SBI Cuts Interest Rate on This Special RD Scheme

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.

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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,

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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.

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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.

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