The SBI Har Ghar Lakhpati Scheme is a simple RD savings plan that helps you grow your money over time. By saving just ₹593 every month, you can get over ₹1 lakh at the end of 10 years, depending on the interest rate. Lakpati scheme offers attractive RD interest of 6.75% p.a. For general public and 7.25% for senior citizens.
The lakhpati scheme is designed to get guaranteed returns, with disciplined savings aimed to promote financial security and wealth creation. By investing small amounts regularly, account holders can accumulate a substantial maturity amount.
Read on to know more about Har Ghar Lakhpati Scheme details, eligibility, returns, deposit period, deposit amount & more!
SBI Har Ghar Lakhpati Scheme Details
The SBI Har Ghar Lakhpati Recurring Deposit Scheme is a customized savings plan designed to help individuals accumulate ₹1 lakh or more through small monthly deposits. Below are the key highlights of the scheme:
| Feature | Details |
|---|---|
| Deposit Type | Recurring Deposit (RD) |
| Purpose | Helps individuals become Lakhpati by saving small amounts monthly. |
| Eligibility | Open to all resident individuals, including minors (10+ years). |
| Deposit Tenure | 3 to 10 years |
| Minimum Monthly Deposit | Starts from ₹593 |
| Maturity Amount | ₹1 lakh or more, based on deposit and tenure. |
| Premature Closure | 0.50% penalty for deposits up to ₹5 lakh, 1% penalty for amounts above ₹5 lakh. |
| Late Installment Penalty | ₹1.50 per ₹100/month (≤ 5 years), ₹2.00 per ₹100/month (> 5 years). |
| Account Closure Due to Default | If six consecutive installments are missed, the account is automatically closed. |
| Tax Deduction at Source (TDS) | Applicable as per Income Tax rules. |
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SBI Lakhpati Scheme Details
The following points are the key terms and conditions associated with the SBI Lakhpati Scheme to ensure clarity and understanding for prospective participants.
- Eligibility:
- Available to all resident individuals.
- Accounts can be opened singly or jointly.
- Minors above 10 years can open an account with a guardian or independently if they can sign.
- Tenure Options:
- Flexible tenures ranging from 3 to 10 years for ₹1 lakh maturity amount.
- Interest Rates:
- Up to 6.75% per annum for general customers.
- Up to 7.25% p.a. for senior citizens
- Up to 7.75% p.a. for SBI staff
- Up to 8.25% p.a. for senior SBI staff
- Monthly Deposit Amount:
- Minimum monthly deposit starts from ₹593 for general public.
- Minimum deposit of ₹ 576 for senior citizens.
- Penalties:
- Premature Withdrawal:
- 0.50% penalty on amounts less than ₹5 lakh.
- 1% penalty on amounts greater than ₹5 lakh.
- Late Payment of Installments:
- ₹1.50 per ₹100/month for tenures of 5 years or less.
- ₹2 per ₹100/month for tenures beyond 5 years.
- Premature Withdrawal:
There will be no change in the maturity amount if the monthly installment is paid in advance.
- Missed Payments:
- If 6 consecutive payments are missed, the account will be closed prematurely, and the balance transferred to the linked SBI savings account.
- Account Closure:
- Premature closure is allowed, subject to applicable penalties and reduced interest.
- Account Opening:
- Can be opened at any SBI branch or through online banking services.
- Nomination Facility:
- A nomination facility is available to ensure the transfer of funds to the nominee in case of unforeseen events.
- Amendments:
- SBI reserves the right to change the terms and conditions at its discretion.
SBI Har Ghar Lakhpati Scheme Interest Rate
The SBI Har Ghar Lakhpati Scheme provides competitive interest rates aimed at helping you grow your savings effectively.
