The SBI Har Ghar Lakhpati Scheme is a recurring deposit (RD) investment plan that allows individuals to accumulate a significant sum over time with small monthly savings. By investing as little as ₹593 per month, you can build a corpus of ₹1 lakh over a fixed tenure. This scheme is particularly beneficial for those looking for a safe, low-risk savings plan with guaranteed returns.
With increasing financial awareness, people are looking for investment options that combine security, flexibility, and steady growth. If you want to develop a disciplined saving habit, this scheme by the State Bank of India (SBI) can be an excellent choice.
SBI Har Ghar Lakhpati Scheme
| Feature | Details |
|---|---|
| Investment Type | Recurring Deposit (RD) |
| Minimum Investment | ₹593 per month |
| Target Corpus | ₹1 lakh |
| Tenure | 3 to 10 years |
| Interest Rate | 6.50% – 7.25% (varies by tenure) |
| Senior Citizen Benefit | Higher interest rates |
| Premature Closure | Penalty applicable |
| Penalty for Late Payment | ₹1.50 – ₹2 per ₹100 per month |
| Official Website | SBI Official Website |
The SBI Har Ghar Lakhpati Scheme is an excellent long-term savings plan for those who want to accumulate ₹1 lakh with small monthly investments. It provides guaranteed returns, flexible tenure options, and security without any stock market risks.
What is SBI Har Ghar Lakhpati Scheme?
This scheme is a systematic savings plan where you deposit a fixed amount every month, and SBI provides a fixed interest rate. Over time, the compounded returns help you achieve a substantial maturity amount without any market-related risks.
Why Choose This Scheme?
Guaranteed Returns – No risk of market fluctuations. Affordable Savings Plan – Start with as little as ₹593 per month. Flexible Tenure – Choose between 3 to 10 years. Higher Rates for Senior Citizens – Earn better returns on savings. Encourages Financial Discipline – Helps in goal-based savings.
see also: Secure Your Retirement with Guaranteed Monthly Returns
How Much Should You Save to Reach ₹1 Lakh?
Your monthly deposit amount determines how soon you reach your ₹1 lakh goal. Here’s a breakdown:
| Tenure | Monthly Deposit (General) | Monthly Deposit (Senior Citizens) |
|---|---|---|
| 3 Years | ₹2,502 | ₹2,482 |
| 4 Years | ₹1,812 | ₹1,793 |
| 5 Years | ₹1,409 | ₹1,391 |
| 6 Years | ₹1,135 | ₹1,117 |
| 7 Years | ₹940 | ₹923 |
| 8 Years | ₹795 | ₹778 |
| 9 Years | ₹682 | ₹665 |
| 10 Years | ₹593 | ₹576 |
If you want to invest for a longer tenure, you need to save less per month to reach ₹1 lakh. For shorter tenures, higher monthly savings are required.
How to Apply for SBI Har Ghar Lakhpati Scheme?
Follow these simple steps to open an RD account under this scheme:
Step 1: Visit the Nearest SBI Branch or Online Banking
- You can visit your nearest SBI branch and ask for a Recurring Deposit (RD) account.
- If you prefer online banking, log in to your SBI Net Banking or YONO App.
Step 2: Choose the Investment Amount and Tenure
- Decide how much you want to deposit monthly.
- Select the tenure (3 to 10 years) as per your savings goal.
Step 3: Provide KYC Documents
- Aadhaar Card / PAN Card
- Passport-size Photo
- Address Proof (Utility bill, Passport, etc.)
- Existing SBI Account Details (if applicable)
Step 4: Set Up Auto-Debit for Hassle-Free Savings
- Enable auto-debit from your SBI savings account to avoid missing payments.
- You can also deposit manually if preferred.
Step 5: Start Saving and Monitor Your Growth
- Check your RD balance via the SBI mobile app, online banking, or passbook.
- Let your savings grow over time!
Interest Rates and Growth Calculation
SBI offers competitive interest rates for this scheme. Below is an approximate growth projection based on an interest rate of 6.50% to 7.25%:
| Monthly Savings | Tenure | Approx. Maturity Amount |
|---|---|---|
| ₹1,000 | 5 Years | ₹70,000 – ₹72,500 |
| ₹1,500 | 5 Years | ₹1,05,000 – ₹1,08,750 |
| ₹2,000 | 5 Years | ₹1,40,000 – ₹1,45,000 |
| ₹593 | 10 Years | ₹1,00,000 |
Higher monthly savings = Bigger returns! Senior citizens enjoy higher rates, leading to better maturity value.
see also: Get Pension-Like Income Every Month: Post Office MIS Scheme 2025
SBI Har Ghar Lakhpati Scheme FAQs
1. Can I Withdraw Money Before Maturity?
Yes, but premature withdrawal attracts a penalty of 0.50% – 1%, depending on your deposit amount.
2. What Happens If I Miss a Monthly Payment?
A late penalty of ₹1.50 – ₹2 per ₹100 per month is charged.
3. Is There a Lock-in Period?
There is no strict lock-in, but if you close the RD before maturity, a penalty applies.
4. Can I Extend My RD Tenure?
Yes! You can renew your RD after maturity to continue earning interest.
5. Is This Scheme Better Than Fixed Deposits (FDs)?
- RDs are best for gradual savings.
- FDs are better for lump-sum investments.
- If you have a steady income, RD is a great choice.
