SBI Har Ghar Lakhpati Scheme

Scheme Introduction: A Brief Overview

The SBI Har Ghar Lakhpati Scheme is a special Recurring Deposit (RD) savings product introduced by the State Bank of India (SBI) to help individuals build a savings corpus of ₹1 lakh or more through regular monthly deposits. Under this scheme, customers can choose their desired maturity amount and deposit tenure, while SBI calculates the required monthly instalment based on the applicable recurring deposit interest rate. The scheme encourages disciplined savings and helps customers achieve their long-term financial goals without making a large one-time investment.

One of the key highlights of the SBI Har Ghar Lakhpati RD Scheme is its flexibility. Customers can select a repayment period ranging from 3 years to 10 years and plan for a maturity value of ₹1 lakh or higher multiples. The scheme offers the same interest rates applicable to SBI Recurring Deposits and is available to resident individuals, joint account holders, and eligible minors. The monthly instalment varies depending on the selected tenure, target amount, and prevailing interest rate.

The Har Ghar Lakhpati Scheme by SBI is suitable for individuals who want to save regularly for future financial needs such as higher education, marriage, purchasing a house, or creating an emergency fund. Customers can open the account through SBI branches or eligible digital banking channels, making the investment process simple and convenient. Upon maturity, the accumulated amount is credited directly to the customer's linked SBI Savings Bank Account.

Since the SBI Har Ghar Lakhpati Scheme is a banking deposit product and not a government welfare scheme, the account operates according to the terms and conditions of SBI's Recurring Deposit programme. Customers who maintain regular monthly deposits throughout the selected tenure can gradually create a substantial savings corpus while earning interest at the applicable SBI RD rates.

Scheme Benefits

• Build a savings corpus of ₹1 lakh or more through monthly deposits.
• Choose a flexible tenure from 3 to 10 years.
• Earn interest at the applicable SBI Recurring Deposit (RD) rate.
• Monthly instalment is calculated based on the target amount and tenure.
• Available for individuals, joint account holders, and eligible minors.
• Allows customers to make partial monthly instalment payments, subject to SBI's terms and conditions.
• Plan savings for education, marriage, home purchase, or other future goals.
• Open the account through SBI branches or eligible digital banking channels.
• Maturity amount is credited directly to the linked SBI Savings Bank Account.

Monthly Deposit Required Under SBI Har Ghar Lakhpati Scheme

Under the SBI Har Ghar Lakhpati Scheme, customers can choose a target maturity amount of ₹1 lakh or its multiples. The monthly deposit required depends on the selected deposit tenure and the applicable SBI Recurring Deposit (RD) interest rate. The table below shows the illustrative monthly instalment required to accumulate a maturity amount of ₹1 lakh for both General Public and Senior Citizens.

Note: The above monthly deposit amounts are illustrative and have been calculated based on the prevailing SBI Recurring Deposit interest rates. The required instalment may change if SBI revises its RD interest rates. Customers can also choose a target maturity amount of ₹2 lakh, ₹3 lakh, ₹4 lakh, or higher multiples, and the corresponding monthly deposit will be calculated by SBI.

SBI Har Ghar Lakhpati Scheme Interest Rates

The SBI Har Ghar Lakhpati Scheme offers interest at the applicable SBI Recurring Deposit (RD) rates. The interest rate varies depending on the deposit tenure and customer category. The current interest rates for General Public and Senior Citizens are given below.

Note: The above interest rates are applicable to the SBI Har Ghar Lakhpati Scheme as per the prevailing SBI Recurring Deposit (RD) interest rate structure. These rates are subject to revision by the State Bank of India from time to time.

Eligibility Requirements

Individuals meeting the following eligibility conditions can open an SBI Har Ghar Lakhpati (Recurring Deposit) account:

• Any resident Indian individual is eligible to open the account.
• The account can be opened singly or jointly.
• Minors above 10 years of age who can sign uniformly may open and operate the account in their own name.
• Minors below 10 years of age can open the account through their parents or legal guardian.
• The applicant must complete the Know Your Customer (KYC) formalities prescribed by SBI and RBI.
• The applicant must comply with the account opening and KYC requirements prescribed by SBI.
• The depositor should be able to make the selected monthly recurring deposit instalment throughout the chosen tenure.

