A large fund can now be created by saving a small amount every month. Yes, the country’s largest public sector bank, State Bank of India (SBI), has given this opportunity. SBI has launched a recurring deposit scheme called ‘Har Ghar Lakhpati’, and it is already becoming very popular among common people.
Through this scheme, SBI offers a savings plan where, by depositing a small amount every month, you can build a fund worth lakhs in a few years. This scheme is especially helpful for those who want to save for a big future goal.
Create a Fund for 3 to 10 Years
The maturity period of this scheme ranges from 3 years to 10 years. You can choose either a short-term or long-term plan based on your preference.
- To withdraw ₹1 lakh in 3 years, you need to deposit only ₹2,500 every month.
- For a 10-year plan, depositing just ₹591 per month will help you create ₹1 lakh.
Children Can Also Open Accounts
An interesting feature of this scheme is that children aged 10 years or above can open an account. If the child is under 10, parents can open a joint account with them.
Additional Benefits with Interest Rates
The State Bank of India (SBI) offers an interest rate of 6.75% for general customers. However, senior citizens can get a higher interest rate of 7.25%.
How to Open an Account?
To open an account in this scheme, visit the nearest State Bank of India branch and inquire there. Once your account is opened, your monthly instalment will be based on the current interest rate.
Also Read
SBI FD: Figuring Out the Best FD for Your Money
SBI PPF Scheme: Save ₹750 Every Month and Get ₹2.44 Lakh in Return, Know How
SBI Har Ghar Lakhpati Scheme: A Step Towards Financial Freedom for All
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