SBI Har Ghar Lakhpati RD Scheme – All You Need to Know
The SBI Har Ghar Lakhpati RD Scheme is an excellent choice for individuals looking for safe, long-term savings with a defined goal in mind. With low starting deposits, attractive interest, and the security of SBI, it’s a strong step toward financial inclusion and independence.
What is SBI Har Ghar Lakhpati RD?
SBI Har Ghar Lakhpati is a special recurring deposit (RD) scheme launched by the State Bank of India (SBI) to encourage disciplined savings and help individuals build wealth over time. The goal is to empower every household to become a “lakhpati” (₹1 lakh holder) through small monthly deposits.
This scheme is targeted toward low- to middle-income individuals and families who want to build a secure financial future with minimal risk.
Key Features of SBI Har Ghar Lakhpati RD
- Monthly Deposit: Starts as low as ₹416
- Maturity Amount: Guaranteed ₹1 lakh
- Tenure Options: Based on the chosen monthly deposit
- Interest Rate: As per prevailing SBI RD interest rates (compounded quarterly)
- Low Risk: Backed by the country's largest public sector bank
- Nomination Facility: Available
- Loan Facility: May be available against the deposit after a certain period
How the Scheme Works
Depending on the tenure you choose (ranging from 3 to 10 years), SBI calculates the monthly deposit required to reach the ₹1 lakh maturity amount. The monthly installment varies based on:
- Tenure (in months)
- Applicable interest rate
- Compounding frequency
You can use SBI’s RD calculator to find out your exact monthly contribution.
SBI Har Ghar Lakhpati RD Interest Rates
Tenure (Years) | Monthly Deposit (Approx.) | Maturity Amount |
10 Years | ₹416 | ₹1,00,000 |
7 Years | ₹650 | ₹1,00,000 |
5 Years | ₹1,050 | ₹1,00,000 |
Note: Monthly amounts are indicative and may vary with interest rate changes.
Who Can Open an SBI Har Ghar Lakhpati RD?
- Any Indian resident above 18 years
- Guardians can open accounts for minors
- Joint accounts are allowed
- Suitable for daily wage earners, salaried individuals, homemakers, small business owners
Documents Required
- Address proof (utility bill, voter ID, etc.)
- Passport-sized photo
- Existing SBI savings account (or open a new one)
How to Open the Account
You can open an SBI Har Ghar Lakhpati RD Account through:
- Nearest SBI Branch – Fill the RD form and submit KYC documents
- SBI YONO App or Net Banking – If you are an existing customer
- Business Correspondents (BCs) – In rural/semi-urban areas for doorstep service
What Happens on Premature Closure?
- Allowed after a minimum lock-in period (typically 12 months)
- Interest is paid at the applicable rate minus a small penalty
- No interest is paid if closed before 12 months
Interest and Taxation
- Interest is compounded quarterly
- The current SBI RD interest rate (as of June 2025) is approximately 6.75% p.a.
- TDS is applicable if interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens)
Key Benefits
- Helps create a savings habit
- Assured maturity of ₹1 lakh
- Secure returns with zero market risk
- Multiple tenure and deposit options
- Backed by SBI’s reliability and reach
FAQs on SBI Har Ghar Lakhpati RD Scheme
- What is the minimum deposit under this scheme?
The monthly deposit starts at around ₹416, depending on your selected tenure.
- Can I open this RD account online?
Yes, if you're an existing SBI customer, you can open an RD account through the SBI YONO app or net banking.
- What happens if I miss a monthly installment?
A small penalty will be charged for each missed installment. Repeated defaults may lead to account discontinuation.
- Is the maturity amount guaranteed?
Yes, if you continue making the monthly deposits as required, the maturity amount of ₹1 lakh is guaranteed.
- Can I take a loan against this RD account?
Yes, loans of up to 90% of the deposit balance may be available, subject to bank rules.
- Is this scheme available for senior citizens?
Yes, senior citizens can invest and may also benefit from slightly higher interest rates.
- Can minors open this account?
Yes, guardians can open the RD account on behalf of a minor.
- Is there any tax benefit under this RD scheme?
There is no specific tax deduction under this RD scheme. Interest earned is taxable as per your income tax slab.
- How is it different from a regular SBI RD?
The Har Ghar Lakhpati RD is positioned more as a goal-based savings plan, emphasizing a specific maturity target (₹1 lakh), making it easier to plan financially.
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