Har Ghar Lakhpati Interest Rate for General Public
| Details | Interest Rate (p.a) |
|---|---|
| 3 Years | 6.75% |
| 4 Years | 6.75% |
| 5 Years | 6.50% |
| 6 Years | 6.50% |
| 7 Years | 6.50% |
| 8 Years | 6.50% |
| 9 Years | 6.50% |
| 10 Years | 6.50% |
Har Ghar Lakhpati Interest Rate for Senior Citizen
| Details | Interest Rate (p.a) |
|---|---|
| 3 Years | 7.25% |
| 4 Years | 7.25% |
| 5 Years | 7.00% |
| 6 Years | 7.00% |
| 7 Years | 7.00% |
| 8 Years | 7.00% |
| 9 Years | 7.00% |
| 10 Years | 7.00% |
Har Ghar Lakhpati Interest Rate for SBI Staff
| Details | Interest Rate (p.a) |
|---|---|
| 3 Years | 7.75% |
| 4 Years | 7.75% |
| 5 Years | 7.50% |
| 6 Years | 7.50% |
| 7 Years | 7.50% |
| 8 Years | 7.50% |
| 9 Years | 7.50% |
| 10 Years | 7.50% |
Har Ghar Lakhpati Interest Rate for SBI Staff Senior Citizen
| Details | Interest Rate (p.a) |
|---|---|
| 3 Years | 8.25% |
| 4 Years | 8.25% |
| 5 Years | 8.00% |
| 6 Years | 8.00% |
| 7 Years | 8.00% |
| 8 Years | 8.00% |
| 9 Years | 8.00% |
| 10 Years | 8.00% |
Note: These interest rates listed are subject to change, please clarify with the bank for the most current rates.
SBI Har Ghar Lakhpati Scheme Calculator
The SBI Har Ghar Lakhpati Scheme is a type of Recurring Deposit (RD) offered by the State Bank of India (SBI). With the SBI Har Ghar Lakhpati Scheme Calculator, you can easily check how much your savings will grow. Simply enter the monthly deposit amount, tenure, and interest rate.
The calculator will show your total investment, the interest earned, and the final maturity amount. This tool helps you make clear, informed decisions about your savings.
SBI Har Ghar Lakhpati Calculator
SBI Har Ghar Lakhpati RD Scheme Eligibility
Here are some of the eligibility criteria for the scheme :
- Indian Residents:
- Any Indian resident can open an account under this scheme.
- Non-Resident Indians (NRIs):
- NRIs with proper documents can also invest in this scheme.
- Minors:
- Minors aged 10 or above can have an account, managed by their parents or guardians.
- Senior Citizens:
- Senior citizens enjoy higher interest rates, making it a great option for retirees.
This scheme is open to everyone, offering a simple and secure way to save for the future.
SBI Har Ghar Lakhpati RD Scheme Deposit & Maturity Amount
To accumulate ₹1 lakh under the SBI Har Ghar Lakhpati RD Scheme, the required monthly deposit varies based on the tenure and customer category. Below are the investment amounts needed for General Public, Senior Citizens, Staff, and Staff Senior Citizens.
Here are four separate tables showing the RD Monthly Investment Amount required to accumulate a maturity amount of ₹1 lakh under the SBI Har Ghar Lakhpati RD Scheme for different categories.
Har Ghar Lakhpati Deposit Amount for General Public
| Period (Years) | Monthly Deposit (₹) |
|---|---|
| 3 | ₹2,502 |
| 4 | ₹1,812 |
| 5 | ₹1,409 |
| 6 | ₹1,135 |
| 7 | ₹940 |
| 8 | ₹795 |
| 9 | ₹682 |
| 10 | ₹593 |
Har Ghar Lakhpati Deposit Amount for Senior Citizen
| Period (Years) | Monthly Deposit (₹) |
|---|---|
| 3 | ₹2,482 |
| 4 | ₹1,793 |
| 5 | ₹1,391 |
| 6 | ₹1,117 |
| 7 | ₹923 |
| 8 | ₹778 |
| 9 | ₹665 |
| 10 | ₹576 |
Har Ghar Lakhpati Deposit Amount for Staff
| Period (Years) | Monthly Deposit (₹) |
|---|---|
| 3 | ₹2,463 |
| 4 | ₹1,775 |
| 5 | ₹1,373 |
| 6 | ₹1,100 |
| 7 | ₹906 |
| 8 | ₹762 |
| 9 | ₹650 |
| 10 | ₹562 |
Har Ghar Lakhpati Deposit Amount for Staff Senior Citizen
| Period (Years) | Monthly Deposit (₹) |
|---|---|
| 3 | ₹2,444 |
| 4 | ₹1,756 |
| 5 | ₹1,355 |
| 6 | ₹1,082 |
| 7 | ₹889 |
| 8 | ₹745 |
| 9 | ₹634 |
| 10 | ₹546 |
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Features & Benefits of SBI Har Ghar Lakhpati Scheme
Here are some of the features and benefits of the SBI Har Ghar Lakhpati Scheme:
Features of SBI Har Ghar Lakhpati Scheme
- Regular Savings: Deposit a fixed amount every month to build a corpus over time.
