SBI Har Ghar Lakpati RD: The period of deposit under the Har Ghar Lakhpati scheme is from 3 to 10 years. Partial payment of installment is allowed in the scheme. Apart from this, a penalty is deducted from the maturity amount in case of delay in payment of installment.
SBI Har Ghar Lakpati RD: If you want to make money by investing in the deposit schemes of banks, then this news is for you. Actually, State Bank of India (SBI) has started a new recurring deposit scheme. The name of this scheme is Har Ghar Lakhpati. In this, customers will get a chance to become a ‘lakhpati’ on maturity by depositing a small amount every month.
What is the detail
According to SBI’s website, under the recurring deposit scheme, you can deposit a fixed amount in the account every month. When you open the account, you have to select the monthly fixed amount and period. Interest is paid on the fixed amount deposited every month. This interest is paid on a quarterly basis.
Who can open an account
Every Indian can open this account. A minor who is above 10 years of age and can sign clearly can open a single account otherwise he is also eligible to open a joint account with his parents/legal guardian.
Penalty on delay in installment
The period of deposit under the Har Ghar Lakhpati scheme is from 3 to 10 years. Partial payment of installment is allowed in the scheme. Apart from this, a penalty is deducted from the maturity amount for delay in payment of installment. If you deposit Rs 100 per month for a recurring deposit of five years or less, then there will be a penalty of Rs 1.50 per month on the delay in installment. At the same time, for a deposit of more than five years, a penalty of Rs 2 will have to be paid on Rs 100 per month.
What is the interest rate
In this scheme, a general customer will get 6.75% interest on investment for a period of three years. At the same time, senior citizens will be given 7.25% interest. Apart from this, the interest rate for other periods is 6.50% for common citizens and 7% for senior citizens.
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