SBI Har Ghar Lakhpati RD: State Bank has launched a new RD scheme named Har Ghar Lakhpati, in which you will deposit one lakh rupees by depositing a fixed amount every month for a fixed period.
SBI Har Ghar Lakhpati RD: State Bank of India has launched a new recurring deposit (RD) scheme to promote small savings. It was named Har Ghar Lakhpati. Under this scheme, you will be able to deposit one lakh rupees or more in your account by depositing small amounts every month. You will become a lakhpati when the deposit matures.
Fixed amount will have to be deposited in the account every month
According to the information given on the SBI website, RD is a deposit account, in which you deposit a fixed amount every month. While opening the account, you choose the limit of the amount to be deposited every month and for how long to deposit. Every month you get interest on the fixed amount deposited by you, which is compounded on a quarterly basis. That is, the interest amount is paid to your account every three months.
You will be able to deposit money for so many years
Under this scheme, anyone can open an account singly or jointly. If a minor above the age of 10 years is able to sign clearly and properly, he can open a single account or open it jointly with his parents. In this, you can deposit money for a period of three to ten years. However, during this period, if the amount deposited is less than Rs 5 lakh (principal amount), then a penalty of 0.50 percent will have to be paid for premature withdrawal. If the principal amount is more than Rs 5 lakh, then a penalty of 1 percent will have to be paid for premature withdrawal in all periods.
This will be the interest on the deposit amount
According to the SBI website, the interest rate on this will be 0.50 to 1 percent less than the interest rate applicable at the time of opening the account. However, no interest will be paid on deposits that are deposited for a period of less than 7 days. Along with this, if you do not pay the installment on time, then for RD of five years or less, if you deposit Rs 100 per month, then the penalty will be Rs 1.50 per month. For RD of more than five years, a penalty of Rs 2.00 will have to be paid on Rs 100 per month.
Senior citizens will get more interest
Let us tell you that the interest rate on RD of three and four years duration is 6.75 percent for common citizens and 7.25 percent for senior citizens, while for other periods, the interest rate is 6.50 percent for common citizens and 7 percent for senior citizens. Another thing to keep in mind is that if you do not pay the installment for six consecutive months, then your account will be closed prematurely and the amount will be transferred to the SBI savings account of the account holder.
