If you want to build a savings fund without taking any investment risk, SBI has introduced a new option for you.
The country’s largest public sector bank has launched the Har Ghar Lakhpati Scheme, a special recurring deposit (RD) plan that helps customers save ₹1 lakh or more through fixed monthly deposits.
The scheme is designed for small and middle-income families who want to grow their savings in a safe and disciplined way.
What is the SBI Har Ghar Lakhpati Scheme?
The Har Ghar Lakhpati Scheme is a goal-based recurring deposit (RD) offered by SBI. Customers deposit a fixed amount every month for a selected period,
and receive a lump sum of ₹1 lakh or even ₹2 lakh or ₹3 lakh on maturity, depending on the target they choose.
Since it is an SBI deposit scheme, the investment is considered safe and comes with fixed interest rates.
How Much Do You Need to Invest?
You can choose a deposit period between 3 years and 10 years. The monthly installment depends on the tenure you select and the savings goal you want to achieve.
The exact monthly deposit amount may change slightly whenever SBI revises its RD interest rates.
Interest Rates and Senior Citizen Benefits
The scheme offers the same interest rates as SBI’s regular recurring deposits, with interest calculated and compounded every quarter.
General customers: 6.50% to 6.75% per year (depending on tenure)
Senior citizens: Get an additional 0.50% interest, allowing them to reach their savings goal with slightly lower monthly deposits.
How to Open an SBI Har Ghar Lakhpati Account
Opening the account is simple and can be done online or offline.
Online: Existing SBI customers can open the account through the SBI YONO App or Net Banking by visiting Deposits > e-RD > Har Ghar Lakhpati.
Offline: Visit your nearest SBI branch and fill out the application form.
Documents required:
PAN Card
Aadhaar Card
Passport-size photograph
SBI Savings Account
Loan Facility and Other Rules
One of the key benefits of the scheme is that customers can avail a loan or overdraft of up to 90% of the deposit amount if needed.
If you miss a monthly installment, SBI will charge a small penalty. Repeated missed payments may lead to account closure.
TDS Rules
TDS will apply if the total interest earned in a financial year exceeds:
₹40,000 for general customers
₹50,000 for senior citizens
