SBI Har Ghar Lakhpati Scheme


The SBI Har Ghar Lakhpati Scheme is a simple RD savings plan that helps you grow your money over time. By saving just ₹593 every month, you can get over ₹1 lakh at the end of 10 years, depending on the interest rate. Lakpati scheme offers attractive RD interest of 6.75% p.a. For general public and 7.25% for senior citizens.

The lakhpati scheme is designed to get guaranteed returns, with disciplined savings aimed to promote financial security and wealth creation. By investing small amounts regularly, account holders can accumulate a substantial maturity amount.

Read on to know more about Har Ghar Lakhpati Scheme details, eligibility, returns, deposit period, deposit amount & more!

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Table of Contents:

SBI Har Ghar Lakhpati Scheme Details

The SBI Har Ghar Lakhpati Recurring Deposit Scheme is a customized savings plan designed to help individuals accumulate ₹1 lakh or more through small monthly deposits. Below are the key highlights of the scheme:

Feature Details
Deposit Type Recurring Deposit (RD)
Purpose Helps individuals become Lakhpati by saving small amounts monthly.
Eligibility Open to all resident individuals, including minors (10+ years).
Deposit Tenure 3 to 10 years
Minimum Monthly Deposit Starts from ₹593

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SBI Lakhpati Scheme Details

The following points are the key terms and conditions associated with the SBI Lakhpati Scheme to ensure clarity and understanding for prospective participants.

  1. Eligibility:
    • Available to all resident individuals.
    • Accounts can be opened singly or jointly.
    • Minors above 10 years can open an account with a guardian or independently if they can sign.
  2. Tenure Options:
    • Flexible tenures ranging from 3 to 10 years for ₹1 lakh maturity amount.
  3. Interest Rates:
    • Up to 6.75% per annum for general customers.
    • Up to 7.25% p.a. for senior citizens
    • Up to 7.75% p.a. for SBI staff
    • Up to 8.25% p.a. for senior SBI staff
  4. Monthly Deposit Amount:
    • Minimum monthly deposit starts from ₹593 for general public.
    • Minimum deposit of ₹ 576 for senior citizens.
  5. Penalties:
    • Premature Withdrawal:
      • 0.50% penalty on amounts less than ₹5 lakh.
      • 1% penalty on amounts greater than ₹5 lakh.
    • Late Payment of Installments:
      • ₹1.50 per ₹100/month for tenures of 5 years or less.
      • ₹2 per ₹100/month for tenures beyond 5 years.
  6. Advance payment of instalment

    7. There will be no change in the maturity amount if the monthly installment is paid in advance.

  7. Missed Payments:
    • If 6 consecutive payments are missed, the account will be closed prematurely, and the balance transferred to the linked SBI savings account.
  8. Account Closure:
    • Premature closure is allowed, subject to applicable penalties and reduced interest.
  9. Account Opening:
    • Can be opened at any SBI branch or through online banking services.
  10. Nomination Facility:
    • A nomination facility is available to ensure the transfer of funds to the nominee in case of unforeseen events.
  11. Amendments:
    • SBI reserves the right to change the terms and conditions at its discretion.

SBI Har Ghar Lakhpati Scheme Interest Rate

The SBI Har Ghar Lakhpati Scheme provides competitive interest rates aimed at helping you grow your savings effectively.

Har Ghar Lakhpati Interest Rate for General Public

Details Interest Rate (p.a)
3 Years 6.75%
4 Years 6.75%
5 Years 6.50%
6 Years 6.50%
7 Years 6.50%

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Har Ghar Lakhpati Interest Rate for Senior Citizen

Details Interest Rate (p.a)
3 Years 7.25%
4 Years 7.25%
5 Years 7.00%
6 Years 7.00%
7 Years 7.00%

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Har Ghar Lakhpati Interest Rate for SBI Staff

Details Interest Rate (p.a)
3 Years 7.75%
4 Years 7.75%
5 Years 7.50%
6 Years 7.50%
7 Years 7.50%

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Har Ghar Lakhpati Interest Rate for SBI Staff Senior Citizen

Details Interest Rate (p.a)
3 Years 8.25%
4 Years 8.25%
5 Years 8.00%
6 Years 8.00%
7 Years 8.00%

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Note: These interest rates listed are subject to change, please clarify with the bank for the most current rates.

