SBI Lakhpati Scheme: Start with just ₹100 and build a fund of ₹1 lakh in 3 to 10 years..

SBI 'Har Ghar Lakhpati' Scheme: The 'Har Ghar Lakhpati' scheme is an excellent savings option designed to make every family financially strong. It is a special Recurring Deposit (RD) scheme. By depositing small amounts monthly, you can build a corpus of ₹1 lakh or more within a period of 3 to 10 years. This scheme is specifically designed to secure the future of the middle class, women, and children.

Key Highlights of the 'Lakhpati' Scheme

The 'Har Ghar Lakhpati' scheme is a Recurring Deposit (RD) account aimed at creating a fund of at least ₹1 lakh. The scheme offers a tenure ranging from 3 years (36 months) to 10 years (120 months). Resident Indians can easily open this account as a single holder, jointly, or in the name of a child aged 10 years or older.

Who can open this account?

Single Account: Any adult can open an account in their own name.

Joint Account: Two or more adults can open a joint account together.

Minor: Children over the age of 10 can operate this account in their own name.

Guardian: Parents or guardians can open an account for children under the age of 10.

How does the scheme work?

You are required to deposit a fixed amount with the bank every month. You can choose a tenure between 3 and 10 years based on your convenience. The deposited amount earns compound interest at rates determined by the bank. Upon completion of the tenure, you receive a lump sum of ₹1 lakh or more.

How much needs to be deposited monthly to accumulate ₹1 lakh? Assuming an average annual interest rate of 7.00% to 7.50%, here is the approximate monthly amount you would need to deposit to accumulate ₹1 lakh:

For 3 years (36 months): Approximately ₹2,500 to ₹2,550 per month.
For 5 years (60 months): Approximately ₹1,380 to ₹1,420 per month.
For 10 years (120 months): Approximately ₹550 to ₹600 per month.
How much needs to be deposited monthly to build a corpus of ₹1 lakh?

(Note: Interest rates may vary slightly depending on the bank.)

Key benefits of the scheme

Safe investment: Recurring Deposits (RD) are completely secure; they carry no stock market risk.

Suitable for small budgets: Even individuals with lower incomes can easily save a small amount each month.

Extra benefits for senior citizens: Senior citizens usually receive up to 0.50% higher interest.

Loan facility: In case of an emergency, you can avail of a loan against the amount deposited in your RD.

Required documents

Identity proof: Aadhaar card, PAN card, or Voter ID.
Address proof: Ration card, electricity bill, or Aadhaar card.
Passport-sized photographs: 2 recent photographs.
Bank account: Active savings account and mobile number.

Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.