SBI Har Ghar Lakhpati: Monthly Investment Required To Reach Rs 3 Lakh In 3, 5, And 10 Years

The State Bank of India's 'Har Ghar Lakhpati' scheme is a special recurring deposit plan, designed to help individuals accumulate a savings of Rs 1 lakh or more with small monthly deposits over a period of three to ten years.

Eligibility

All individuals, including minors, can open the account singly or jointly.

Interest Rates

The rate of interest under this scheme varies based on tenure and category

General public - 6.75 per cent for 3 and 4 years, 6.50 per cent for five to ten years

Senior citizen - 7.25 per cent for 3 and 4 years, 7.00 per cent for five to ten years

Pre-mature Closure Rules

If the deposit is up to Rs 5 lakh, the penalty is around 0.50 per cent. Meanwhile, if the deposit exceeds Rs 5 lakh, then the penalty of 1 per cent is charged.

The applicable interest will be lower by either the penalty rate or the contracted rate, whichever is lower. Moreover, no interest will be paid If the deposit is withdrawn within seven days.

Penalty For Delayed Payment Of Instalments

The penalty for delayed payment is Rs 1.50 for every Rs 100 per month for a tenure of up to five years, and Rs 2 for every 100 per month for a tenure of more than five years.

Missing Instalments

In case of non-payment of six consecutive instalments, the account will be pre-maturely closed by the bank. Meanwhile, the available balance will be paid or transferred to the linked Savings Account of the customer.
How Much To Invest Monthly To Get Rs 1,00,000 ?

General Public

Year	Monthly Deposit Amount
3	Rs 2,502
4	Rs 1,812
5	Rs 1,409
6	Rs 1,135
7	Rs 940
8	Rs 795
9	Rs 682
10	Rs 593

Senior Citizen

Years	Monthly Deposit Amount
3	Rs 2,482
4	Rs 1,793
5	Rs 1,391
6	Rs 1,117
7	Rs 923
8	Rs 778
9	Rs 665
10	Rs 576

To accumulate a corpus of Rs 3 lakh through the SBI Har Ghar Lakhpati scheme, the required monthly deposit varies based on the investment tenure.

How Much Monthly Deposit Required To Earn Rs 3 Lakh In 3 Years ?

If an individual from the general public wishes to achieve this goal in three years, they need to invest approximately Rs 7,506 per month, whereas a senior citizen needs to deposit around Rs 7,446 per month.

How Much Monthly Deposit Required To Earn Rs 3 Lakh In 5 Years ?

For accumulating Rs 3 lakh in a five-year tenure, the required monthly deposit is estimated Rs 4,227 for the general public, and about Rs 4,173 for senior citizens.

How Much Monthly Deposit Required To Earn Rs 3 Lakh In 10 Years ?

For those opting for a ten-year tenure can achieve the target amount by investing approximately Rs 1,779 per month if they belong to the general category, and around Rs 1,728 per month if they are senior citizens.
The SBI's Har Ghar Lakhpati RD scheme helps to systematically build savings with small monthly deposits.