Har Ghar Lakhpati Yojna: A scheme has been started by the State Bank of India, the largest bank in our country. The name of this scheme started by the bank is Har Ghar Lakhpati Yojana. State Bank of India (SBI) has started a special scheme ‘Har Ghar Lakhpati Yojana’ for savers. Through this scheme, you can get a fund of ₹ 1 lakh or more in 10 years by saving just ₹ 591 every month. This scheme is specially designed for those who want to get big benefits through small investments.

What is Har Lakhpati Yojana

In such a situation, if you also want more returns from small investments, then you can invest in this scheme of SBI. ‘Har Ghar Lakhpati Yojana’ is a recurring deposit (RD) scheme of SBI, which gives small investors an opportunity to deposit a large fund through regular savings. In this scheme, you deposit a fixed amount every month and after the fixed period you get a lump sum amount along with interest on the deposit amount.

What will happen if you close the account before the stipulated period

If you do premature closure i.e. close your RD account before the stipulated time, then you will have to pay some penalty for this. If you have invested up to 5 lakhs, then you will have to pay 0.50% penalty, whereas if you have invested more than 5 lakhs, then you will have to pay one percent penalty.

  • Who can avail the benefits of Har Ghar Lakhpati Yojana
  • Every Indian citizen can avail the benefits of this scheme.
  • Under this scheme, you can open a single or joint account.
  • Parents can also open RD accounts for their children aged 10 years or above.

Application process

  • To apply for SBI’s Har Ghar Lakhpati Yojana, first of all you have to go to your nearest SBI bank branch.
  • Now you have to get information from the bank officer about the process of opening an RD account under ‘Har Ghar Lakhpati Yojana’.
  • Now you have to submit all the necessary documents like identity card, address proof and passport size photo.
  • Now you have to select the monthly deposit amount as per your convenience and goal.
  • You should keep in mind that you should deposit the fixed monthly amount on time so that you can get the deposit amount on maturity.