SBI launches Har Ghar Lakhpati Scheme; up to 7.25% on specific terms: Details

The State Bank of India (SBI) offers a convenient way for individuals and families to achieve their financial aspirations with the Har Ghar Lakhpati Recurring Deposit (RD) scheme. This easy-to-follow saving strategy allows people to turn small monthly contributions into a significant sum—up to Rs 1 lakh—without the complexity of traditional investment options.

What is the Har Ghar Lakhpati Scheme?

Launched by SBI, the Har Ghar Lakhpati scheme is a pre-calculated RD plan aimed at helping individuals save for major financial milestones. Whether it’s for a wedding, home purchase, or any other goal, this scheme enables people of all ages to build disciplined saving habits. It is available to both adults and minors, making it inclusive for everyone.

Flexible Terms and Competitive Interest Rates

The scheme offers a flexible tenure, ranging from 12 months to 120 months (1 to 10 years), so you can align it with your personal goals. Interest rates are attractive, with general citizens earning up to 7% for tenures beyond two years. Senior citizens enjoy even better rates, with up to 7.25% on specific terms.

Achieving Rs 1 Lakh with Simple Monthly Investments

With the Har Ghar Lakhpati RD, you can reach your goal of Rs 1 lakh through small monthly contributions. For general citizens, investing Rs 2,500 per month for three years at 6.75% interest or Rs 1,407 per month for five years at 6.50% will help you achieve this milestone. Senior citizens can achieve the same by investing Rs 2,480 per month for three years at 7.25% or Rs 1,389 per month for five years at 7%.

Key Features and Penalties

This scheme is also accessible to joint accounts and minors aged 10 and above. Opening an account is easy, either by visiting an SBI branch or using online services. The plan is designed to be customer-friendly, with penalties for early withdrawals and missed payments kept at a nominal level, ensuring a disciplined yet flexible saving experience.

SBI’s Har Ghar Lakhpati RD is a simple and reliable way to save for your dreams. Start investing today and take the first step toward securing your financial future!