Planning for your child’s future is one of the most important responsibilities as a parent. Whether it’s for education, skill development, or other expenses, having a secure fund can reduce financial stress. The State Bank of India (SBI) offers a Monthly Deposit Scheme that helps you save regularly and grow your money safely.
With this plan, you can deposit ₹6,000 every month and receive ₹4.25 lakh at the end of 5 years. It’s a great way to build a financial cushion without taking any risks.
How the Scheme Works
This scheme is very simple and works like a recurring deposit.
Monthly deposit amount: ₹6,000
Tenure: 5 years (60 months)
Total amount deposited: ₹3,60,000
Approximate maturity amount: ₹4,25,000 (including interest)
The exact maturity amount may vary slightly depending on SBI’s current interest rates.
Benefits of the Scheme
- Safe and Secure – Your money stays protected, and returns are guaranteed.
- Easy to Start – Open the account with basic KYC documents at any SBI branch.
- Affordable – A fixed monthly deposit of ₹6,000 is manageable for many families.
- Helps in Planning – Perfect for future education or other expenses for your child.
- Auto-Debit Option – Link it to your SBI account to avoid missing payments.
Who Can Open the Account
Parents or legal guardians can open this account for a child below 18 years of age.
The guardian should be at least 18 years old.
Steps to Open the Account
- Visit the nearest SBI branch with your Aadhaar, PAN, and other required documents.
- Fill out the application form for the Monthly Deposit Scheme.
- Deposit the first month’s installment.
- Set up auto-debit for hassle-free monthly payments.
- Collect the passbook and keep track of your savings.
Why Start Now
The sooner you begin saving, the more you’ll accumulate for your child’s future. By the time your child needs funds for education or other goals, you’ll have a ready amount without financial stress.
Conclusion
The SBI Monthly Deposit Scheme is a simple and reliable way to grow your savings. By investing just ₹6,000 each month, you can secure ₹4.25 lakh in five years. It’s perfect for parents who want to build a safe financial future for their kids.
Start today and give your child the gift of financial security.
