Finance Desk – State Bank of India (SBI) has launched a savings plan called “Har Ghar Lakhpati” to help people save small amounts each month and build up Rs 1 lakh by the end of the scheme. This plan is great for anyone who wants to save regularly and grow their money over time.
What is a Recurring Deposit (RD)?
A Recurring Deposit is a savings plan where you put a certain amount of money into your account every month. At the end of the term, you get back all the money you saved plus interest.
Details About SBI’s Har Ghar Lakhpati RD:
Who Can Join? Anyone living in India can open this RD account. Kids over 10 who can sign their name can also open an account with their parents or guardians.
How Much to Deposit: You choose how much you want to save each month based on how quickly you want to reach Rs 1 lakh or more.
Flexibility: You can choose a saving period from 3 to 10 years.
What if You Withdraw Early? If you need to take your money out before the term ends, there might be a small penalty.
Other Key Points:
Maturity: When your RD ends, you’ll get your savings rounded off to the nearest rupee.
Making Payments: You can pay in advance, but missing payments might lead to penalties.
Taxes: Interest earned might be subject to tax as per the usual income tax rules.
Opening an Account: You can sign up at any SBI branch, or online through SBI’s internet banking or the YONO app.
This plan is a great way for you to start saving, especially if you want a guaranteed amount at the end. It encourages regular saving habits and helps you gradually build up a significant amount of money.
