If you are the kind of person who thinks of building a substantial financial corpus through disciplined, small-scale savings, the State Bank of India (SBI)-the nation’s largest public sector lender- offers a great risk-free opportunity.
Through SBI’s exclusive ‘Har Ghar Lakhpati’ initiative, achieving a lakhpati status with small regular investment could be easier.
This is a specialised Recurring Deposit (RD) program, which is strategically structured to deliver a guaranteed sum of Rs 1,00,000 upon maturity.
SBI ‘Har Ghar Lakhpati’ Scheme
The ‘Har Ghar Lakhpati’ initiative is specifically designed for individuals who prefer incremental monthly contributions over large capital outlays. By committing a fixed monthly amount, investors benefit from competitive interest rates, culminating in a guaranteed Rs 1 lakh corpus at the end of the term.
Roadmap To Your Rs 1 Lakh Maturity Goal
To reach the Rs 1 lakh target, participants commit to a fixed monthly instalment. The specific amount required is determined by your chosen investment horizon:
• Short-Term Horizon: Opting for a 1-year or 2-year tenure necessitates a higher monthly contribution to meet the target rapidly.
• Long-Term Horizon: Selecting a 5-year (60-month) term significantly reduces the monthly burden to approximately Rs 1,400-Rs 1,500. Through the power of compound interest, these manageable installments secure your guaranteed return of Rs 1 lakh.
Interest rates and benefits for senior citizens
1. For general citizens: SBI is currently offering excellent interest rates on its RDs, depending on the tenure, ranging from 6.5% to 7%.
2. Senior citizens: Senior citizens can receive an additional 0.50% interest compared to general citizens.
Monthly Contribution Analysis
If your goal is to build a corpus of Rs 1 lakh, the estimated monthly deposit amount, according to SBI, would be as follows:
5 years: Rs 1,420 per month
6 years: Rs 1,150 per month
7 years: Rs 960 per month
8 years: Rs 810 per month
9 years: Rs 700 per month
10 years: Rs 610 per month
Key Features of the Scheme
This scheme offers a safe investment opportunity, as it is backed by the country’s largest public sector bank, ensuring your funds are protected from stock market risks. Additionally, it provides flexibility through a loan or overdraft facility, allowing you to access funds against your Recurring Deposit (RD) should you need them unexpectedly. Furthermore, the program encourages a regular savings habit by facilitating monthly auto-debit transfers from your account.