The State Bank of India (SBI) has revised the interest rates on its ‘Har Ghar Lakhpati’ recurring deposit scheme. Regular customers will now receive 6.55% annual interest, while senior citizens will receive 7.05%.
This scheme allows individuals to accumulate up to ₹10 lakh in 10 years through monthly investments. This article details the scheme's interest rates, maturity period, and investment benefits.
What is the SBI Har Ghar Lakhpati Scheme?
The State Bank of India's ‘Har Ghar Lakhpati’ scheme is a recurring deposit (RD) plan where investors deposit a regular monthly amount to build a substantial fund over the long term. The scheme aims to accumulate a large sum from small, regular investments.
- Investors can deposit small amounts every month.
- The minimum monthly deposit starts at approximately ₹600.
- The investment period can range from 3 to 10 years.
Investors can set their fund targets based on their investment capacity.
Interest Rate and Maturity Period
SBI recently reduced the interest rates on this scheme by 0.20 percentage points. The new interest rates are as follows:
Maturity Period Interest Rate (%) for Regular Citizens Interest Rate (%) for Senior Citizens
3 years 6.55 7.05
4 years 6.55 7.05
5 years 6.30 6.80
10 years 6.30 6.80
These rates are used to calculate the scheme's total returns and maturity amount.
Investment and Benefit Example
Below is an estimated monthly investment and interest rate for building a ₹10 lakh and ₹1 lakh fund.
For a ₹10 lakh fund
1. Regular Citizen
- Interest Rate: 6.30% per annum
- Monthly Investment: ₹6,000
- Total Deposit: ₹7,20,000
- Maturity Amount: ₹10,02,878
- Profit: ₹2,82,878
2. Senior Citizen
- Interest Rate: 6.80% per annum
- Monthly Investment: ₹5,825
- Total Deposit: ₹6,99,000
- Maturity Amount: ₹10,00,717
- Profit: ₹3,01,717
- For a ₹1 lakh fund:
3. Regular Citizen
- Interest Rate: 6.30% per annum
- Monthly Investment: ₹600
- Total Deposit: ₹72,000
- Maturity Amount: ₹1,00,287
- Profit: ₹28,287
4. Senior Citizen
- Interest Rate: 6.80% per annum
- Monthly Investment: ₹585
- Total Deposit: ₹70,200
- Maturity Amount: ₹1,00,500
- Profit: ₹30,300
