SBI Har Ghar Lakhpati Scheme Calculator


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

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.

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Highlights of SBI Har Ghar Lakhpati RD Scheme

The table below shows the key features of the SBI Har Ghar Lakhpati RD Scheme:

Feature Details
Deposit Tenure 3 to 10 years (for ₹1 Lakh Maturity)
Eligibility Open to all resident individuals, including minors (10+ years) with a guardian.
Maturity Amount ₹1 lakh or more, based on monthly deposits and tenure.
Premature Closure 0.50% penalty for amounts up to ₹5 lakh, 1% penalty for amounts above ₹5 lakh.
Late Installment Penalty ₹1.50 per ₹100/month (≤ 5 years), ₹2.00 per ₹100/month (> 5 years).
TDS is applicable as per Income Tax rules.

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Table of Contents:

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Har Ghar Lakhpati Scheme Interest Rate & Maturity Amount

Here are the interest rates and maturity amount associated with the SBI new scheme which is the SBI Har Ghar Lakhpati scheme

  1. Har Ghar Lakhpati Scheme Interest Rate for General Public
    2. Years Monthly Deposit (₹) Interest Rate (%)
    3 Years 2,502 6.75%
    4 Years 1,812 6.75%
    5 Years 1,409 6.50%
    6 Years 1,135 6.50%
    7 Years 940 6.50%

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  2. Har Ghar Lakhpati Scheme Interest Rate for Senior Citizen
    3. Years Monthly Deposit (₹) Interest Rate (%)
    3 Years 2,482 7.25%
    4 Years 1,793 7.25%
    5 Years 1,391 7.00%
    6 Years 1,117 7.00%
    7 Years 923 7.00%

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  3. Har Ghar Lakhpati Scheme Interest Rate for Staff
    4. Years Monthly Deposit (₹) Interest Rate (%)
    3 Years 2,463 7.75%
    4 Years 1,775 7.75%
    5 Years 1,373 7.50%
    6 Years 1,100 7.50%
    7 Years 906 7.50%

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  4. Har Ghar Lakhpati Scheme Interest Rate for Staff Senior Citizen
    5. Years Monthly Deposit (₹) Interest Rate (%)
    3 Years 2,444 8.25%
    4 Years 1,756 8.25%
    5 Years 1,355 8.00%
    6 Years 1,082 8.00%
    7 Years 889 8.00%

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Step to Use SBI Har Ghar Lakpati Scheme Calculator

Here are the simple steps to calculate your Har Ghar Lakpati Scheme deposit, maturity and interest amount:

Step 1: Open the SBI Har Ghar Lakpati Scheme Calculator page.

Step 2: Choose from the ‘Regular Citizen’, ‘Senior Citizen’, ‘Staff’ or ‘Senior Staff’ category

Step 3: Enter the deposit period from 3 to 10 years for a maturity amount of ₹1 lakh.

Then, the respective interest rate will be displayed and the ‘Monthly Deposit Amount’ will be displayed.

You will also be able to check the scheme maturity date, total principal amount, interest amount, and maturity amount instantly.

SBI Har Ghar Lakhpati Scheme Calculation

SBI Har Ghar Lakhpati is indeed a type of Recurring Deposit (RD) scheme offered by the State Bank of India (SBI) so the calculation will be the same as the RD calculation.

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

Where,

M = Maturity Amount

P = Monthly deposit

r = Annual interest rate (in decimal, e.g., 6% = 0.06)

n = Number of times interest is compounded per year (usually 4 for quarterly compounding)

t = Total number of years

For Example:

Given Data:

  • Monthly Deposit (P): ₹2,502
  • Interest Rate (r): 6.50% = 0.065
  • Compounding Frequency (n): 4 (quarterly)
  • Tenure (t): 10 years

Step-by-Step Calculation (Simplified):

Formula:

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

M=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: M = ₹4,22,808

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Steps to Invest SBI Har Ghar Lakhpati Scheme

Here's a more detailed guide on how to invest in the SBI Har Ghar Lakhpati RD Scheme:

1.Offline method:

Step 1:Visit your nearest State Bank of India (SBI) branch.

Step 2:Request an application form from the bank staff for the Har Ghar Lakhpati RD scheme.

Step 3:Carefully fill out the application form with all the required details. This may include:

  • Your personal information (name, address, contact details)
  • The desired monthly deposit amount
  • The chosen tenure for the deposit (3 to 10 years)
  • Your nominee details (in case of unforeseen circumstances)

Step 4:Submit the completed application form to the bank staff.

Step 5:Make the initial deposit as per the specified amount and frequency. This is usually the first monthly installment.

Online (for existing SBI customers):

Step 1:Log in to your internet banking account or use the SBI mobile app YONO.

Step 2:Search for the "Har Ghar Lakhpati" scheme or a similar option under "Deposits" or "Investments".

Step 3:Click on the "Apply Now" or "Open Account" button.

Step 4:Fill out the online application form with the required information.

Step 5:Upload any necessary documents (like scanned copies of your ID and address proof).

Step 6:Review the application details carefully and submit it.

Step 7:Make the initial deposit online through net banking, UPI, or other available options.

Frequently Asked Questions

The Lakhpati Deposit Scheme is an RD scheme that helps individuals accumulate ₹1 lakh over a set period through systematic deposits.

They can be lower depending on the tenure, with the actual minimum monthly deposit required being ₹593 for a 10-year tenure

To accumulate ₹1 lakh in one year, you would need to invest approximately ₹8,300 monthly in high-return savings schemes.

You can accumulate ₹1 lakh or more, depending on your deposit amount, tenure, and interest rate.

The typical tenure ranges from 5 to 10 years, depending on the specific plan.

With consistent deposits, you can achieve ₹1 lakh in 5–7 years, depending on the interest rate.

The interest rate is 6.5%, varying based on tenure and market conditions.

The minimum deposit amount typically starts at ₹593 per month or as per the scheme's guidelines.

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