SBI Har Ghar Lakhpati Scheme: State Bank of India (SBI) has launched an innovative recurring deposit (RD) scheme named ‘Har Ghar Lakhpati’. This scheme provides financial security to every household and an easy way to create a large corpus. By converting small savings into monthly deposits, you can create a fund of one lakh or more for yourself.
Overview of Har Ghar Lakhpati Scheme
Har Ghar Lakhpati scheme is specially designed for salaried individuals or those people who want to create a significant fund gradually. With monthly savings, you can build a corpus of 1 lakh or more, depending on your tenure and deposit amount. The flexible tenure and modest deposit requirement of this scheme makes it accessible to all – be it children or senior citizens.
How does this scheme work?
This scheme gives you the flexibility to choose a tenure of 3 to 10 years. You can customize the plan according to your financial goals. Take an example:
If you save ₹2500 every month for 3 years, you will get ₹1 lakh on maturity.
If you plan for a tenure of 10 years, then the monthly deposit is only ₹591, which is quite affordable.
Monthly installment and interest rates are fixed at the beginning of the scheme itself, which ensures clarity and transparency for investors.
Interest Rates and Benefits
One of the specialties of Har Ghar Lakhpati scheme is its competitive interest rate:
General Customers: Up to 6.75% interest rate.
Senior Citizens: Higher interest rate up to 7.25%.
SBI Employees and Senior Employees: Interest rate as high as 8%.
Important Note: Tax Deducted at Source (TDS) is applicable as per Income Tax rules, which may slightly impact net returns.
Scheme for all
Inclusivity is a major strength of this scheme:
Children: Children aged 10 years and above can open their own account if they can sign. For younger children, parents or guardians can open an account.
Flexibility for all: This scheme is perfect for families, students, and retirees.
Flexibility and penalties
You can also deposit partial installments in this scheme if required. However, there are some penalties for late payments:
There is a penalty of ₹1.50 to ₹2 per ₹100 installment for every late payment.
If 6 consecutive installments are missed, the account gets closed and the deposited amount gets transferred to the linked savings account.
How to open an account?
Opening an account in SBI Har Ghar Lakhpati scheme is very easy:
Visit an SBI Branch: Visit your nearest SBI branch.
Submit Documents: Submit the required documents along with proof of identification and address.
Select a plan: Decide the maturity amount and tenure which will define your monthly deposit.
Start Saving: Start securing your financial future.
Why choose Har Ghar Lakhpati Scheme?
This scheme is a strategic tool for those who want to fulfill their dreams through small investments. This scheme offers competitive returns while promoting the habit of disciplined saving. Whether you are saving for education, thinking of creating a fund for marriage, or planning for future investments, this scheme provides an efficient and secure platform for you.
Final Thoughts
SBI Har Ghar Lakhpati scheme is not just a savings plan – it is an opportunity to convert your small contributions into big financial milestones. Its inclusive features, flexible terms, and attractive interest rates make every individual responsible for his financial future. Go to your nearest SBI branch today and see how this scheme can work for you and your family.
