SBI Har Ghar Lakhpati RD: Monthly Investment Plan for Senior Citizens to Earn Rs. 1 Lakh

The State Bank of India (SBI) has launched its Har Ghar Lakhpati (HCL) scheme to help their customers accumulate a sum of Rs. 1 lakh or more. The main focus of this plan is to help account holders become ‘Lakhpatis’ by the time their scheme matures.

SBI provides an interest rate of 6.75% for tenures of 3 and 4 years under its “Har Ghar Lakhpati” scheme which helps account holders earn more over time. For other tenures, the interest rate is slightly lower at 6.50%, ensuring a competitive return on investments.

A recurring deposit (RD) account is a savings account in which you can deposit a fixed amount every month. and the interest earned on your deposit is compounded quarterly.

How much should a common person invest every month to get Rs. 1 lakh:

If a regular person or non-senior citizen invests Rs. 2,500 per month for three years at an interest rate of 6.75% then in this case they can get Rs. 1 lakh by the end of the term.

If a regular person or non-senior citizen invests Rs. 1,810 per month for four years at an interest rate of 6.75%, they can get Rs. 1 lakh by the end of the term.

If a regular person invests Rs. 1,407 per month for five years at an interest rate of 6.50%, they can get Rs 1 lakh by the end of the term.

how much a senior citizen should invest every month to get Rs. 1 lakh:

If a senior citizen invests Rs. 2,480 per month for three years at an interest rate of 7.25% then in this situation they can get Rs. 1 lakh at the end of the term.

If a senior citizen invests Rs. 1,791 per month for four years at an interest rate of 7.25%, they can get Rs. 1 lakh at the end of the term.

If a senior citizen invests Rs. 1,389 per month for five years at an interest rate of 7%, they can get Rs. 1 lakh at the end of the term.

The SBI Lakhpati RD scheme is a great option for people with a constant income who want to save monthly and earn guaranteed returns. It’s perfect for first-time investors or students who want to start with small amounts. RDs offer fixed returns and are safe from market risks, making them a good choice if you want to save regularly. While they offer security, you can still withdraw your money early. It’s perfect for those who want to build good saving habits over time.