Do you want to create a fund of Rs 1 lakh for a large investment at one time? If yes, then the State Bank of India (SBI) ‘Har Ghar Lakshpati’ scheme can prove beneficial for you. In this scheme, you can create a fund of Rs 1 lakh or more by depositing a small amount of money every month. Let’s know how this scheme works, who can invest in it. How much money has to be deposited in the scheme every month.
What is SBI’s Lakshpati scheme?
SBI’s ‘Har Ghar Lakshpati’ is a recurring deposit (RD) scheme. In this, the customer deposits a fixed amount every month and gets money along with interest on maturity. The special thing about this scheme is that in this, the monthly installment is fixed as your target. If your target is Rs 1 lakh and Rs 2 lakh or more, a fund is created. According to this, the amount deposited every month can be fixed.
Who can open an account?
This scheme is available to all residents of India. Both single and giant accounts can be opened in this. Children aged 10 years and above, who can sign themselves. They can open an account. In this, parents or legal guardians can open an account for minors. Senior citizens can also take advantage of this scheme.
For how long can you invest?
In this scheme, the investment period can be selected from 3 years to 10 years. The minimum target amount is 1 lakh rupees. If a customer wants to deposit more than this, then he can choose a target of 2 lakhs, 3 lakhs or more.
How much should be deposited per month for more than 1 lakh rupees?
If your target is to create a fund of more than 1 lakh rupees, then the monthly installments will vary according to the investment period. If you pay Rs 610 per month for 10 years, then you have to save only Rs 20 per day. For 3 years, you have to save Rs 2510 per month, for 4 years, Rs 1820 per month and for 5 years, Rs 1420 per month. Similarly, for 10 years, you have to save Rs 610 per month.
Rules for withdrawing money if necessary
If necessary, the RD can be closed prematurely. In this case, the bank charges a penalty for closing the account prematurely. A penalty of 0.50% is imposed on the deposit amount up to Rs 5 lakh and 1% for the amount above this. This deposit amount remains in the bank for less than 7 days. Therefore, no interest is earned on it.
