State Bank of India’s Har Ghar Lakhpati Scheme offers customers a disciplined way to accumulate ₹1 lakh or more through fixed monthly savings. It is a customised version of SBI’s Recurring Deposit, designed for people who want to create a predetermined corpus without investing in market-linked products.
Under the scheme, customers select a maturity target—such as ₹1 lakh, ₹2 lakh or ₹3 lakh—and choose a tenure ranging from three to 10 years. SBI then calculates the monthly instalment required to reach that amount based on the applicable interest rate.
For a general customer choosing the 10-year option, the monthly deposit required to build approximately ₹1 lakh is currently ₹610. This works out to roughly ₹20 a day, although the money must be deposited as a monthly instalment rather than daily. The amount may change whenever SBI revises its deposit rates.
What Is SBI Har Ghar Lakhpati?
Har Ghar Lakhpati is a goal-based Recurring Deposit product. Instead of asking customers to decide an arbitrary monthly investment, it allows them to begin with a maturity target.
The scheme can be opened by resident individuals either singly or jointly. Minors above 10 years of age who can sign legibly may open an account independently, while younger children can participate through a parent or legal guardian. The available deposit period ranges from three to 10 years.
Customers can target ₹1 lakh or any multiple of it by selecting the corresponding instalment and tenure.
How Much Must You Save Every Month?
According to SBI’s published maturity table, a general customer targeting ₹1 lakh would need to deposit the following indicative amounts:
| Deposit Period | Monthly Instalment |
|---|---|
| 3 years | ₹2,510 |
| 4 years | ₹1,820 |
| 5 years | ₹1,420 |
| 6 years | ₹1,150 |
| 7 years | ₹960 |
| 8 years | ₹810 |
| 9 years | ₹700 |
| 10 years | ₹610 |
For a senior citizen, the corresponding monthly deposits are slightly lower because of the additional interest benefit. For example, the indicative instalment for a 10-year tenure is ₹600 per month, while the three-year option requires ₹2,500 per month.
These calculations are illustrative and may be revised when interest rates change.
Current Interest Rates
SBI’s official scheme page lists the following rates:
| Tenure | General Public | Senior Citizens |
|---|---|---|
| 3–4 years | 6.55% | 7.05% |
| 5–10 years | 6.30% | 6.80% |
The maturity instalments are calculated using these rates. SBI clearly states that both the required monthly contribution and final calculation are subject to revision if deposit rates change.
Can You Build More Than ₹1 Lakh?
Yes. The scheme is not restricted to a ₹1 lakh target.
Customers may select maturity amounts such as:
- ₹2 lakh
- ₹3 lakh
- ₹4 lakh
- Other multiples of ₹1 lakh
The monthly instalment will rise proportionately based on the selected corpus, tenure and applicable interest rate.
For instance, someone targeting ₹2 lakh over 10 years would generally need to contribute approximately twice the instalment required for a ₹1 lakh target, subject to SBI’s final calculation.
What Happens If an Instalment Is Delayed?
SBI permits partial payment of instalments, but delayed deposits attract a penalty.
For tenures of five years or less, the current delayed-payment penalty is ₹1.50 for every ₹100 of monthly instalment for each month of delay. For tenures above five years, the penalty is ₹2 for every ₹100 per month.
If six consecutive instalments are missed, SBI may close the account prematurely and transfer the available balance to the linked savings account. A service charge may also apply where three or more consecutive instalments remain unpaid and are not regularised.
Is Premature Withdrawal Allowed?
Premature closure is permitted, but a reduction in the applicable interest rate may apply.
For principal amounts up to ₹5 lakh, SBI lists a premature-withdrawal penalty of 0.50%. For principal amounts above ₹5 lakh, the penalty is 1%. The payable rate is adjusted according to the period for which the deposit remained with the bank and the applicable scheme conditions.
Loan and Overdraft Facility
SBI’s standard RD terms provide a loan or overdraft facility against the deposit. The exact amount available depends on the bank’s applicable rules, account value and customer eligibility.
This facility may help customers access funds without immediately closing the deposit, although borrowing will involve interest and other terms.
Who May Find This Scheme Useful?
Har Ghar Lakhpati may suit people who:
- Want predictable, non-market-linked returns.
- Prefer compulsory monthly savings.
- Are building a fund for education, travel or household expenses.
- Cannot invest a large lump sum immediately.
- Want to create ₹1 lakh or more over a fixed period.
However, the scheme may not be suitable for investors seeking inflation-beating equity returns or complete flexibility in monthly contributions.
Important Tax Point
Interest earned on the deposit is taxable according to the depositor’s applicable income-tax rules. Tax Deducted at Source may apply when the interest crosses the prevailing statutory threshold and other relevant conditions are met. Customers should verify current tax provisions or consult a qualified tax adviser before opening the account.
The Bottom Line
SBI’s Har Ghar Lakhpati Scheme makes goal-based saving simple by linking a fixed monthly deposit to a predetermined maturity amount. At the currently published rate, a general customer can target approximately ₹1 lakh over 10 years by depositing ₹610 per month—equivalent to about ₹20 per day.
The scheme offers predictable returns, senior-citizen benefits and flexible maturity targets. However, customers should consider the impact of inflation, taxation, missed-instalment penalties and premature closure rules before investing.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Interest rates, instalments, taxation and other terms may change. Customers should verify the latest details directly with SBI and assess their financial needs before opening the deposit.