- Flexible Tenure: Choose a tenure between 10 to 15 years based on your financial goals.
- Attractive Interest Rates: Earn interest rates depending on the tenure.
- Guaranteed Returns: Secure and predictable returns on your savings, backed by SBI.
- Low Monthly Contribution: Start with a minimum deposit of ₹1,000 per month.
- Easy Account Management: Track your savings through SBI’s online and mobile banking platforms.
- Premature Withdrawal Facility: Withdraw funds early, subject to applicable terms and conditions.
- Nomination Facility: Nominate a beneficiary to ensure smooth fund transfer.
Benefits of SBI Har Ghar Lakhpati Scheme
- Financial Security: Helps you accumulate a large corpus, such as ₹10 lakh or more, for future needs like education, marriage, or retirement.
- Systematic Savings: Encourages disciplined savings over a long period.
- Compound Growth: Benefit from compound interest, which accelerates your wealth-building.
- Risk-Free Investment: Your savings are secure with SBI, India’s most trusted bank.
- Customizable Savings: Choose the deposit amount and tenure that suit your goals.
- Ease of Access: Open and manage the account conveniently at any SBI branch or online.
This scheme is perfect for individuals seeking a safe and structured way to achieve long-term financial goals.
SBI Har Ghar Lakhpati RD Scheme Calculation
The SBI Har Ghar Lakhpati Scheme is a type of Recurring Deposit (RD) offered by the State Bank of India (SBI). The maturity amount is calculated using the standard RD formula:
A = P { (1 + r/n)^(nt) }
Where:
- A = Maturity amount the total amount you’ll receive at the end.
- P = Monthly deposit amount.
- r = RD interest rate (in decimal, e.g., 7% = 0.07).
- n = Number of times interest is compounded in a year (usually 4 for quarterly compounding).
- t = Total tenure in years.
This formula ensures that your regular monthly deposits grow over time, benefiting from compounding interest to give you a secure and predictable return. Let me know if you’d like an example calculation!
For Example:
Given Data:
- Monthly Deposit (P): ₹2,502
- Interest Rate (r): 6.5% = 0.065 (as a decimal)
- Compounding Frequency (n): Quarterly (4 times a year)
- Tenure (t): 10 years
Formula:
The formula for calculating the maturity amount for a recurring deposit is:
A=P * { (1+r/n)n*t−1 }/ 1-(1+r/n)-1/3
Step-by-Step Calculation:
- Convert Annual Interest Rate to Quarterly Rate: r/n = 0.065/4= 0.01625
- Calculate the Total Number of Compounding Periods: n*t = 4 x 10 = 40
- Calculate the Compound Factor: 1+ r/n = 1 + 0.01625 = 1.01625
- Calculate the Maturity Formula Components:
- Numerator: (1.01625)^40 – 1 = 1.9055 – 1 = 0.9055
- Denominator: 1 – {(1.01625)^-1/3} = 1 – (0.9946) = 0.0054 (approx)
- Plug the Values into the Formula and calculating with compounding: Final Maturity Amount: A= ₹4,22,808
SBI Lakhpati Scheme Vs Other RD scheme
The below shown table compares the SBI Lakhpati Scheme with other recurring deposit (RD) schemes to highlight the unique benefits and features of each scheme.
| Feature | SBI Har Ghar Lakhpati Scheme | Other RD Schemes |
|---|---|---|
| Monthly Deposit | Starts from ₹593 | Typically starts from ₹100 or ₹500 |
| Interest Rate | 6.5% to 8% (based on tenure & category) | 5% to 7% (varies by bank) |
| Tenure Options | 3 to 10 years | 6 months to 10 years |
| Maturity Amount | ₹1 lakh & more as per the initial deposit, tenure & interest rate. | Varies based on tenure and deposit amount |
| Compounding Frequency | Quarterly | Quarterly (most banks follow the same rule) |
| Special Benefits | Trusted SBI legacy and flexible tenure | Varies; may include slightly lower interest rates |
| Eligibility | Open to residents, NRIs, minors, and seniors | Similar eligibility across most banks |
| Ease of Management | SBI online and mobile banking support | Online options available for most banks |
| Additional Perks | Senior citizens get extra interest | Some banks may offer loyalty bonuses |
| Withdrawal Rules | Premature withdrawal allowed with penalties | Similar rules for early withdrawal penalties |
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