Note: The Har Ghar Lakhpati Scheme is an SBI Recurring Deposit product and is available to eligible customers as per the bank's prevailing terms and conditions.

Required Documents

Applicants should keep the following documents and details ready while opening an SBI Har Ghar Lakhpati (Recurring Deposit) account. The bank may ask for additional documents based on the customer's profile and applicable RBI Know Your Customer (KYC) guidelines.

• Aadhaar Card or any other valid Proof of Identity (POI).
• PAN Card or Form 60, wherever applicable.
• Proof of Address (POA) as accepted under RBI KYC norms.
• Recent passport-size photograph (if required by the branch).
• Mobile number linked with the SBI account.
• Email ID (optional but recommended for receiving account updates).
• Date of Birth proof for minor applicants, if applicable.
• Guardian's KYC documents in case the account is opened on behalf of a minor below 10 years of age.

Note: Existing SBI customers with complete KYC may not be required to submit all the above documents again. The bank will process the account opening as per the prevailing RBI KYC guidelines and SBI's internal policies.

Steps to Apply

Eligible customers can open an SBI Har Ghar Lakhpati (Recurring Deposit) account through an SBI branch or eligible digital banking channels by following the steps below:

Apply Through SBI Branch

• Visit your nearest State Bank of India (SBI) branch.
• Inform the bank official that you want to open an SBI Har Ghar Lakhpati (HGL) Recurring Deposit account.
• Select your target maturity amount (₹1 lakh or its multiples) and deposit tenure (3–10 years).
• Complete the application form and submit the required KYC documents, if applicable.
• Link your SBI Savings Bank Account for automatic monthly instalment debit.
• After successful verification, SBI will open the Har Ghar Lakhpati Recurring Deposit account.

Apply Through SBI Digital Channels

• Log in to YONO SBI or SBI Internet Banking.
• Select the option to open a Recurring Deposit (RD).
• Choose the Har Ghar Lakhpati variant, where available.
• Enter the target amount, select the deposit tenure, and confirm the monthly instalment.
• Submit the request to open the account online.

Note: The availability of the Har Ghar Lakhpati option on digital banking channels may vary. Customers can also visit their nearest SBI branch for assistance in opening the account.

Key Points of SBI Har Ghar Lakhpati Scheme

• Customers can choose a target maturity amount of ₹1 lakh or its multiples based on their savings goals.
• The monthly deposit amount is calculated automatically according to the selected target amount, tenure, and applicable interest rate.
• The scheme offers a flexible deposit tenure of 3 to 10 years.
• The deposit earns the applicable SBI Recurring Deposit (RD) interest rate.
• Partial monthly instalment deposits are permitted as per SBI rules.
• Penalty for delayed instalments:
  • ₹1.50 for every ₹100 per month for RD tenures of 5 years or less.
  • ₹2.00 for every ₹100 per month for RD tenures of more than 5 years.
  • The total penalty will not exceed the interest payable on the deposit.
• Service charge on matured accounts:
  • A ₹10 service charge is applicable if the account matures with a default of three or more consecutive instalments and has not been regularised.
• Non-payment of instalments:
  • If six consecutive monthly instalments are not received, the account will be prematurely closed.
  • The remaining balance will be transferred to the linked SBI Savings Bank Account.
• Premature closure charges:
  • 0.50% penalty for deposits up to ₹5 lakh (principal amount).
  • 1% penalty for deposits above ₹5 lakh (principal amount).
• The maturity amount is credited one month after the last instalment is deposited or on completion of the deposit tenure, whichever is later.

Relevant Links

• SBI Har Ghar Lakhpati Scheme Details
• State Bank of India Portal.

Contact Information

• SBI Toll Free Number
  • 18001234
  • 18002100
  • 1800112211
  • 18004253800