News

SBI 'Har Ghar' Lakhpati RD: For many people, setting aside a lump sum for investment is difficult. A recurring deposit or RD makes this easier. It lets you save a fixed amount every month, earn interest, and withdraw a decent corpus at maturity. As your salary grows, you can even increase your monthly deposits.

To encourage consistent saving, the State Bank of India (SBI) launched the Har Gar Lakhpati RD scheme. The concept is simple. You invest a fixed sum every month and at the end of the chosen tenure you receive Rs 1 lakh or its multiples.

In this article, we look at how much general and senior citizens need to deposit every month to build Rs 8.25 lakh over 3, 4, and 5 years. (Note: SBI offers maturity slabs in multiples of Rs 1 lakh.)

Add Zee Business as a Preferred Source

Also Read: SBI Lakhpati RD: Want Rs 5,55,555 or Rs 7,77,777 at maturity in 3, 4, or 5 years? Here’s how much you need to invest monthly

All resident Indians are eligible to open an account. It can be opened individually or jointly. Minors above 10 years who can sign are also allowed to open the account in their own name. Alternatively, parents or guardians can open it on their behalf.

For general citizens the current rate is 6.55 per cent for three and four years and 6.30 per cent for five to ten years.

Senior citizens enjoy higher rates. The rate is 7.05 per cent for three and four years and 6.80 per cent for five to ten years.

Also Read: SBI Lakhpati RD: Want Rs 3.5 lakh at maturity in 3, 4, or 5 years? Here’s how much you need to invest monthly

If your goal is to build Rs 8.25 lakh here is how much you need to invest every month:

Estimated Rs 20,699.76 per month for 3 years

Estimated Rs 15,010.13 per month for 4 years

Estimated Rs 11,682.55 per month for 5 years

Estimated Rs 20,538.36 per month for 3 years

Estimated Rs 14,853.66 per month for 4 years

Estimated Rs 11,529.72 per month for 5 years

(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.