SBI Har Ghar Lakhpati Scheme: Thinking of creating a big fund without any market risk? By depositing just ₹ 600 per month in SBI’s ‘Har Ghar Lakhpati Scheme’, a corpus of more than ₹ 1.10 lakh can be created! Know who can open this account, what are the interest rates and rules for premature withdrawal of money.
SBI Har Ghar Lakhpati Scheme: If you want to prepare funds without risk for your children’s higher education, marriage or any big goal, then the special scheme ‘Har Ghar Lakhpati Scheme’ of the country’s largest public sector bank State Bank of India (SBI) can prove to be a great option for you.
This is a flagship Recurring Deposit (RD) scheme of SBI, under which you can easily build a corpus of ₹1 lakh or more through small monthly savings. Let us explain the eligibility, interest rates, maturity rules and calculations of this scheme in simple language.
What is SBI’s ‘Har Ghar Lakhpati’ scheme?
This is a special recurring deposit (RD) scheme offered by State Bank of India. Its main objective is to promote the habit of regular savings among the common people and middle class. Customers can choose the tenure ranging from 3 years to 10 years as per their convenience and financial goals. In this scheme, a guaranteed corpus of ₹ 1 lakh or more can be obtained on maturity by depositing a fixed amount every month.
Who can open this account?
SBI has made this scheme very accessible for every class. Any citizen can open this account either alone or along with someone else, single or joint account. Children aged 10 years and above who can sign independently can open this account in their own name. For minor children, their parents or legal guardians can open the account.
How can you accumulate ₹1.10 lakh by depositing ₹600 per month?
Using SBI’s example, understand how small monthly savings over the long term can create a large corpus with this calculation:
Monthly Installment: ₹600 per month
Term: 10 years (120 months)
Total Investment: ₹72,000 (over 10 years)
Estimated Return: Approximately 8% (under employee/senior citizen/special rates)
Total Interest: Approximately ₹38,000
Total Amount at Maturity: Approximately ₹1.10 lakh
How much do you need to invest each month to build a corpus of ₹1 lakh?
The shorter the tenure you choose, the higher your monthly installment will be. Here are the approximate calculations for different tenures to achieve a corpus of ₹1 lakh:
How much interest will each category of customer receive?
The interest rates under the Har Ghar Lakhpati Scheme depend on the tenure you choose and your category:
General citizens: 6.55% for a 3- to 4-year term, and 6.30% for a 5- to 10-year term.
Senior citizens: 0.50% higher interest rate than general citizens, i.e., from 6.80% to 7.05%.
SBI staff and retired employees: They are offered special premium interest rates, even higher than general citizens and senior citizens.
Premature Withdrawal and Penalty
If you need to withdraw money before maturity due to an emergency, SBI has certain rules:
Within 7 days: No interest will be earned if you withdraw money within 7 days of opening the account.
For deposits up to ₹5 lakh: A 0.50% penalty will be applicable for closing the account before maturity.
For deposits above ₹5 lakh: A 1% penalty will be deducted for premature withdrawal.
Tax Rules: Interest earned on this scheme will be subject to TDS and tax as per Income Tax rules.
Should you invest in this scheme?
If you want to accumulate ₹1 lakh or more for yourself or your children, with a fixed interest rate, without any market risk, SBI’s ‘Har Ghar Lakhpati’ scheme is a disciplined and secure way. You can start today by setting monthly installments according to your income and capacity.
How much interest will each category of customer receive?
The interest rates under the Har Ghar Lakhpati Scheme depend on the tenure you choose and your category:
General citizens: 6.55% for a 3- to 4-year term, and 6.30% for a 5- to 10-year term.
Senior citizens: 0.50% higher interest rate than general citizens, i.e., from 6.80% to 7.05%.
SBI staff and retired employees: They are offered special premium interest rates, even higher than general citizens and senior citizens.
Premature Withdrawal and Penalty
If you need to withdraw money before maturity due to an emergency, SBI has certain rules:
Within 7 days: No interest will be earned if you withdraw money within 7 days of opening the account.
For deposits up to ₹5 lakh: A 0.50% penalty will be applicable for closing the account before maturity.
For deposits above ₹5 lakh: A 1% penalty will be deducted for premature withdrawal.
Tax Rules: Interest earned on this scheme will be subject to TDS and tax as per Income Tax rules.
Should you invest in this scheme?
If you want to accumulate ₹1 lakh or more for yourself or your children, with a fixed interest rate, without any market risk, SBI’s ‘Har Ghar Lakhpati’ scheme is a disciplined and secure way. You can start today by setting monthly installments according to your income and capacity.
The post SBI Lakhpati Scheme: SBI’s superhit scheme! Get a fund of more than ₹ 1 lakh by depositing just ₹ 600 per month first appeared on informalnewz.
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