State Bank of India has launched a New RD scheme called Har Ghar Lakhpati. The scheme aims to help Indian households become Lakhpati with systematic savings every month. The scheme will help you save ₹1Lkah starting with a minimum deposit of ₹593 per month. Depending on your monthly investment, you can save ₹1 lakh in 3 years.
Har Ghar Lakhpati, SBI’s New RD scheme, offers an interest rate of 6.75% p.a. for regular citizens and 7.25% for senior citizens. To become a Lakhpati, you can choose from various deposit amounts at different interest rates and deposit periods. Read on to learn more!
| The SBI Har Ghar Lakhpati RD is a savings plan where you deposit a fixed amount monthly for 3-10 years. You earn interest on your deposits, and at the end, you receive a lump sum, helping you achieve financial goals. |
SBI New RD Scheme Interest Rates
The interest rate will vary depending on your eligibility & deposit period. Let’s go through the SBI New RD – Har Ghar Lakhpati scheme interest rate from below:
| Period (Years) | General Public | Senior Citizens | Staff | Staff Senior |
| 3 | 6.75% | 7.25% | 7.75% | 8.25% |
| 4 | 6.75% | 7.25% | 7.75% | 8.25% |
| 5 | 6.50% | 7.00% | 7.50% | 8.00% |
| 6 | 6.50% | 7.00% | 7.50% | 8.00% |
| 7 | 6.50% | 7.00% | 7.50% | 8.00% |
| 8 | 6.50% | 7.00% | 7.50% | 8.00% |
| 9 | 6.50% | 7.00% | 7.50% | 8.00% |
| 10 | 6.50% | 7.00% | 7.50% | 8.00% |
The scheme, introduced by the State Bank of India (SBI), empowers individuals to achieve their financial aspirations without taking risks. With flexible tenure options, attractive interest rates, and secure returns, it’s a perfect savings tool for those looking to grow their wealth steadily.
Investing a small amount every month can accumulate a significant sum over time, making it ideal for short-term and long-term financial planning. Let’s explore how this scheme can help you achieve your financial goals.
SBI New RD Scheme Monthly Deposit Amount
To become a “Lakpati” (accumulate ₹1,00,000), your monthly investment and tenure will vary based on the interest rates applicable. Here’s how much you need to invest depending on your chosen tenure:
Har Ghar Lakhpati Monthly Deposit For General Citizens
| Tenure | Interest Rate | Monthly Investment (₹) | Maturity Amount (₹) |
| 3 Years | 6.75% | 2,502 | 1,00,000 |
| 4 Years | 6.75% | 1,812 | 1,00,000 |
| 5 Years | 6.50% | 1,409 | 1,00,000 |
| 6 Years | 6.50% | 1,135 | 1,00,000 |
| 7 Years | 6.50% | 940 | 1,00,000 |
| 8 Years | 6.50% | 795 | 1,00,000 |
| 9 Years | 6.50% | 682 | 1,00,000 |
| 10 Years | 6.50% | 593 | 1,00,000 |
Har Ghar Lakhpati Monthly Deposit For Senior Citizens
| Tenure | Interest Rate | Monthly Investment (₹) | Maturity Amount (₹) |
| 3 Years | 7.25% | 2,482 | 1,00,000 |
| 4 Years | 7.25% | 1,793 | 1,00,000 |
| 5 Years | 7.00% | 1,391 | 1,00,000 |
| 6 Years | 7.00% | 1,117 | 1,00,000 |
| 7 Years | 7.00% | 923 | 1,00,000 |
| 8 Years | 7.00% | 778 | 1,00,000 |
| 9 Years | 7.00% | 665 | 1,00,000 |
| 10 Years | 7.00% | 576 | 1,00,000 |
These figures demonstrate how the scheme allows for gradual and disciplined savings to reach your ₹1,00,000 target.
| Customers can earn 6.80% interest, increasing to 7% for tenures over two years, with rates ranging from 6.75% to 6.5% for longer terms. |
Calculate your RD rates quickly – use an online RD Calulator
Benefits of SBI New RD Scheme
Explore the key advantages of the SBI Har Ghar Lakpati RD Scheme that can help you effectively grow your savings.
1. Systematic Savings
Disciplined savings through regular monthly installments make building a substantial corpus easier over time.
2. Secure Returns
With a fixed interest rate, the scheme offers assured returns, eliminating the risks associated with market fluctuations.
3. Goal-Oriented Investment
Ideal for various financial goals, including higher education, marriage, travel, or home improvement projects.
4. Flexible Investment Options
Tenure ranges from 3 to 10 years, allowing you to choose a plan that aligns with your financial objectives.
5. Inclusive for All
The scheme is accessible to all individuals, including senior citizens and minors, ensuring widespread benefits.
6. Affordable for Every Budget
Monthly investments can be as low as ₹1,000, ensuring affordability for individuals across different income groups.
Besides the Har Ghar Lakhpati RD scheme, you can also check SBI RD Interest Rates to compare other RD schemes offered by SBI.
Features of SBI New RD Scheme
The SBI Har Ghar Lakpati RD Scheme stands out for its flexible and goal-oriented features, designed to meet the needs of a diverse range of investors. Here are its key features:
1. Recurring Deposit Structure
- Save a fixed amount every month for a specified tenure to accumulate a significant corpus.
- Suitable for individuals who prefer regular, systematic savings.
2. Flexible Tenure Options
Choose a tenure between 1 to 10 years based on your financial goals and timeline.
3. Competitive Interest Rates
- Earn interest rates comparable to SBI’s fixed deposit rates, ensuring your savings grow effectively.
