SBI Har Ghar Lakhpati RD: Know how much amount you need to invest monthly to become lakhpati in 3-year, 4-year, and 5-year under this guaranteed return scheme

PSU bank State Bank of India (SBI) recently launched a new recurring deposit (RD) scheme in which the customers can accumulate Rs 1 lakh or more in their accounts by depositing a small amount every month to become 'lakhpati' on maturity.

A look at the features of Har Ghar Lakhpati RD scheme

This is a customised RD scheme aims to make every customer lakhpati by just investing a small amount monthly.

Eligibility

All Indian residents and minors (above 10 years of age) can also open an account. If they are below 10 years, they will have to open an account with their parents or legal guardian.

Period of deposits

In RD, one will have to invest for a minimum of three years and a maximum of 10 years.

Interest rate on Har Ghar Lakhpati RD scheme

Customers can enjoy a rate of 6.75 per cent for tenures of three-year and four-year. They will get a 6.50 per cent interest rate on 5-year RD and more.

Interest rates for senior citizens

Senior citizens get a higher interest rate. They can enjoy having 7.25 per cent on three-year and four-year RD plan, while they get a seven per cent interest rate on 5-year RD and more.

How much amount you need to invest monthly to become a lakhpati in 3 years

If you invest Rs 2,500 per month then you can become a lakhpati in three years. While a senior citizen needs to invest Rs 2,480 monthly to get Rs 1 lakh on maturity.

How much amount you need to invest monthly to become a lakhpati in 4 years

If you invest Rs 1,810 per month then you can become a lakhpati in four years. While a senior citizen needs to invest Rs 1,791 monthly to get Rs 1 lakh on maturity.

How much amount you need to invest monthly to become a lakhpati in 5 years

If you invest Rs 1,407 per month then you can become a lakhpati in five years. While a senior citizen needs to invest Rs 1,389 monthly to get Rs 1 lakh on maturity.