SBI Har Ghar Lakhpati Scheme: India’s largest public sector bank, State Bank of India (SBI), runs a special Recurring Deposit (RD) scheme called the Har Ghar Lakhpati plan.
It’s designed to help people become lakhpatis (millionaires in rupees) by saving small amounts every month.
However, SBI has now reduced the interest rate by 0.20%, meaning investors will now need to increase their monthly contribution slightly to reach ₹1,00,000 at maturity.
1/6 — What Is the SBI Har Ghar Lakhpati Scheme?
This is a Recurring Deposit (RD) scheme where you can invest monthly for a period between 3 years and 10 years. The aim is to help customers build a savings of ₹1 lakh on maturity.
For a 10-year tenure, a general customer had to invest around ₹610 per month,
Senior citizens only needed to invest ₹600 per month earlier.
Now, due to the interest rate cut, these monthly amounts will be slightly higher.
2/6 — Who Can Open an Account?
Any Indian citizen is eligible to invest in this scheme.
Accounts can be opened individually or jointly.
Minors above 10 years of age (who can sign) can open an account on their own or with a parent/legal guardian.
3/6 — Tenure Options: 3 to 10 Years
Investors can choose a deposit period ranging from 3 years to 10 years, depending on their comfort.
Based on your selected tenure, the monthly RD installment is calculated so that you receive ₹1,00,000 on maturity.
4/6 — How Much Monthly Installment for Different Tenures?
Here’s an example (based on previous rates — may vary slightly now due to rate cut):
10 years: ₹610 per month (general), ₹600 (senior citizen)
9 years: ~₹685 per month
8 years: ~₹775 per month
7 years: ~₹880 per month
6 years: ~₹1,000 per month
5 years: ~₹1,175 per month
Due to the 0.20% interest rate cut, these amounts will increase slightly. A new updated installment chart will be available at your nearest SBI branch or on the official website.
5/6 — What Is the Interest Rate?
SBI offers different interest rates depending on the RD tenure and the customer category:
Earlier, the interest was around 6.50% to 7.50%
Now, after a 0.20% cut, the interest is reduced accordingly
Senior citizens usually get a 0.50% higher rate than regular customers
These changes will affect how much monthly investment is needed to reach ₹1 lakh in different tenures.
6/6 — Important Rules to Keep in Mind
If you miss 6 consecutive installments, your RD account may be closed automatically.
The remaining balance will be transferred to your linked savings account.
You can prematurely close the RD, but you may receive a lower interest rate than the agreed one.