SBI Har Ghar Lakhpati Scheme Calculator

The SBI Har Ghar Lakhpati Scheme is a type of Recurring Deposit (RD) offered by the State Bank of India (SBI). With the SBI Har Ghar Lakhpati Scheme Calculator, you can easily check how much your savings will grow. Simply enter the monthly deposit amount, tenure, and interest rate.

The calculator will show your total investment, the interest earned, and the final maturity amount. This tool helps you make clear, informed decisions about your savings.

₹
%
0 15
RD Maturity Date :  
Total Invested Amount :  ₹1,000
Total Interest Earned :  ₹532
Total Maturity Amount :  ₹12,532

SBI Har Ghar Lakhpati RD Scheme Eligibility

Here are some of the eligibility criteria for the scheme :

  1. Indian Residents:
    • Any Indian resident can open an account under this scheme.
  2. Non-Resident Indians (NRIs):
    • NRIs with proper documents can also invest in this scheme.
  3. Minors:
    • Minors aged 10 or above can have an account, managed by their parents or guardians.
  4. Senior Citizens:
    • Senior citizens enjoy higher interest rates, making it a great option for retirees.

This scheme is open to everyone, offering a simple and secure way to save for the future.

SBI Har Ghar Lakhpati RD Scheme Deposit & Maturity Amount

To accumulate ₹1 lakh under the SBI Har Ghar Lakhpati RD Scheme, the required monthly deposit varies based on the tenure and customer category. Below are the investment amounts needed for General Public, Senior Citizens, Staff, and Staff Senior Citizens.

Here are four separate tables showing the RD Monthly Investment Amount required to accumulate a maturity amount of ₹1 lakh under the SBI Har Ghar Lakhpati RD Scheme for different categories.

Har Ghar Lakhpati Deposit Amount for General Public

Period (Years) Monthly Deposit (₹)
3 ₹2,502
4 ₹1,812
5 ₹1,409

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Har Ghar Lakhpati Deposit Amount for Senior Citizen

Period (Years) Monthly Deposit (₹)
3 ₹2,482
4 ₹1,793
5 ₹1,391

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Har Ghar Lakhpati Deposit Amount for Staff

Period (Years) Monthly Deposit (₹)
3 ₹2,463
4 ₹1,775
5 ₹1,373

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Har Ghar Lakhpati Deposit Amount for Staff Senior Citizen

Period (Years) Monthly Deposit (₹)
3 ₹2,444
4 ₹1,756
5 ₹1,355

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Features & Benefits of SBI Har Ghar Lakhpati Scheme

Here are some of the features and benefits of the SBI Har Ghar Lakhpati Scheme:

Features of SBI Har Ghar Lakhpati Scheme

  1. Regular Savings: Deposit a fixed amount every month to build a corpus over time.
  2. Flexible Tenure: Choose a tenure between 10 to 15 years based on your financial goals.
  3. Attractive Interest Rates: Earn interest rates depending on the tenure.
  4. Guaranteed Returns: Secure and predictable returns on your savings, backed by SBI.
  5. Low Monthly Contribution: Start with a minimum deposit of ₹1,000 per month.
  6. Easy Account Management: Track your savings through SBI’s online and mobile banking platforms.
  7. Premature Withdrawal Facility: Withdraw funds early, subject to applicable terms and conditions.
  8. Nomination Facility: Nominate a beneficiary to ensure smooth fund transfer.

Benefits of SBI Har Ghar Lakhpati Scheme

  1. Financial Security: Helps you accumulate a large corpus, such as ₹10 lakh or more, for future needs like education, marriage, or retirement.
  2. Systematic Savings: Encourages disciplined savings over a long period.
  3. Compound Growth: Benefit from compound interest, which accelerates your wealth-building.
  4. Risk-Free Investment: Your savings are secure with SBI, India’s most trusted bank.
  5. Customizable Savings: Choose the deposit amount and tenure that suit your goals.
  6. Ease of Access: Open and manage the account conveniently at any SBI branch or online.

