Outlook Money
The Har Ghar Lakhpati RD Scheme is a recurring deposit account where a fixed sum is deposited monthly for a set duration. The rate of interest on these deposits is compounded every quarter.
All Indian citizens are eligible for the scheme. Children under 10 years of age require a parent or guardian to create their account, whereas older children can sign up independently.
This scheme allows customers to choose a tenure ranging from 3-10 years.
According to information on the SBI website, the rate of interest on this scheme depends on the deposit tenure. For 3- and 4-year deposits, the rate of interest is 6.75 per cent. For longer tenures, such as five years and above, the rate of interest is 6.50 per cent.
In case of premature withdrawal, a penalty of 0.50 per cent will be applied if the principal is less than Rs 5 lakh. For amounts exceeding Rs 5 lakh, the penalty is 1 per cent.
To become a lakhpati, one has to deposit Rs 2,500 per month for a 3-year tenure and Rs 1,810 for a 4-year tenure. For senior citizens, the corresponding deposit amount is Rs 2,480 and Rs 1,791 per month.