SBI Lakhpati RD: Monthly Deposit Plans To Get ₹4.5–₹5.25 Lakh At Maturity

In today’s financial landscape, finding a secure and predictable investment avenue is paramount, especially for senior citizens relying on fixed incomes. The State Bank of India’s (SBI) ‘Har Ghar Lakhpati’ Recurring Deposit (RD) scheme offers a structured approach to savings, enabling individuals to accumulate substantial funds over time through disciplined monthly deposits. This scheme is tailored to assist seniors in achieving their financial goals without exposing them to market volatilities.

What Is the 'Har Ghar Lakhpati' RD Scheme?

The ‘Har Ghar Lakhpati’ RD is a recurring deposit plan designed to help individuals systematically save and grow their wealth. Participants commit to depositing a fixed amount monthly over a chosen tenure, ranging from 3 to 10 years. Upon maturity, the accumulated principal and interest provide a lump sum payout, aiding in financial planning for future needs.

Who Can Open an Account?

The scheme is accessible to all resident individuals, including:

• Single account holders
  
  
  
• Joint account holders

Minors above the age of 10 (can operate the account independently)

Guardians on behalf of minors

This wide eligibility makes it suitable for families looking to secure the future of senior members.

Interest Rates for Senior Citizens

Senior citizens are offered higher interest rates under the scheme, enhancing the overall maturity amount. As per the latest structure:

• 7.25% per annum for 3-year and 4-year tenures
  
  
  
• 7.00% per annum for tenures between 5 and 10 years
  
  
  

These fixed rates ensure predictable returns throughout the deposit tenure.

How Much Should You Deposit Each Month?

To help investors estimate how much they need to deposit monthly to reach their savings goals, here are a few scenarios:

For a maturity amount of ₹4.5 lakh:

• 3-year tenure: ₹11,167.69 per month
  
  
  
• 4-year tenure: ₹8,068.06 per month
  
  
  
• 5-year tenure: ₹6,255.84 per month
  
  
  

For a maturity amount of ₹5.25 lakh:

• 3-year tenure: ₹13,028.97 per month

4-year tenure: ₹9,412.74 per month

5-year tenure: ₹7,298.48 per month

These figures highlight how long-term discipline with even modest monthly contributions can build meaningful savings.

Key Benefits of the RD Scheme

There are several advantages for senior citizens investing in this recurring deposit:

• Guaranteed returns: Interest rates remain constant throughout the tenure.

Low risk: The scheme is backed by a reputed public sector bank.

Flexible tenures: Choose between 3 to 10 years, depending on your goals.

Small starting amount: The monthly commitment is affordable for most.

Things to Keep in Mind Before Investing

Before enrolling, potential investors should consider the following:

• Premature withdrawal penalties may reduce the maturity value.

Missed payments can lead to penalties or account closure after repeated defaults.

Tax implications: Interest earned is subject to TDS as per income tax regulations.

The ‘Har Ghar Lakhpati’ RD scheme offers a compelling proposition for senior citizens seeking stability, regular savings discipline, and assured returns. With the potential to turn consistent monthly deposits into a sizeable fund, the scheme supports long-term financial wellbeing. However, investors should evaluate their liquidity needs and consult a financial advisor to align the deposit plan with their retirement strategy.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a certified financial advisor before making any investment decisions.