SBI Har Ghar Lakhpati: How much you need to invest to get Rs 1 lakh on a tenure of 3, 4, 5 or 10 years? Here’s the result

SBI Har Ghar Lakhpati: State Bank of India (SBI) has introduced a unique savings initiative named ‘Har Ghar Lakhpati’. This program aims to provide small investors with the chance to accumulate a fund of Rs 1 lakh or more through consistent monthly deposits. By contributing less than Rs 600 each month, individuals can achieve the status of lakhpati within a decade. This scheme is designed for those seeking secure returns through a structured investment approach. The Har Ghar Lakhpati Yojana is a specific type of recurring deposit (RD) scheme, wherein customers are required to deposit a predetermined sum every month. Upon completion of the scheme’s duration, participants receive a fixed amount along with accrued interest. The primary goal of this initiative is to enable customers to amass a significant sum through manageable monthly contributions.

Interest rate and maturity period

In the context of SBI’s Har Ghar Lakhpati Yojana, the interest rates differ for general citizens and senior citizens. The scheme offers a maturity period ranging from 3 to 10 years, allowing customers to select from various durations, including 3, 4, 5, 6, 7, 8, 9, or 10 years. Each of these periods has a fixed interest rate. Customers must determine their preferred maturity period when establishing their recurring deposit account, and the interest is allocated accordingly. A nominal penalty may apply for early withdrawals or account closures. Currently, the interest rates for SBI’s Har Ghar Lakhpati Yojana are as follows:

For general citizens: The interest rate is 6.75% for 3 and 4-year tenures and 6.50% for other tenures.

For senior citizens: The interest rate is 7.25% for 3 and 4-year tenures and 7.00% for other tenures.

Monthly investment required to accumulate Rs 1 lakh in SBI’s Har Ghar Lakhpati Yojana is detailed as follows:

To raise Rs 1 lakh in 3 years : Rs 2,502 per month with 6.75% interest rate.

To raise Rs 1 lakh in 4 years : Rs 1,812 per month with 6.75% interest rate.

To raise Rs 1 lakh in 5 years : Rs 1,409 per month with 6.50% interest rate.

To raise Rs 1 lakh in 10 years : Rs 593 per month with 6.50% interest rate.