- Senior citizens benefit from an additional interest rate of 50%, making it even more attractive for retirees.
4. Affordable Monthly Contributions
Start with a minimum deposit of ₹1,000 per month, making it accessible for everyone.
5. Premature Withdrawal Facility
Withdraw funds before maturity in case of emergencies (subject to applicable penalties).
6. Nomination Facility
Add a nominee to ensure the maturity amount is transferred in case of unforeseen circumstances.
| The penalty for RD tenures over five years is Rs 2.00 for every Rs 100 per month. |
SBI New RD Lakhpati Scheme Eligibility Criteria
The SBI Har Ghar Lakhpati RD Scheme is inclusive and caters to a wide range of investors. Here’s who can invest:
1. Indian Residents
All Indian residents are eligible to open an account under this scheme.
2. Non-Resident Indians (NRIs)
NRIs with valid documentation can also avail of this scheme.
3. Minors
Accounts can be opened for minors aged 10 years or above under the guardianship of parents.
4. Senior Citizens
Senior citizens benefit from additional interest rates, making the scheme especially appealing for retirees.
| If you withdraw money before maturity, a penalty of 0.50% will apply if the amount is less than Rs 5 lakh, and a penalty of 1% will apply if the amount is more than Rs 5 lakh. |
Read More: Recurring Deposits
Har Ghar Lakhpati Application Process
Investing in the SBI Har Ghar Lakhpati RD Scheme is a simple process. Here’s a step-by-step guide:
1. Offline Application
1: Request the application form from the nearest SBI branch
2: Fill out the application form with all the required details
3: Submit the application form to the bank staff
4: make the initial deposit as per the account requirements.
2. Online Application (For SBI Customers)
1: Visit the SBI website or through the mobile app.
2: Log in to the account or make the registration for a new account
3: Search for the option “ Har Ghar Lakhpati scheme”
4: You will get a form, fill out the form with the correct information.
5: Scan and upload the documents
6: After filling out the form, make the initial payment through online banking.
Documents Required for SBI’s New RD Scheme
1. Identity Proof:
- – Aadhar card
- – Passport
- – Voter ID
- – Driving license
2. Address Proof:
- – Utility bill (electricity, water, etc.)
- – Rental agreement
- – Bank statement
3. Photographs:
Recent passport-sized photographs (usually 2-3).
4. Age Proof (for minors):
- – Birth certificate
- – School certificate
5. Parent/Guardian Documents (for minors):
Identity and address proof of the parent or legal guardian if the minor opens the account with them.
Har Ghar Lakhpati Scheme Terms & Conditions
Before investing, it’s crucial to understand the terms and conditions associated with the scheme:
1. Deposit Amount
- Monthly contributions must remain consistent throughout the tenure.
2. Premature Withdrawal
Withdrawals before maturity are allowed but attract nominal penalties which will be 0.5% of the amount withdrawn.
3. Default in Installments
Missing an installment may result in penalties or closure of the RD account.
4. Interest Rates and Changes
Interest rates are subject to SBI’s policies and may vary over time.
5. TDS Applicability
Interest earned is taxable as per the depositor’s income tax slab, and TDS applies if it exceeds the specified limit.
6. Loan Facility
Loans up to 90% of the deposit amount can be availed, with timely repayments required to avoid penalties.
Read More: Types of Recurring Deposit
Conclusion
The SBI Har Ghar Lakhpati RD Scheme is more than just a savings plan—it’s a gateway to financial discipline and future stability. Whether you’re saving for education, a family vacation, or simply building a financial safety net, this scheme offers a secure and systematic way to achieve your goals.
With flexible tenures, affordable monthly deposits, and competitive interest rates, the scheme is accessible to individuals from all walks of life. Start your journey to becoming a Lakhpati today with SBI and turn your small savings into a substantial corpus.
Remember, the key to wealth-building lies in consistent and disciplined savings!
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Frequently Asked Questions
Q. What is the SBI Har Ghar Lakhpati RD Scheme?
A. It’s a recurring deposit scheme by the State Bank of India that helps individuals save systematically to build a corpus of ₹1 lakh or more over a chosen tenure.
Q. What is the minimum monthly deposit required under this scheme?
A. The minimum deposit is ₹1,000 per month, making it affordable for everyone.
Q. What is the tenure range for the SBI Har Ghar Lakhpati RD Scheme?
A. The tenure options range from 3 years to 10 years, allowing flexibility to choose based on your financial goals.
Q. How much do I need to invest monthly to save ₹1 lakh?
A. For general citizens, investing ₹2,500 per month for 3 years at 6.75% interest will yield ₹1 lakh at maturity.
Q. What is the interest rate offered under this scheme?
A. The interest rate is comparable to SBI fixed deposits and varies based on tenure. Senior citizens receive an additional 0.50% interest.
Q. Can I withdraw my money before maturity?
A. Yes, premature withdrawals are allowed but attract a nominal penalty and may have reduced interest rates.
Q. Can I take a loan against the RD account?
A. Yes, you can avail of a loan of up to 90% of the deposit amount to meet urgent financial needs.
Q. Are there any penalties for missed installments?
A. Yes, defaulting on monthly installments may lead to penalties or even closure of the RD account.
Q. Are the returns on this scheme taxable?
A. Yes, the interest earned is taxable as per your income tax slab, and TDS applies if it exceeds the specified limit.
Q. How can I open an account under this scheme?
A. You can open an account by visiting the nearest SBI branch or through SBI Net Banking or the YONO SBI app if you’re an existing SBI customer.
