The State Bank of India (SBI) offers the Har Ghar Lakhpati Scheme, a recurring deposit (RD) facility designed to help people build savings through regular monthly contributions. Depending on the deposit amount, interest rate and selected tenure, account holders can accumulate ₹1 lakh or more over a period of three to ten years.
The scheme is intended to encourage disciplined saving among households, including middle-income families, women and young savers. Instead of investing a large amount at once, customers can deposit a fixed sum every month and receive the accumulated amount with interest when the deposit matures.
What Is the SBI Har Ghar Lakhpati Scheme?
The Har Ghar Lakhpati Scheme is an RD-based savings plan that aims to help customers accumulate at least ₹1 lakh over a chosen period. The available tenure ranges from 36 months (three years) to 120 months (ten years).
Resident Indian customers can open an account individually or jointly. Accounts can also be opened for children, subject to SBI’s applicable rules regarding age and operation of minor accounts.
The amount received at maturity depends on the monthly contribution, the deposit period and the interest rate applicable to the account.
Who Can Open an Account?
The scheme is available to different categories of customers, subject to the bank’s eligibility requirements.
- Single account: An adult can open an account in their own name.
- Joint account: Two or more eligible adults can open an account together.
- Children above 10 years: Eligible minors may operate an account in their own name, subject to SBI’s conditions.
- Children below 10 years: A parent or legal guardian can open and operate an account on the child’s behalf under the applicable rules.
Customers should confirm the specific account-opening and operating conditions with SBI before applying.
How Much Must You Deposit Every Month to Reach ₹1 Lakh?
The monthly contribution required to accumulate ₹1 lakh depends on the chosen tenure and the interest rate. Based on the estimates provided, assuming an annual interest rate in the range of 7% to 7.50%, the approximate monthly deposits are as follows:
| Deposit Period | Approximate Monthly Deposit |
|---|---|
| 3 years (36 months) | ₹2,500–₹2,550 |
| 5 years (60 months) | ₹1,380–₹1,420 |
| 10 years (120 months) | ₹550–₹600 |
These figures are estimates rather than guaranteed maturity amounts. The actual deposit required may vary according to SBI’s applicable interest rates and RD calculation rules.
Customers should check the bank’s current rates and use its official recurring deposit calculator to determine the monthly contribution needed for their preferred maturity target.
Key Benefits of the SBI RD Scheme
One of the main advantages of a recurring deposit is that it encourages regular saving without requiring a large initial investment. Customers can choose a monthly contribution that fits their budget and build their savings over time.
Other potential benefits include:
- Predictable saving habits: Regular monthly deposits help customers maintain financial discipline.
- No direct stock market exposure: Returns on an RD are not linked directly to stock market movements.
- Senior citizen rates: Senior citizens may qualify for additional interest, subject to SBI’s prevailing deposit rate policy.
- Loan facility: SBI may permit eligible customers to borrow against their RD balance, subject to applicable terms.
The interest rate and other benefits should be checked before opening an account, as bank policies can change.
Documents Required to Open an SBI RD Account
Customers may need to provide the following documents and details when applying for an account:
- Identity proof: Aadhaar card, PAN card or voter ID, as accepted by the bank.
- Address proof: Aadhaar card, ration card or electricity bill, subject to SBI’s documentation requirements.
- Photographs: Two recent passport-size photographs, if required.
- Banking details: An active savings account and a registered mobile number, where applicable.
The final list of documents may depend on the applicant’s circumstances and the bank’s current KYC requirements.
Disclaimer: This article is intended for general informational purposes only and should not be treated as financial advice or an official SBI announcement. Monthly deposit estimates, interest rates, eligibility conditions and account benefits may vary. Before investing, verify the latest scheme details, applicable interest rates and maturity calculations directly with the State Bank of India or through its official website.
