SBI's Har Ghar Lakhpati RD Scheme: How Much You Need To Invest Monthly To Get Rs 1 Lakh? Check Eligibility, Installment And Other Details

In order to provide a customised Recurring Deposit product to customers, the State Bank of India has decided to introduce “Har Ghar Lakhpati” (HGL). The scheme will enable SBI customers to accumulate Rs 1 Lakh or above in their accounts by depositing small savings every month and become ‘LAKHPATI’ on maturity of the deposit.

All Resident Individuals can open an account Singly or Jointly. Minor can open account alone (above 10 years of age and can sign legibly) else with his/ her parents/ legal guardian.

You will get Rs 1 lakh depending on the number of years you choose while the deposit amount will vary. The General Public can start with Rs 2,500 with 3 Years Maturity, after which they will get Rs 1 lakh upon maturity. Similarly it will require Rs 1,810 (4 Years Maturity), Rs 1,407 (5 Years Maturity), Rs 1,133 (6 Years Maturity), Rs 938 (7 Years Maturity), Rs 793 (8 Years Maturity), Rs 680 (9 Years Maturity), Rs 591 (10 Years Maturity) at the end of which you will get Rs 1 lakh.

For Senior Citizen the amount and period is 2,480 (3 Years Maturity), Rs 1,791 (4 Years Maturity), Rs 1,389 (5 Years Maturity), Rs 1,115 (6 Years Maturity), Rs 921 (7 Years Maturity), Rs 77 (8 Years Maturity), Rs 663 (9 Years Maturity) and Rs 574 (10 Years Maturity)

The rate of interest for General public is 6.75%, 6.75%, 6.50%, 6.50%, 6.50%, 6.50%, 6.50%, 6.50% for 3, 4, 5, 6, 7, 8, 9 and 10 years respectively while the rate of interest for senior citizen is 7.25%, 7.25%, 7.00%, 7.00%, 7.00%, 7.00%, 7.00% and 7.00% for 3, 4, 5, 6, 7, 8, 9 and 10 years respectively.  

SBI's Har Ghar Lakhpati RD Scheme Period Of Deposit is from 3 to 10 Years. The maturity value of RD is rounded off to the nearest rupee and paid on 30 days/ one month after deposit of last instalment or on the expiry of the period for which the deposit was accepted, whichever is later

a) If payment amount is up to Rs 5.00 lacs (Principal) the penalty for premature withdrawal will be 0.50% (all tenors).

b) If payment amount is above Rs 5.00 lacs (Principal), applicable penalty will be 1% (all tenors). Interest Rate shall be 0.50% or 1% below the rate of interest applicable at the time of opening of deposits, for the period deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower. However, no interest will be paid on deposits which remain for period less than 7 days.

The penalty on delayed payment of instalment are: Rs 1.50 for every Rs 100 per month for RD tenor of 5 years or less. Rs 2.00 for every Rs 100/- per month for RD tenor of more than 5 years. (Rates are subject to change from time to time). Penalty when applied shall not exceed the interest paid to the depositor.