SBI Har Ghar Lakhpati RD Scheme: How Much Monthly Deposit You Have To Make To Get Rs 2 Lakh, Rs 5 Lakh Maturity Amounts In 3, 5, And 7 Years?

State Bank of India (SBI) has launched the 'Har Ghar Lakhpati' RD scheme to encourage people to save systematically. Investors make a set monthly contribution under this plan, and by the time it matures, they have amassed between Rs 1 lakh and Rs 5 lakhs. This scheme offers guaranteed returns and financial protection.

Continue reading to understand how you can generate an estimated maturity amount of Rs 2 lakh and Rs 5 lakhs over 3, 5, and 7 years with this scheme.

SBI has launched the "Har Ghar Lakhpati" scheme to provide customers a personalized Recurring Deposit solution. By making monthly deposits of small amounts, customers will build up Rs 1 lakh or more in their accounts, becoming "lakhpati" when the deposit matures.

Any resident may open an account, singly or jointly. A minor who is at least 10 years old and able to sign clearly can open an account on their own; otherwise, they must do so with their parents or legal guardian.

The maturity amount is Rs 1 lakh or multiple, depending on the customer's choice of tenor and matching installment. The deposit period is three to ten years.

The maturity value of RD is rounded off to the nearest rupee and paid on one month after the deposit of the last installment or on the expiry of the period for which the deposit was accepted, whichever is later.

The age and maturity period have an impact on the interest rate. The interest rate for the general citizens is 6.75 percent for 3 and 4 years; and 6.50 percent for 5 to 10 years. The interest rate for senior citizens is 7.25 percent for 3 and 4 years; and 7.00 percent for 5 to 10 years.

There will be a 0.50 percent penalty for early withdrawal if the payment exceeds Rs 5.00 lakhs. If the payment exceeds Rs 5.00 lakhs, a 1 percent penalty will be applied. On deposits that are held for less than seven days, however, no interest will be given.

The maturity value remains unchanged when an installment is paid in advance. However, if an installment is not paid on time, the penalty will be deducted from the maturity amount.

A general citizen must invest roughly Rs 5,002.44 each month for an expected maturity of Rs 2 lakh in three years, while a senior citizen must invest an estimated Rs 4,963.42 every month. A general citizen must invest roughly Rs 2,817.27 each month for an expected maturity of Rs 2 lakh in 5 years, while a senior citizen must invest an estimated Rs 2,780.37 per month.

Monthly deposit required to get Rs 2 lakh in 7 years

A general citizen must invest roughly Rs 1,878.87 per month for an expected maturity of Rs 2 lakh in 7 years, while a senior citizen must invest an estimated Rs 1,843.96 each month.

A general citizen needs to invest about Rs 12,506.10 per month for an estimated maturity of Rs 5 lakh in three years, while a senior citizen needs to invest about Rs 12,408.55 per month. A senior citizen needs to invest an estimated Rs 6,950.93 per month, while a general citizen needs to invest about Rs 7,043.16 per month for an expected maturity of Rs 5 lakh in 5 years.

A general citizen must invest roughly Rs 4,697.17 per month for an expected maturity of Rs 5 lakh in 7 years, while a senior citizen must invest an estimated Rs 4,609.91 each month.