SBI Har Ghar Lakhpati RD: How much should a senior citizen invest every month to get Rs 1 lakh?
1/6
What is SBI Har Ghar Lakhpati RD
State Bank of India (SBI) has launched an innovative recurring deposit product, "Har Ghar Lakhpati" (HGL). This scheme allows individuals to save systematically and accumulate up to Rs.1 lakh monthly upon maturity by investing a specific amount for a specific tenure.
2/6
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%.
3/6
What is recurring deposit account
Recurring Deposits (RD) offer individuals a disciplined way to save money regularly while earning interest. The monthly fixed amount and tenure are determined by you, while you open the account. The fixed amount you deposit each month earns interest which is compounded quarterly.
Amazon Top Deals
POWERED BY
Crompton Ozone 75 Litres Desert Air Cooler for home | Large & Easy Clean Ice Chamber | 4-Way Air Deflection | High Density Honeycomb Pads | Everlast Pump | Auto Fill| 3 Year Brand Warranty
₹9,798Buy Now43%
OFF
LG 32 L Convection Microwave Oven (MC3286BRUM, Black, 360° Motorised Rotisserie for Bar-be-queing, 301 Auto Cook Menu, Stainless steel cavity, Indian Cuisine, Tandoor Se, Steam Clean & Diet Fry)
₹19,340Buy Now19%
OFF
4/6
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.
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.
5/6
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.
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.
6/6
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.