deposit) is of 5 years or less, then a penalty of Rs 1.50 will have to be paid for every Rs 100 for depositing the monthly installment late. In RD of more than 5 years, a penalty of Rs 2 will have to be paid for every Rs 100 for depositing the monthly installment late. Note that these penalty rates can change from time to time. Remember that the penalty can never be more than the interest you get on your deposit.
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Some other important things related to the scheme
If you withdraw the RD amount after maturity and you have not paid three or more installments in a row, then you will have to pay a service charge of Rs 10. This service charge is applicable when your account has not been regularized, that is, you have not paid the outstanding installments. On the other hand, if you do not deposit 6 installments in a row, then the RD account will be closed prematurely. After closing the account, the remaining amount will be transferred to the customer’s savings bank account.
