Chandigarh, January 9, 2025 (Punjab Khabarnama Bureau): India’s largest public sector bank, the State Bank of India (SBI), has launched a new recurring deposit scheme called ‘Har Ghar Lakhpati.’ The aim of this scheme is to help people build a fund of ₹1 lakh or more through small monthly savings. It is designed for individuals who regularly save a portion of their salary every month and wish to invest in fixed monthly savings with a guaranteed interest over time.
How SBI’s Lakhpati Scheme Can Help You Become a Millionaire
Benefits of SBI’s ‘Har Ghar Lakhpati’ Scheme:
Under this scheme, customers can save monthly for flexible terms ranging from 3 to 10 years. Even children aged 10 years or older can invest in this scheme. For children who cannot sign, an account can be opened by a parent or legal guardian.
How Does SBI’s New Scheme Work?
In this scheme, the maturity amount starts from ₹1 lakh. Customers can choose their preferred term and monthly installment. For example, if a customer deposits ₹2,500 monthly for 3 years, they will receive ₹1 lakh at the end of the term. For a 10-year plan, the monthly installment reduces to ₹591. The interest rate applied to the scheme is fixed at the time of enrollment, providing predetermined returns.
Interest Rates and Tax on SBI’s Scheme
The interest rates in the scheme vary according to the customer’s category:
- For general customers, the interest rate is up to 6.75%.
- For senior citizens, the interest rate is up to 7.25%.
- SBI employees and senior citizen employees receive up to 8% interest.
TDS (Tax Deducted at Source) is applicable on the scheme as per income tax rules.
Flexibility and Penalties:
- The scheme allows part payment of installments.
- However, a penalty is charged for delayed installments. The penalty can range from ₹1.50 to ₹2 per ₹100 installment, depending on the term.
- If six consecutive installments are missed, the account will be closed, and the outstanding amount will be transferred to the customer’s savings account.
How to Open an Account:
To join the scheme, customers can visit their nearest SBI branch and submit the required documents. They will need to choose the maturity amount and term, based on which the monthly installment will be determined.
Summary: SBI’s ‘Har Ghar Lakhpati’ scheme offers flexible investment options with interest rates up to 8%. Customers can choose maturity amount and term at the branch.