Want to become a Lakhpati without taking big financial risks? SBI has introduced a new way to help you achieve that dream—Har Ghar Lakhpati Scheme a simple recurring deposit plan that grows your monthly savings into ₹1 lakh.
Whether you’re a salaried employee, student, homemaker, or retired professional, this SBI RD Scheme 2025 can help you save smart and earn safely.
Let’s break it down
What Is SBI Har Ghar Lakhpati Scheme?
SBI Har Ghar Lakhpati is a new variant of the Recurring Deposit (RD) designed to help every household save and accumulate ₹1 lakh (or more) by investing small amounts monthly over a fixed tenure.
It’s a low-risk, goal-based saving plan with fixed returns and flexible tenure options from 3 to 10 years.
This plan is ideal for conservative investors, those new to saving, and anyone looking for a safe way to reach a ₹1 lakh milestone.
Key Features of SBI Har Ghar Lakhpati Scheme
| Feature | Details |
|---|---|
| Scheme Type | Goal-Based Recurring Deposit (RD) |
| Target Goal | ₹1 Lakh or Multiples |
| Monthly Installment | As low as ₹591 (depends on tenure) |
| Tenure Options | 3 to 10 Years |
| Interest Rate | 6.50% to 7.25% p.a. (as per tenure) |
| Eligibility | All resident individuals |
| Account Opening | Online (YONO/NetBanking) or Branch |
How Much Should You Save Monthly?
Here’s how much you need to deposit monthly to become a Lakhpati
| Tenure | General Public | Older citizens |
|---|---|---|
| 3 Years | ₹2,500 | ₹2,480 |
| 4 Years | ₹1,810 | ₹1,791 |
| 5 Years | ₹1,407 | ₹1,389 |
| 10 Years | ₹591 | ₹574 |
These figures are approximate and based on current SBI RD interest rates. Actual returns may vary.
SBI Har Ghar Lakhpati Scheme Interest Rates (As of June 2025)
| Category | Tenure | Interest Rate |
|---|---|---|
| General Public | 3–4 years | 6.75% |
| General Public | 5–10 years | 6.50% |
| Older citizens | 3–4 years | 7.25% |
| Older citizens | 5–10 years | 7.00% |
| SBI Employees (Staff) | Up to 8.00% | Varies |
Who Can Open This RD Account?
- Individuals (single or joint)
- Minors above 10 years (self-operated)
- Minors below 10 years (guardian-operated)
- Available to new and existing SBI customers
How to Open SBI Har Ghar Lakhpati RD?
Online:
- Login to SBI Internet Banking or YONO App
- Go to Deposits > Recurring Deposit
- Select tenure and amount
- Submit and start saving
Offline:
- Visit your nearest SBI branch
- Fill up the RD opening form
- Submit KYC documents and the first installment
What Happens at Maturity?
After your selected tenure, SBI will pay you:
- The full maturity amount (₹1 lakh or more)
- With 30 days buffer after your last deposit
You don’t need to worry about tracking markets or risks. Your money is safe, and the return is fixed.
What About Premature Withdrawal?
You can withdraw early, but there are penalties:
- Interest penalty:
- 0.50% cut (if deposit ≤ ₹5 lakh)
- 1.00% cut (if > ₹5 lakh)
- No interest if closed within 7 days
Missed Installment? Here’s the Penalty
- ₹1.50 per ₹100/month (for tenure ≤ 5 years)
- ₹2.00 per ₹100/month (for tenure > 5 years)
- 6 missed installments? SBI will close your RD and transfer the amount to your savings account
Taxation & TDS
- Interest earned is taxable
- TDS applies if yearly interest exceeds ₹40,000 (₹50,000 for Older citizens)
- Submit Form 15G/15H if you want to avoid TDS (subject to eligibility)
Who Should Invest?
This scheme is perfect for:
- First-time investors
- Families planning for a future goal
- Older citizens looking for fixed income
- Salaried professionals wanting to save securely
If you want guaranteed returns without market risk, this is a solid choice.
Pros vs Cons of SBI Har Ghar Lakhpati Scheme
Pros
- Safe and backed by SBI
- Goal-based discipline
- No market dependency
- Flexible tenure
Cons
- Interest may not beat inflation
- Penalties for missed deposits
- Premature withdrawal reduces earnings
Pro Tip
Want to save ₹2 lakh or ₹5 lakh? Just multiply your monthly installment accordingly! SBI allows you to set higher corpus goals with this same RD plan.
Final Words
SBI Har Ghar Lakhpati Recurring Deposit Scheme is a great way to develop a saving habit and build a secure future without financial stress. It’s simple, structured, and trusted—everything a smart saver needs.
If you’re planning to save for your child’s education, a future emergency fund, or just want to hit your ₹1 lakh milestone, this SBI RD scheme could be your perfect starting point.