SBI Lakhpati RD: Those having a monthly income cycle find it cumbersome to invest in a lump sum. On the other hand, a recurring deposit (RD) is a basic saving where individuals can accumulate to save a simple amount every month, drill up interest, and withdraw the matured amount after a particular time frame. Investors can increase their monthly deposits as their salary increases.

Launched by the State Bank of India, Har Gar Lakhpati is an RD scheme that is designed to help citizens save money consistently, allowing them to invest a fixed amount on a monthly basis, allowing them to yield Rs 1 lakh or its multiples at the maturity. It is a convenient and effective way to convert small monthly deposits into a significant sum over time.

 In this article, we will explore how much both general and senior citizens need to invest monthly to accumulate Rs 3.5 lakh over periods of 3, 5, and 7 years.

SBI Lakhpati RD: Who is eligible to open an account?

All residents are eligible to participate in this scheme and can open an account individually or jointly. If a minor is older than ten and able to sign, they can also register an account on their own. As an alternative, they could open an account with their guardians or parents.

SBI Lakhpati RD: Interest rates for senior citizens and the general public

For three and four years, it is 6.75 per cent, and for five to ten years, it is 6.50 per cent.

Senior citizens enjoy slightly higher interest rates. The interest rate is 7.25 percent for 3 and 4 years and 7.00 percent for 5 to 10 years.

How much general citizens need to invest to earn Rs 3.5 lakh in 3 years, 4 years, and 5 years? 

– Estimated monthly investment: Rs 8,754.27 for 3 years  
– Estimated monthly investment: Rs 6,341.31 for 4 years  
– Estimated monthly investment: Rs 4,930.21 for 5 years  

How much senior citizens need to invest to earn Rs 3.5 lakh in 3 years, 4 years, and 5 years?  

-Estimated monthly investment: Rs 8,685.98 for 3 years  
– Estimated monthly investment: Rs 6,275.16 for 4 years  
– Estimated monthly investment: Rs 4,865.65 for 5 years  

(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)