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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. By the way, its name includes Lakhpati. But there is no hindrance in becoming a millionaire through this. Just keep investing a good amount every month as per the scheme. It is also possible that by investing separately in this scheme in the names of several family members, you can deposit a good amount in lump sum after the stipulated time. No limit has been imposed on the maximum limit of deposit under this scheme.
Penalty will also be imposed on late payment
Under SBI’s Har Ghar Lakhpati Scheme, a provision has also been made to impose penalty on late payment to keep investment in fixed deposits disciplined. Even penalty will be imposed on premature withdrawals. But this kind of penalty is not too bad to maintain financial discipline in this deposit scheme with good rate of interest, guaranteed returns and capital safety. The interest rate in this fixed deposit scheme of three to 10 years ranges between 6.75 percent to 7.25 percent. Any person above 10 years of age can open an account to invest in it. A person aged between 10 years to 60 years will get interest at the rate of 6.75 percent on investment in this. Under this, a person of 60 years or above will get interest at the rate of 7.25 percent.
10% TDS on annual interest above Rs 40 thousand
Under Har Ghar Lakhpati Scheme, if you get annual interest of more than Rs 40 thousand, then under the second fixed deposit scheme, 10 percent TDS will be deducted from it. For the elderly, this limit is Rs 50 thousand. If you are not able 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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