Every parent wants their daughter’s future to be secure and not have to worry about money for big expenses like education or marriage. Keeping this need in mind, the central and state governments and many banks offer special savings schemes for girls. The aim of these schemes is to create a sufficient fund for the future through small savings, which can provide financial assistance in times of need. For this need The State Bank of India (SBI) launched the “Har Ghar Lakhpati” scheme as a RD program. Regular investment in this scheme helps customers collect ₹1 lakh or more through small monthly savings to reach financial goals
SBI Har Ghar Lakhpati Scheme
The ‘Har Ghar Lakhpati’ scheme is a RD Program launched by the country’s largest government bank, State Bank of India (SBI) to help households build a target savings corpus of ₹1 lakh or its multiples through small monthly installments. Regular investment in this scheme can help build a substantial corpus over time. If invested correctly, it can yield gains of up to lakhs of rupees at maturity. You can choose a tenure ranging from 3 to 10 years. This is why many families are considering this scheme as a savings option for their daughters’ future.
Under this scheme, you can sometimes deposit half of the installment. Subsequent installments can also be paid in advance, but this does not increase the final amount. The maturity amount is received one month after the last installment or after the maturity period. Tax rules as per ordinary income tax are applicable. This scheme is suitable for those who want to build a large corpus from small savings.
Key Features of Har Ghar Lakhpati Scheme
- Goal-Oriented Savings: Designed to make families “lakhpatis” by mapping a pre-calculated monthly deposit to a guaranteed maturity sum of ₹1 lakh (or multiples).
- Flexible Tenure: Ranges from a minimum of 12 months (1 year) up to 120 months (10 years).
- Accessible to Minors: Minors aged 10 and above can open and operate accounts independently, while younger minors can can open an account through parents or legal guardians.
- Interest Rates: Aligned with standard SBI recurring deposit / term deposit rates, compounded quarterly. Senior citizens receive slightly higher rates.
Who Can Invest in Har Ghar Lakhpati Scheme
This account can be opened individually or as joint account. Children above the age of 10 can also open an account on their own, if they can sign. For minors, a parent or guardian can open an account. The monthly installment is determined by your chosen term and goals.
How Much Interest will you Get?
The interest rate offered under this scheme varies depending on the investment tenure and investor category. General customers get 6.55% interest for tenures of 3 and 4 years, while 6.30% interest is offered for tenures of 5 to 10 years. Senior citizens get interest rates ranging from 6.80% to 7.05% for the same tenure.
SBI employees and senior citizens get higher interest rates than regular customers. Employees get an interest rate of 7.30% to 7.55%, and senior citizens get an interest rate of 7.80% to 8.05%. However, the bank has clarified that the monthly installment is calculated based on the current interest rate. Future changes in interest rates may affect the monthly investment amount and maturity value.
If you deposit only 600 per month, then you will have 1,10,168 funds in 10 years at 8% return. The investment amount will be 72,000, and the interest will be 38,000. The total value will be 1.10 lakh.
How Much to Invest for 1 Lakh?
If you want to create a fund of 1 lakh for your daughter, then the amount you need to deposit monthly will depend on the tenure you choose. For example, to create a fund of 1 lakh in 3 years, you need to deposit around Rs 2,510 per month, Rs 1420 for 5 years and Rs 610 for 10 years. This means that the longer the tenure you choose, the less you need to deposit per month.
If your goal is to build a corpus of Rs 2 lakh, 3 lakh, or 4 lakh, then the monthly deposit amount will increase accordingly. This means that the higher the maturity amount chosen, the higher the monthly investment will be. Investors can choose the maturity amount and investment tenure based on their needs and budget.
- General Public (3 years): Save ₹1 lakh by depositing roughly ₹2,500 per month.
- General Public (5 years): Save ₹1 lakh by depositing roughly ₹1,407 per month.
- Exact monthly contributions change depending on the chosen tenure and applicable interest rates
Rules for Early Withdrawal
If for any reason you need to withdraw money from this scheme before maturity, then this facility is also available. However, the bank charges a penalty for premature closure of the account. This means that you will get a slightly lower interest rate than the promised interest rate. For deposits up to Rs 5 lakh, a penalty of 0.50% will be charged for early withdrawal. For deposits above Rs 5 lakh, a penalty of 1% will be applicable. Interest rate will be calculated for early withdrawal after deducting penalty. In addition, if the deposit is withdrawn before 7 days, no interest will be accrued.
- Missed Installments: Small penalties apply for delayed monthly deposits.
- Premature Closure: Missing six consecutive installments results in the automatic closure of the RD account, transferring the balance to your linked savings account.
- Taxation: No special tax deductions apply; earned interest is fully taxable based on your individual income tax slab.
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