SBI RD: SBI offers a program known as ‘Har Ghar Lakhpati’, which is a recurring deposit (RD) initiative designed for the general public. Individuals can commence their investment with a minimum of Rs 593, while senior citizens can begin with Rs 576. This program guarantees a return of Rs 1,00,000 to the investor upon maturity.
The tenure for this RD scheme ranges from 3 to 10 years, allowing investors to select a duration that best suits their needs. Monthly contributions are required based on the chosen tenure, culminating in a payout of Rs 1,00,000 at maturity.
For a 10-year plan
For a 10-year tenure, the initial investment for the general public remains at Rs 593, and for senior citizens, it is Rs 576. This scheme is open to all Indian citizens, with options for both individual and joint investments. Minors, aged 10 years and above, may also open an account independently or with their parents or legal guardians.
Plans for less than 10-year
For a 3-year RD, the monthly installment for the general public is Rs 2,502, while senior citizens will pay Rs 2,482. For a 4-year term, the amounts are Rs 1,812 and Rs 1,793, respectively. For a 5-year RD, the contributions are Rs 1,409 for the general public and Rs 1,391 for senior citizens.
The monthly deposits for a 6-year RD are Rs 1,135 and Rs 1,117; for a 7-year term, they are Rs 940 and Rsc923; for an 8-year RD, Rsc795 and Rs 778; for a 9-year RD, Rs 682 and Rs 665; and for a 10-year RD, Rs 593 and Rs 576. Interest rates for RDs of 3 and 4 years are set at 6.75% for the general public and 7.25% for senior citizens.
Important points
For tenures ranging from 5 to 10 years, the interest rates are 6.50% for the general public and 7.00% for senior citizens. It is important to note that if six consecutive installments are missed, the account will be prematurely closed.