SBI Launches ‘Har Ghar Lakhpati Yojana’: Invest ₹591 Monthly to Earn ₹1 Lakh – Check Key Details!
The State Bank of India (SBI) has introduced an innovative Recurring Deposit (RD) scheme named ‘Har Ghar Lakhpati Yojana’, aimed at empowering every household to achieve financial stability. Under this scheme, you can save a small amount each month and accumulate over ₹1 lakh or more in your account. SBI offers an annual interest rate of up to 6.75% for regular citizens and up to 7.25% for senior citizens.
What is an RD?
A Recurring Deposit (RD) is a financial tool designed to help individuals save systematically and build substantial funds over time. It works like a piggy bank where you deposit a fixed amount every month, and upon maturity, you receive a lump sum.
The maturity period for the ‘Har Ghar Lakhpati Yojana’ ranges between 3 to 10 years, allowing flexibility in the investment duration.
Who Can Invest in This Scheme?
- Eligibility: Any Indian citizen can invest in this scheme.
- Account Types: Individuals can open a single or joint account.
- For Minors: Parents or guardians can open an account for children above 10 years who can sign independently.
Tax Implications on RD Interest
- Tax Exemption: Interest income from RD is tax-free up to ₹40,000 per annum (₹50,000 for senior citizens).
- TDS Deduction: If interest income exceeds these limits, 10% TDS is deducted.
Submit Form 15H/15G to Avoid TDS
If your total annual income, including RD interest, is below the taxable limit, you can avoid TDS by submitting the appropriate form:
- Form 15H: For senior citizens.
- Form 15G: For others.
These self-declaration forms state that your income is below the taxable threshold.
Key Benefits of the ‘Har Ghar Lakhpati Yojana’
- Small monthly investments of ₹591 can grow into a significant corpus.
- Flexibility in investment tenure (3–10 years).
- Attractive interest rates up to 7.25% for senior citizens.
- Tax benefits on interest income within prescribed limits.
Secure your financial future by investing in SBI’s ‘Har Ghar Lakhpati Yojana’ today!
