SBI Recurring Deposit: SBI’s Har Ghar Lakhpati scheme is a scheme to make a millionaire. But through this one can also become a crorepati.
SBI Har Ghar Lakhpati Scheme: Har Ghar Lakhpati Scheme of State Bank of India is a very good recurring deposit scheme launched to help people create a large corpus fund. Although its name includes Lakhpati, there is no obstacle in becoming a millionaire through it. Just keep investing a good amount every month as per the scheme. It is also possible that you can invest separately in this scheme in the name of many family members and deposit a good lump sum amount after a fixed time. There is no limit on the maximum limit of deposit under this scheme.
There will also be a penalty for late payment
Under SBI’s Har Ghar Lakhpati Yojana, a provision has been made to impose a penalty on late payment to keep the investment in fixed deposits disciplined. Even premature withdrawals will attract a penalty. But this kind of penalty is not too bad to maintain financial discipline in this deposit scheme with good rate of interest, guaranteed return and capital safety. This fixed deposit scheme of three to 10 years has an interest rate of between 6.75% and 7.25%. Anyone above 10 years can open an account for investing in it. A person between 10 years and 60 years will get an interest of 6.75% on investment in it. A person of 60 years or above will get an interest of 7.25% under this.
10% TDS on annual interest of more than Rs 40,000
Under the Har Ghar Lakhpati Yojana, if you get annual interest of more than Rs 40,000, then 10 percent TDS will be deducted from it under the second fixed deposit scheme. For the elderly, this limit is Rs 50,000. If you are unable to deposit money for six consecutive months, then this RD account will be closed and the balance will be transferred to your savings account.
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