Do you also want to become a millionaire? If yes, then this news is for you. India’s largest bank State Bank of India (SBI) has launched a new scheme named ‘Har Ghar Lakhpati Scheme’. Under this scheme, you can make your dream come true by making small savings every month.
This new scheme of SBI is a Recurring Deposit (RD) scheme, in which you deposit a fixed amount every month. The main objective of this scheme is to inculcate the habit of saving among the common people and make them financially strong. Let us know about this scheme in detail.
What is SBI Har Ghar Lakhpati Scheme?
SBI Har Ghar Lakhpati Scheme is a pre-calculated recurring deposit (RD) scheme. Under this scheme, customers can deposit an amount of ₹1 lakh or more in their account by depositing a fixed amount every month. This scheme is available for a tenure of 3 to 10 years.
| Description | Acquaintance |
| name of scheme | SBI Har Ghar Lakhpati Scheme |
| Scheme Type | Recurring Deposit (RD) |
| minimum monthly deposit | ₹591 (for general citizen) |
| maximum deposit amount | no limit |
| interest rate | 6.75% (General Citizen), 7.25% (Senior Citizen) |
| Duration | 3 to 10 years |
| target groups | people of all age groups |
| Account opening eligibility | persons above 10 years of age |
Main features of the scheme
- Minimum Investment: You can start this scheme by depositing only ₹591 every month.
- Flexible Tenure: You can choose a tenure ranging from 3 years to 10 years.
- Attractive interest rates: General citizens get 6.75% and senior citizens get 7.25% annual interest.
- Available to all: This scheme is open to people of all age groups.
- Minors can also invest: Children above 10 years of age can also invest in this scheme.
How to invest in the scheme?
It is very easy to invest in SBI Har Ghar Lakhpati Scheme. You can invest in this scheme in the following ways:
- By visiting SBI branch: You can invest in this scheme by visiting your nearest SBI bank branch.
- Through online banking: If you use SBI’s net banking or mobile banking, then you can invest in this scheme sitting at home.
- Through YONO app: You can easily invest in this scheme by downloading SBI’s YONO app.
Benefits of the scheme
There are many benefits of SBI Har Ghar Lakhpati Scheme:
- Habit of regular savings: This scheme makes you habit of making small savings every month.
- Safe investment: SBI is a government bank, so your money remains completely safe.
- Guaranteed Returns: You know in advance how much money you will get on maturity.
- Tax Benefits: You can also get tax benefits on investments made in this scheme.
- Flexible options: You can choose the investment amount and tenure as per your need.
For whom is this scheme suitable?
SBI Har Ghar Lakhpati Scheme is extremely useful for the following people:
- Employed people: People who earn regular income every month can easily invest in this scheme.
- Small traders: This scheme is a good option for those who do small business and want to make regular savings.
- Housewives: Housewives can also take advantage of this scheme by depositing a small amount every month from home savings.
- Students: Students can also invest in this scheme by saving pocket money.
- Retired people: Retired people can secure their future by investing a part of their pension in this scheme.
Scheme limitations
Although SBI Har Ghar Lakhpati Scheme is beneficial in many ways, it also has some limitations:
- Low Returns: This scheme gives low returns as compared to equity or mutual funds.
- Long lock-in period: You have to lock the money for at least 3 years.
- Effect of inflation: Inflation can reduce the real value of your investments over the long term.
- Provision of penalty: Penalty may be imposed for not depositing the installment on time.
Things to keep in mind while investing in the scheme
If you want to invest in SBI Har Ghar Lakhpati Scheme, keep these things in mind:
- Regular Deposit: Deposit amount regularly every month. This will help you avoid penalties.
- Selecting the right duration: Choose the right duration as per your need. If you may need the money quickly, choose a shorter tenure.
- Auto-Debit Facility: Avail auto-debit facility from your bank account. With this you will never forget to deposit your installment.
- Tax Planning: Talk to your tax advisor and include this investment in your tax planning.
- Understand the terms and conditions: Understand all the terms and conditions of the scheme thoroughly.
future of the scheme
The future of SBI Har Ghar Lakhpati Scheme looks quite bright. This scheme is helping people to develop the habit of saving and making them financially strong. In the coming time, SBI may make further changes in this scheme so that it can be beneficial for more and more people.
conclusion
SBI’s Har Ghar Lakhpati Scheme is a great option for those who want to make their dreams come true with small savings. This scheme not only makes you habit of regular savings but also keeps your money safe. If you also want to secure your financial future, then SBI Har Ghar Lakhpati Scheme can be a good option.
Remember, before making any investment, properly assess your financial situation and needs. If needed, take help from a financial advisor. With right investment and regular savings, you too can become a millionaire one day.
Disclaimer: This article has been written for information purposes only. SBI Har Ghar Lakhpati Scheme is a genuine scheme offered by the State Bank of India. However, all investment decisions are at your own risk. Please consult your financial advisor before taking any investment decision.