This scheme is perfect for individuals seeking a safe and structured way to achieve long-term financial goals.

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SBI Har Ghar Lakhpati RD Scheme Calculation

The SBI Har Ghar Lakhpati Scheme is a type of Recurring Deposit (RD) offered by the State Bank of India (SBI). The maturity amount is calculated using the standard RD formula:

A = P { (1 + r/n)^(nt) }

Where:

  • A = Maturity amount the total amount you’ll receive at the end.
  • P = Monthly deposit amount.
  • r = RD interest rate (in decimal, e.g., 7% = 0.07).
  • n = Number of times interest is compounded in a year (usually 4 for quarterly compounding).
  • t = Total tenure in years.

This formula ensures that your regular monthly deposits grow over time, benefiting from compounding interest to give you a secure and predictable return. Let me know if you’d like an example calculation!

For Example:

Given Data:

  • Monthly Deposit (P): ₹2,502
  • Interest Rate (r): 6.5% = 0.065 (as a decimal)
  • Compounding Frequency (n): Quarterly (4 times a year)
  • Tenure (t): 10 years

Formula:

The formula for calculating the maturity amount for a recurring deposit is:

A=P * { (1+r/n​)n*t−1 }/ 1-​(1+r/n)-1/3​​ ​

Step-by-Step Calculation:

  1. Convert Annual Interest Rate to Quarterly Rate:

    2. r/n = 0.065/4= 0.01625

  2. Calculate the Total Number of Compounding Periods:

    3. n*t = 4 x 10 = 40

  3. Calculate the Compound Factor:

    4. 1+ r/n = 1 + 0.01625 = 1.01625

  4. Calculate the Maturity Formula Components:
    • Numerator:

      • (1.01625)^40 - 1 = 1.9055 - 1 = 0.9055

    • Denominator:

      • 1 - {(1.01625)^-⅓} = 1 - (0.9946) = 0.0054 (approx)

  5. Plug the Values into the Formula and calculating with compounding

    6. Final Maturity Amount: A= ₹4,22,808

SBI Lakhpati Scheme Vs Other RD scheme

The below shown table compares the SBI Lakhpati Scheme with other recurring deposit (RD) schemes to highlight the unique benefits and features of each scheme.

Feature SBI Har Ghar Lakhpati Scheme Other RD Schemes
Monthly Deposit Starts from ₹593 Typically starts from ₹100 or ₹500
Interest Rate 6.5% to 8% (based on tenure & category) 5% to 7% (varies by bank)
Tenure Options 3 to 10 years 6 months to 10 years
Maturity Amount ₹1 lakh & more as per the initial deposit, tenure & interest rate. Varies based on tenure and deposit amount
Compounding Frequency Quarterly Quarterly (most banks follow the same rule)

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Frequently Asked Questions

The SBI Har Ghar Lakhpati Deposit Scheme is a recurring deposit plan aimed at helping individuals accumulate ₹1 lakh over a specific tenure.

It is a recurring deposit scheme that helps depositors systematically save and become "lakhpati" with regular monthly deposits.

Any individual with an SBI account, including minors (through guardians), is eligible for this scheme.

The deposit period typically ranges between 5 and 10 years, depending on the chosen plan.

The scheme is designed to provide ₹1 lakh at maturity with consistent monthly deposits.

The interest rate ranges between 6% and 7% per annum, depending on the tenure and prevailing rates.

The maturity amount is ₹1 lakh, including the principal and interest accumulated over the tenure.

You can become a lakhpati in 60–120 months, depending on your monthly deposit and chosen tenure.

The minimum deposit amount typically starts from ₹1,000 per month, varying by tenure and conditions.

Interest earned is taxable under "Income from Other Sources," and TDS applies if interest exceeds ₹40,000 annually (₹50,000 for seniors).

No, the scheme is not tax-free; interest income is subject to tax.

There are no charges for regular deposits, but penalties may apply for missed or delayed payments.

Yes, it is a recurring deposit scheme.

A nominal penalty is charged for missed installments, which varies based on the missed amount and duration.

Yes, advance deposits for multiple months are allowed under this scheme.

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