Many people in India still prefer traditional savings options such as Fixed Deposits (FDs) and Recurring Deposits (RDs) because they offer low risk and guaranteed returns. Among them, the State Bank of India (SBI) has introduced a special recurring deposit scheme called the "Har Ghar Lakhpati RD Scheme."
This plan allows customers to decide the maturity amount they want (₹1 lakh, ₹5 lakh, ₹10 lakh, etc.) and then deposit a fixed sum every month until maturity.
Choose your goal amount: Decide in advance whether you want ₹1 lakh, ₹5 lakh, or more at maturity.
Flexible tenure: Minimum of 3 years and maximum of 10 years (120 months).
Monthly contributions: The required monthly deposit is automatically calculated based on your target amount and chosen tenure.
Eligibility: Available only for Indian citizens. Can be opened as a single or joint account. Parents can also open RD accounts on behalf of minors.
Account closure: If monthly payments are skipped for 6 consecutive months, the account will be closed.
General citizens:
Around 6.55% for 3-4 years
Around 6.30% for longer tenures
Senior citizens:
Around 7.05% for 3-4 years
Around 6.80% for longer tenures
Interest rates may vary depending on RBI repo rate changes and SBI's updates.
According to SBI's official calculator:
3 Years (36 months) → Deposit about ₹2,510 per month
4 Years (48 months) → Deposit about ₹1,820 per month
5 Years (60 months) → Deposit about ₹1,420 per month
👉 For senior citizens:
3 Years → Around ₹2,500 per month
4 Years → Around ₹1,810 per month
Longer tenure means smaller monthly deposits, but the maturity period will be extended.
Low risk and guaranteed returns (backed by SBI).
Flexibility to choose your target savings goal.
Suitable for small investors who want to save monthly without financial stress.
Good option for parents saving for children's education or family expenses.
In short: If you want to accumulate ₹1 lakh safely, SBI's Har Ghar Lakhpati RD Scheme lets you do so by depositing as little as ₹1,420 per month for 5 years or ₹2,510 per month for 3 years, depending on tenure.
| Tenure (Years) | Monthly Deposit (General Citizens) | Monthly Deposit (Senior Citizens) | Maturity Amount |
|---|---|---|---|
| 3 Years (36 months) | ₹2,510 | ₹2,500 | ₹1,00,000 |
| 4 Years (48 months) | ₹1,820 | ₹1,810 | ₹1,00,000 |
| 5 Years (60 months) | ₹1,420 | Slightly lower than ₹1,420 | ₹1,00,000 |
Key Takeaways
Shorter tenure → higher monthly deposit.
Longer tenure → smaller monthly deposit, but you wait more years.
Senior citizens benefit from slightly reduced monthly contributions due to higher interest rates.