Betiyon Ka Wallet: SBI’s Har Ghar Lakhpati scheme gives an opportunity to create a fund of Rs 1 lakh or more through small monthly savings. Through this scheme, regular investments can be made for the daughters’ future, education or other needs. In this you can choose the period from 3 to 10 years. Every month’s installment is decided according to your target and duration. Up to 8% interest is available in this scheme. There is also a facility to withdraw money before time.
Add informalnewz.com as a Preferred Source
Every parent wants their daughter’s future to be secure and not have to worry about money when it comes to major expenses like education or marriage. Keeping this need in mind, the central and state governments, as well as many banks, run special savings schemes for daughters. The aim of these schemes is to build a large fund for the future through small savings, so that financial assistance can be provided in times of need.
Similarly, the SBI Har Ghar Lakhpati Yojana of the State Bank of India (SBI), the country’s largest public sector bank, is also attracting attention. By investing regularly in this scheme, a large fund can be built over time. If invested correctly, the maturity amount can reach lakhs of rupees. This is why many families are considering this scheme as a good savings option for their daughters’ future.
What is the SBI Har Ghar Lakhpati Yojana?
This is a special savings scheme of the State Bank of India, in which you can eventually accumulate a corpus of one lakh rupees or more by depositing small amounts every month. You can choose a term from three to ten years. The account can be opened by one person alone or in the name of two people. Children over ten years of age can also open an account on their own, provided they can sign. A parent or guardian can open an account for a younger child. The monthly installment is determined by your chosen term and target.
Under this scheme, you can sometimes deposit half of the installment. Subsequent installments can also be paid in advance, but this does not increase the final amount. The maturity amount is received one month after the last installment or after the completion of the term. Tax rules apply as per normal income tax. This scheme is good for those who want to build a large corpus from small savings.
The interest rate under this scheme varies depending on the investment period and the investor category. General customers earn 6.55% interest on 3- and 4-year tenures, while 6.30% interest is paid for 5- to 10-year tenures. Senior citizens receive interest rates ranging from 6.80% to 7.05% for the same tenure.
SBI staff and senior citizens receive higher interest rates than general customers. Staff receive interest rates ranging from 7.30% to 7.55%, and senior citizens receive interest rates ranging from 7.80% to 8.05%. However, the bank clarified that the monthly installment is calculated based on current interest rates. Future changes in interest rates may impact the monthly investment amount and maturity value.
Depositing just ₹300 will yield ₹1 lakh
If you deposit just ₹600 monthly, you will receive a fund of ₹1,10,168 in 10 years, assuming an 8% return. The investment amount will be ₹72,000, with an interest of ₹38,000. The total value will be ₹1.10 lakh.
If you want to create a fund of ₹1 lakh for your daughter, the monthly amount will depend on the tenure you choose. For example, to create a fund of ₹1 lakh in 3 years, you will need to deposit approximately ₹2,510 per month, for 5 years, ₹1,420 per month, and for 10 years, approximately ₹610 per month. The longer the tenure, the less you will need to deposit each month.
If your target is to build a corpus of ₹2 lakh, ₹3 lakh, or ₹4 lakh, the monthly deposit amount will increase accordingly. The larger the maturity amount, the higher the monthly investment. Investors can choose the maturity amount and investment period based on their needs and budget.
If for some reason you need to withdraw funds from this scheme before maturity, this facility is available. However, the bank charges a penalty for premature account closure. This means you will receive a slightly lower return than the promised interest.
For deposits up to ₹5 lakh, a 0.50% penalty will be applicable on premature withdrawals. For deposits above ₹5 lakh, a 1% penalty will be applicable. The interest earned on premature withdrawals will be determined after deducting the penalty. Furthermore, if the deposit is withdrawn before 7 days, no interest will be accrued.