SBI Har Ghar Lakhpati Scheme explained: How it works, eligibility and more

SBI Har Ghar Lakhpati Scheme explained: How it works, eligibility and more


Looking to build a corpus of ₹1 lakh without making a large one-time investment? The State Bank of India (SBI) has introduced the ‘Har Ghar Lakhpati’ scheme, a recurring deposit (RD) product that allows customers to accumulate ₹1 lakh or more by depositing a fixed amount every month.

The scheme is designed to help people save regularly and is available to resident individuals, including minors and senior citizens. Here’s everything you need to know.

What is the SBI Har Ghar Lakhpati Scheme?

Har Ghar Lakhpati is a special Recurring Deposit (RD) scheme offered by SBI. Under the scheme, customers make fixed monthly deposits for a chosen tenure and receive the maturity amount, along with interest, at the end of the term.

Unlike a regular RD, the monthly instalment is calculated based on the target maturity amount. Customers can choose a maturity value of ₹1 lakh or its multiples, depending on their savings goal.

What is a Recurring Deposit (RD)?

A Recurring Deposit (RD) is a savings scheme in which customers deposit a fixed amount every month for a fixed period. The bank pays interest on the deposits, and the accumulated amount is paid at maturity.

The Har Ghar Lakhpati scheme follows the same model but is designed to help customers achieve a predetermined savings target.

Who can open the account?

The scheme is open to all resident individuals. Accounts can be opened individually or jointly. Minors above 10 years of age who can sign independently are also eligible to open an account, while younger minors can do so through their parents or legal guardians.

Tenure and maturity

Customers can choose a deposit period ranging from three to 10 years. The scheme offers a minimum maturity amount of ₹1 lakh, while customers can also opt for higher targets such as ₹2 lakh, ₹3 lakh or more by selecting the corresponding monthly instalment.

How much do you need to invest?

The monthly deposit depends on the tenure selected. For a target maturity amount of ₹1 lakh, SBI has prescribed the following indicative monthly instalments for general customers:

Tenure Monthly deposit
3 years ₹2,510
4 years ₹1,820
5 years ₹1,420
6 years ₹1,150
7 years ₹960
8 years ₹810
9 years ₹700
10 years ₹610

Interest rates

According to SBI, the scheme currently offers the following interest rates:

Category 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years
General Public 6.55% 6.55% 6.30% 6.30% 6.30% 6.30% 6.30% 6.30%
Senior Citizen 7.05% 7.05% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80%
Staff 7.55% 7.55% 7.30% 7.30% 7.30% 7.30% 7.30% 7.30%
Staff Senior Citizen 8.05% 8.05% 7.80% 7.80% 7.80% 7.80% 7.80% 7.80%

Premature withdrawal rules

The scheme allows premature closure of the account, subject to applicable penalties. For deposits with a principal amount of up to ₹5 lakh, a penalty of 0.50% is charged across all tenures. For deposits above ₹5 lakh, the penalty is 1%. In such cases, the applicable interest rate will be 0.50% or 1% lower than the rate applicable at the time of opening the deposit for the period it remained with the bank, or 0.50% or 1% lower than the contracted rate, whichever is lower. However, no interest will be paid if the deposit has remained with the bank for less than seven days.



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