SBI Lakhpati RD: Who should invest in Har Ghar Lakhpati RD scheme to get Rs 1 lakh? If you're considering this option, its important to see if it aligns with your financial goals and investment preferences
The State Bank of India's Har Ghar Lakhpati RD Scheme helps customers accumulate Rs 1 lakh or more by making small monthly deposits. This scheme can be a good investment option for people looking for a systematic savings plan with assured returns. If you're considering this option, it’s important to see if it aligns with your financial goals and investment preferences.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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SBI Har Ghar Lakhpati RD interest rates
SBI offers a maximum interest rate of 6.75% for tenures of 3 and 4 years under its "Har Ghar Lakhpati" scheme. For other tenures, the interest rate is 6.50%.What happens if monthly installment is not made?
If six consecutive installments are not received, the person’s account will be closed prematurely, and the accumulated amount will be paid or transferred to the accountholder's linked savings bank account with SBI.
How much should a general/regular citizen invest every month to get Rs 1 lakh?
If a general (non-senior) citizen invests Rs 2,500 every month for three years, with an interest rate of 6.75%, he/she can get Rs 1 lakh at the end of the term. If a general citizen invests Rs 1,810 every month for four years, with an interest rate of 6.75%, he/she can get Rs 1 lakh at the end of the term. If a general citizen invests Rs 1,407 every month for five years, with an interest rate of 6.50%, he/she can get Rs 1 lakh at the end of the term.
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How much should a senior citizen invest every month to get Rs 1 lakh ?If a senior citizen invests Rs 2,480 every month for three years, with an interest rate of 7.25%, he/she can get Rs 1 lakh at the end of the term. If a senior citizen invests Rs 1,791 every month for four years, with an interest rate of 7.25%, he/she can get Rs 1 lakh at the end of the term. If a senior citizen invests Rs 1,389 every month for five years, with an interest rate of 7%, he/she can get Rs 1 lakh at the end of the term.
SBI Har Ghar Lakpati RD: How much you should invest every month to get Rs 1 lakh
Who should invest in SBI Lakhpati RD scheme?
SBI Lakhpati RD scheme can be a good option for those with steady income who prefer saving monthly for guaranteed returns. It's for first-time investors or students starting with smaller amounts. RDs offer fixed returns, free from market risks, and can be beneficial if you prioritize disciplined saving. While they provide security, withdrawals or premature closures are possible, albeit with penalties.
Who should avoid investing in SBI Lakhpati RD scheme?
SBI Lakhpati RD scheme may not be ideal for those seeking higher returns from riskier investments like stocks or mutual funds. SBI Lakhpati RD is also less suitable for individuals who need quick access to their funds as there are penalties for early withdrawals. This scheme might not work for those with very short-term financial goals, as alternatives like savings accounts or liquid funds offer more flexibility. Additionally, the fixed monthly deposit requirements and penalties for missed payments can limit SBI Lakhpati RD' appeal for some investors.Other banks RD interest rates
HDFC Bank RD interest rates
HDFC Bank provides interest rates ranging from 4.50% to 7.25% for tenures between 6 months and 10 years. The highest rate of 7.25% is applicable for a tenure of 18 months, while a rate of 7.10% applies to tenures of 15 months.
Also read: RD interest rate up to 7.75%: Comparison of SBI’s Har Ghar Lakhpati RD interest rates with interest rates on HDFC Bank, Canara Bank, ICICI, Yes Bank RDs
ICICI Bank RD interest rates
ICICI Bank offers interest rates between 4.75% and 7.25%, with the highest rate of 7.25% available for tenures of 15, 18, 21, and 24 months.
Yes Bank RD interest rates
Yes Bank provides interest rates between 6.10% and 7.75% for tenures ranging from 6 months to 10 years. The maximum rate of 7.75% is offered on tenures of 18 and 21 month respectively.
Punjab National Bank RD interest rates
Punjab National Bank offers the same interest rate as FDs, with interest rates ranging from 6.00% to 7.25%. The highest rate of 7.25% is applicable for a tenure of 400 days.
Canara Bank RD interest rates
Canara Bank aligns its RD rates with FD rates, offering 5.50% to 7.30% for tenures between 6 months and 10 years. The highest rate of 7.30% is available for a specific tenure of 444 days.
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This story originally appeared on: India Times - Author:Faqs of Insurances
