The State Bank of India (SBI) has introduced the “Har Ghar Lakhpati” recurring deposit (RD) scheme, aimed at helping individuals accumulate a corpus of ₹1 lakh or more through systematic monthly savings. This initiative is designed to foster a disciplined savings habit among citizens, enabling them to achieve significant financial milestones with ease.
Under this scheme, investors can choose tenures ranging from 3 to 10 years, with interest rates varying based on the selected duration. For instance, as of January 2025, SBI offers a maximum interest rate of 6.75% for tenures of 3 and 4 years, while other tenures attract an interest rate of 6.50%. Senior citizens benefit from slightly higher rates, receiving an additional 0.50% over the standard rates.
To accumulate ₹1 lakh by the end of the RD term, regular citizens need to invest approximately ₹2,500 per month for 3 years at an interest rate of 6.75%. Alternatively, a monthly investment of ₹1,810 for 4 years or ₹1,407 for 5 years can achieve the same goal. Senior citizens can reach ₹1 lakh by investing ₹2,480 monthly for 3 years at an interest rate of 7.25%, or ₹1,389 monthly for 5 years at 7%.
The scheme is open to all resident individuals, including minors with guardians. Accounts can be opened singly or jointly, providing flexibility to cater to different investor needs. It’s important to note that missing six consecutive monthly installments may lead to the premature closure of the account, with the accumulated amount transferred to the linked savings account.
In summary, SBI’s “Har Ghar Lakhpati” RD scheme offers a structured and reliable avenue for individuals seeking to build a substantial savings corpus through manageable monthly contributions. By providing attractive interest rates and flexible tenures, this scheme serves as an effective tool for financial planning and achieving long-term monetary goals.
