SBI Scheme: The State Bank of India (SBI) has introduced the ‘Har Ghar Lakhpati Scheme,’ a unique initiative tailored for small and middle-income savers, which is a goal-based variation of SBI’s recurring deposit (RD) scheme. The primary goal of this scheme is to assist families in accumulating a guaranteed fund of Rs 1 lakh or more through monthly savings, offering a safe and risk-free method to achieve this financial target.

Key details of SBI’s ‘Har Ghar Lakhpati’ scheme:

– It is a specialized recurring deposit scheme where customers deposit a fixed amount monthly for a set period.
– The scheme aims to provide investors with a lump sum amount of Rs 1 lakh or multiples of Rs 2 lakh or Rs 3 lakh upon maturity.
– The scheme is backed by India’s largest public sector bank, ensuring the safety of your money with fixed interest rates.

Monthly investment requirements:

– The term of investment ranges from 3 to 10 years, allowing flexibility based on individual preferences and financial capabilities.


– The monthly installment amount is determined by the chosen investment period, subject to slight variations due to changing interest rates.

Interest rates and benefits for senior citizens:

– Interest rates on this scheme are similar to SBI’s regular RD, with interest calculated and compounded quarterly.
– General citizens can expect interest rates between 6.50% to 6.75% per annum, depending on the tenure.
– Senior citizens receive an additional 0.50% interest, enabling them to reach their Rs 1 lakh target with slightly lower monthly premiums.

Account opening and document requirements:

– Opening a ‘Har Ghar Lakhpati’ account is simple, with options available online through the SBI YONO App or Net Banking, or offline by visiting an SBI branch. Necessary documents include PAN Card, Aadhar Card, Passport Size Photograph, and an SBI Savings Account.

Loan facility and penalty rules:

– Investors can avail a loan or overdraft (OD) up to 90% of the deposit amount if needed.
– SBI imposes a nominal penalty for missed monthly installments, and consecutive defaults may lead to account closure.

Taxation rules (TDS):

– Tax Deducted at Source (TDS) is applicable if the total interest earned in a financial year exceeds Rs 40,000 (Rs 50,000 for senior citizens).