• Source:JND
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SBI Har Ghar Lakhpati Scheme:  The country's largest public sector bank, State Bank of India (SBI) has introduced a new recurring deposit (RD) scheme called 'Har Ghar Lakhpati' to help people build a fund of Rs 1 lakh or more through small monthly savings. This scheme is fit for individuals willing to invest a part of his earnings every month to achieve a set goal. This is a Reccuring Deposit Scheme, so the depositors will get a fixed return on their investment.

SBI Har Ghar Lakhpati Scheme Details

Under this SBI's newly launched special RD scheme, customers can make monthly savings for a flexible period of 3 to 10 years. Children aged 10 years or above, who can do their signature, can also invest in this scheme of SBI. However, for children who cannot sign, the account can be opened with parents or legal guardians.

The maturity amount in this scheme starts from Rs 1 lakh and customers can choose the period and monthly installment of their choice. For example, if a customer deposits Rs 2,500 monthly for 3 years, he will get ₹ 1 lakh on maturity. Likewise, If a customer chooses a tenure of 10 years, the monthly installment is reduced to Rs 591. The monthly installment scheme is based on the interest rate applicable at the time of starting the scheme. 

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SBI Har Ghar Lakhpati Scheme Interest rates and tax

The interest rates for the scheme vary according to the category of investors

- The interest rate for general customers is up to 6.75%.

- The interest rate for senior citizens is up to 7.25%.

- If an SBI employee or senior citizen employee plans to invest in the scheme, he will get interest up to 8%.

Note: TDS applies to the scheme as per the Income Tax rules.

Flexibility and penalty

SBI allows partial installment payment for the scheme, however, a penalty is levied on delay in installments and it can be in the range from Rs 1.50 to Rs 2 per installment of Rs 100 depending on the period. If 6 consecutive installments are not deposited, the account will be closed and the balance amount will be transferred to the customer's savings account.

How to open an account for SBI Har Ghar Lakhpati Scheme

To join the scheme, one needs to visit the nearest SBI branch and submit the required documents. After selecting the maturity amount and period, based on which the monthly installment will be decided.

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