Wants to become millionaire? But cant figure out how? then todays article is just for you. The bank is introducing several new schemes to attract customers as the new year begins. The State Bank of India (SBI), the largest bank in the country, has rolled out two new offerings: the Har Ghar Lakhpati RD Scheme and the SBI Parents FD Scheme. Both schemes promise attractive returns for investors. The Har Ghar Lakhpati Yojana is a recurring deposit plan that allows investors to accumulate up to Rs 1 lakh. Meanwhile, the SBI Parents FD Scheme is designed specifically for senior citizens aged 80 and above. Let’s explore how to benefit from these schemes and how they operate.
The launch of these schemes aims to reinforce the bank’s position in the market. CS Shetty, the Chairman of SBI, emphasized that the goal is to develop financial products that are based on specific objectives, enhancing financial returns while also fulfilling the aspirations of customers.
Support for the lower middle class
SBI has designed a millionaire scheme with the financial needs of lower middle-class families in mind. Under the Har Ghar Lakhpati Yojana, customers can commit to saving a certain amount over a fixed period, ultimately reaching a total of one lakh or more. This scheme is particularly advantageous for parents, who often face financial challenges when it comes to their children’s education and other expenses. To address this, SBI has created the RD scheme.
How the scheme operates
Participants in the Har Ghar Lakhpati scheme can make deposits over a period ranging from 3 to 10 years. By saving small amounts each month, individuals can accumulate over one lakh rupees. For instance, if you save Rs 591 monthly, you can reach a total of Rs 1 lakh in 10 years, while senior citizens can achieve the same goal by saving Rs 574 each month.
If you miss a monthly deposit, a penalty will apply. For recurring deposits (RDs) with a term of five years or less, the penalty is Rs 9 each month. For RDs exceeding five years, the penalty increases to approximately Rs 12 per month. Additionally, if you fail to make deposits for six consecutive months, the bank will close your account and return the funds to you.
This scheme is particularly beneficial for senior citizens
Moreover, SBI has introduced the Patron FD Scheme specifically for seniors aged 80 and above. This fixed deposit option is available for both new and existing customers. You can invest a minimum of Rs 1,000 and up to Rs 3 crore, with deposit terms ranging from seven days to 10 years. Keep in mind that there will be a penalty for early withdrawals before the maturity date.
