SBI’s ‘Har Ghar Lakhpati’ Scheme: Invest ₹593 Per Month and Build a Fund Worth Lakhs

New Delhi – The

(SBI), the country’s largest public sector bank, continues to support middle-class households with innovative savings schemes. One such offering is the ‘Har Ghar Lakhpati’ Recurring Deposit (RD) scheme, designed to help individuals build a substantial financial corpus by investing small amounts every month. Starting with just ₹593 monthly, investors can accumulate funds ranging from ₹1 lakh to ₹10 lakh over time.

A Small Step Toward Big Savings

The ‘Har Ghar Lakhpati’ scheme is a recurring deposit product where interest is compounded quarterly. This means your investment grows steadily over time, making it suitable for both conservative savers and long-term planners.

Current Interest Rates:

• General Citizens: Up to 6.75% per annum

• Senior Citizens: Up to 7.25% per annum

Who Can Open an Account?

This scheme is open to all Indian citizens. Investors can open either a single or joint RD account. Parents are also allowed to open accounts in the name of children above 10 years of age. It’s a flexible option for individuals looking to build savings systematically while ensuring returns with minimal risk.

Flexible Tenure and Targeted Goals

SBI offers flexible maturity periods ranging from 3 years to 10 years, allowing customers to align their savings with personal financial goals. Whether it’s saving for education, marriage, or a future home, the scheme supports planning based on investment capability.

Monthly Investment Estimates for ₹10 Lakh Corpus

Here’s a simple breakdown of how much you need to invest monthly to accumulate ₹10 lakh, based on the selected tenure:

• 10 Years: ₹5,760 per month

• 5 Years: ₹13,910 per month

• 4 Years: ₹18,120 per month

• 3 Years: ₹25,020 per month

• For ₹1 lakh in 10 Years: Just ₹593 per month

These estimates apply to general citizens. Senior citizens may benefit slightly more due to higher interest rates.

Tax Benefits and TDS Rules

Interest earned from RDs is taxable. However, SBI offers some relief:

• No TDS if interest income is up to ₹40,000 for general depositors

• For senior citizens, the exemption limit is ₹50,000

• Above these limits, TDS at 10% is deducted unless Form 15G/15H is submitted

Final Thoughts

SBI’s ‘Har Ghar Lakhpati’ RD scheme presents a dependable and disciplined way for everyday Indians to build a sizable savings fund without putting financial strain on their monthly budget. With low entry points, assured returns, and tax-friendly benefits, this scheme is especially suitable for salaried individuals, retirees, and anyone planning a secure financial future.

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Kuldeep Singh Chundawat

My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.

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