SBI Har Ghar Lakhpati Calculator
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.
Highlights of SBI Har Ghar Lakhpati RD Scheme
The table below shows the key features of the SBI Har Ghar Lakhpati RD Scheme:
| Feature | Details |
|---|---|
| Deposit Tenure | 3 to 10 years (for ₹1 Lakh Maturity) |
| Eligibility | Open to all resident individuals, including minors (10+ years) with a guardian. |
| Maturity Amount | ₹1 lakh or more, based on monthly deposits and tenure. |
| Premature Closure | 0.50% penalty for amounts 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). |
| Tax Deduction | TDS is applicable as per Income Tax rules. |
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Har Ghar Lakhpati Scheme Interest Rate & Maturity Amount
Here are the interest rates and maturity amount associated with the SBI new scheme which is the SBI Har Ghar Lakhpati scheme:
Har Ghar Lakhpati Scheme Interest Rate for General Public
| Years | Monthly Deposit (₹) | Interest Rate (%) |
|---|---|---|
| 3 Years | 2,502 | 6.75% |
| 4 Years | 1,812 | 6.75% |
| 5 Years | 1,409 | 6.50% |
| 6 Years | 1,135 | 6.50% |
| 7 Years | 940 | 6.50% |
| 8 Years | 795 | 6.50% |
| 9 Years | 682 | 6.50% |
| 10 Years | 593 | 6.50% |
Har Ghar Lakhpati Scheme Interest Rate for Senior Citizen
| Years | Monthly Deposit (₹) | Interest Rate (%) |
|---|---|---|
| 3 Years | 2,482 | 7.25% |
| 4 Years | 1,793 | 7.25% |
| 5 Years | 1,391 | 7.00% |
| 6 Years | 1,117 | 7.00% |
| 7 Years | 923 | 7.00% |
| 8 Years | 778 | 7.00% |
| 9 Years | 665 | 7.00% |
| 10 Years | 576 | 7.00% |
Har Ghar Lakhpati Scheme Interest Rate for Staff
| Years | Monthly Deposit (₹) | Interest Rate (%) |
|---|---|---|
| 3 Years | 2,463 | 7.75% |
| 4 Years | 1,775 | 7.75% |
| 5 Years | 1,373 | 7.50% |
| 6 Years | 1,100 | 7.50% |
| 7 Years | 906 | 7.50% |
| 8 Years | 762 | 7.50% |
| 9 Years | 650 | 7.50% |
| 10 Years | 562 | 7.50% |
Har Ghar Lakhpati Scheme Interest Rate for Staff Senior Citizen
| Years | Monthly Deposit (₹) | Interest Rate (%) |
|---|---|---|
| 3 Years | 2,444 | 8.25% |
| 4 Years | 1,756 | 8.25% |
| 5 Years | 1,355 | 8.00% |
| 6 Years | 1,082 | 8.00% |
| 7 Years | 889 | 8.00% |
| 8 Years | 745 | 8.00% |
| 9 Years | 634 | 8.00% |
| 10 Years | 546 | 8.00% |
Step to Use SBI Har Ghar Lakpati Scheme Calculator
Here are the simple steps to calculate your Har Ghar Lakpati Scheme deposit, maturity and interest amount:
Step 1: Open the SBI Har Ghar Lakpati Scheme Calculator page.
Step 2: Choose from the ‘Regular Citizen’, ‘Senior Citizen’, ‘Staff’ or ‘Senior Staff’ category.
Step 3: Enter the deposit period from 3 to 10 years for a maturity amount of ₹1 lakh.
Then, the respective interest rate will be displayed and the ‘Monthly Deposit Amount’ will be displayed.
You will also be able to check the scheme maturity date, total principal amount, interest amount, and maturity amount instantly.
SBI Har Ghar Lakhpati Scheme Calculation
SBI Har Ghar Lakhpati is indeed a type of Recurring Deposit (RD) scheme offered by the State Bank of India (SBI) so the calculation will be the same as the RD calculation.
M = P * { (1 + r/n)^(nt) – 1 } / { 1 – (1 + r/n)^(-1/3) }
Where:
- M = Maturity Amount
- P = Monthly deposit
- r = Annual interest rate (in decimal, e.g., 6% = 0.06)
- n = Number of times interest is compounded per year (usually 4 for quarterly compounding)
- t = Total number of years
For Example:
Given Data:
- Monthly Deposit (P): ₹2,502
- Interest Rate (r): 6.50% = 0.065
- Compounding Frequency (n): 4 (quarterly)
- Tenure (t): 10 years
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: M = ₹4,22,808
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Steps to Invest SBI Har Ghar Lakhpati Scheme
Here’s a more detailed guide on how to invest in the SBI Har Ghar Lakhpati RD Scheme:
1. Offline method:
Step 1: Visit your nearest State Bank of India (SBI) branch.
Step 2: Request an application form from the bank staff for the Har Ghar Lakhpati RD scheme.
Step 3: Carefully fill out the application form with all the required details. This may include:
- Your personal information (name, address, contact details)
- The desired monthly deposit amount
- The chosen tenure for the deposit (3 to 10 years)
- Your nominee details (in case of unforeseen circumstances)
Step 4: Submit the completed application form to the bank staff.
Step 5: Make the initial deposit as per the specified amount and frequency. This is usually the first monthly installment.
2. Online (for existing SBI customers):
Step 1: Log in to your internet banking account or use the SBI mobile app YONO.
Step 2: Search for the “Har Ghar Lakhpati” scheme or a similar option under “Deposits” or “Investments”.
Step 3: Click on the “Apply Now” or “Open Account” button.
Step 4: Fill out the online application form with the required information.
Step 5: Upload any necessary documents (like scanned copies of your ID and address proof).
Step 6: Review the application details carefully and submit it.
Step 7: Make the initial deposit online through net banking, UPI, or other available options.
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