SBI Har Ghar Lakhpati: State Bank, a prominent public sector bank, has launched an RD scheme named Har Ghar Lakhpati. This initiative allows individuals to deposit a modest sum each month, providing a chance to accumulate Rs. 1 lakh or more.

Should you invest?

It guarantees a fixed return over a specified period, making it an excellent choice for those seeking a reliable income without any risk. The scheme offers an attractive interest rate of 6.75 percent for deposits made over three and four years, while a rate of 6.50 percent applies to longer terms. However, if no deposits are made for six consecutive months, the account will be closed, but the funds contributed up to that point will be refunded. Different interest rates are available for regular customers and senior citizens.

Benefits

The SBI Lakhpati RD scheme is ideal for individuals looking for a consistent income over a set duration. It provides a secure way to receive funds, unaffected by market volatility. The savings accumulated through small monthly contributions can be directed towards essential expenses, such as children’s education.

For senior citizens, the scheme offers the potential to earn Rs. 1 lakh at an interest rate of 7.25% by contributing Rs. 2,480 monthly for three years. Alternatively, a monthly payment of Rs. 1,791 over four years will yield the same amount at the same interest rate. If one opts to invest Rs. 1,389 each month for five years, they can also secure Rs. 1 lakh at a 7% interest rate.

The Har Ghar Lakh Pati RD scheme encourages small investments, with general account holders receiving a 6.75 percent interest rate on their deposits. By contributing Rs. 2,500 monthly for three years, participants can achieve Rs. 1 lakh within the designated timeframe. Additionally, investing Rs. 1,407 each month for five years will result in Rs. 1 lakh at a 6.50 percent interest rate, while a monthly investment of Rs. 1,810 for four years will yield the same amount at a 6.75% interest rate.

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