If you are planning to start investing in the name of your child, then you can invest in SBI’s ‘Har Ghar Lakhpati’ scheme. Currently, this scheme is offering 6.7% annual interest. By investing in this scheme in the name of your child, you can easily create a fund worth lakhs for him. But it has some special rules. We are telling you about those rules. What is ‘Har Ghar Lakhpati’ scheme? This scheme is a type of Recurring Deposit i.e. RD. RD can help you save 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. The account can also be opened in the name of a child above 10 years of age. In this, any person can open a sole or client account. An account can also be opened in the name of a child above 10 years of age, however, this will happen only if he can sign well. If this does not happen then he will have to open an account with his parents or guardian. Understand the complete mathematics by investing here. If you want to create a fund of Rs 1 lakh in 5 years, then you will have to deposit Rs 1,420 in the name of your son every month. Whereas if you want to create a fund of Rs 1 lakh for 10 years, then you will have to deposit Rs 610 every month. In this scheme, children have been kept in the category of ordinary citizens. You can also invest 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.
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SBI ‘Har Ghar Lakhpati’ scheme will make your child a millionaire: Parents can invest in the name of the child, know what are the rules regarding this
