Interest up to 7.05% in SBI’s ‘Har Ghar Lakhpati’ scheme: You will get ₹ 1 lakh on depositing ₹ 610 every month, know special things related to it

Due to the US-Israel and Iran wars, there is a lot of volatility in the stock market at present. In such a situation, many investors are scared of investing in mutual funds.

If these days you are looking for an investment plan in which your money is safe and you get decent returns, then SBI’s ‘Har Ghar Lakhpati’ scheme can prove to be right for you.

This is a special Recurring Deposit (RD) scheme. Under this scheme, you can arrange for one lakh or more rupees by depositing small amounts every month. In this, maximum 6.55% annual interest is being given to general citizens and maximum 7.05% annual interest is being given to senior citizens.

Understand what is RD?

Recurring Deposit or RD can help you in saving big. You can use it like a piggy bank. Meaning, you keep putting a fixed amount in it every month when your salary comes and when it matures, you will have a huge amount in your hand.

The maturity period of Har Ghar Lakhpati Scheme ranges from 3 years to 10 years. That means you can invest for 3 years to 10 years.

You can invest even for more than Rs 1 lakh

In Har Ghar Lakhpati Yojana, you can also choose a target of more than Rs 1 lakh. You can also invest in this by setting a target of Rs 2, 3 and 4 lakh etc. The amount of your installment is decided according to the target amount you set.

Who can invest in it

• Any Indian citizen can invest in this scheme.
• Individuals can open a single or joint account.
• Parents (guardians) can open an account with their child (above 10 years of age and able to sign properly).
• For children below 10 years of age, a joint account can be opened with a parent or legal guardian.

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