The State Bank of India (SBI), India’s largest public-sector bank, has introduced an innovative recurring deposit (RD) scheme called “Har Ghar Lakhpati.” Designed to encourage savings among individuals across different income groups, this scheme aims to provide financial security while fostering a disciplined savings habit. With its attractive features and potential to accumulate a substantial corpus over time, the Har Ghar Lakhpati RD scheme is a strategic initiative to empower the masses financially
PURPOSE OF SCHEME
The purpose of the Har Ghar Lakhpati schedme is Provide a customised RD product to customers enabling them to become Lakhpati by accumulation of ₹1.00 lakh or more by depositing small savings every month
WHO ARE ELIGIBLE FOR SCHEME?
All Resident Individuals can open Har Ghar Lakhpati account Singly or Jointly. Minor can open account alone (above 10 years of age and can sign legibly) else with parents/ legal guardian
MATURITY AMOUNT and DATE
The maturity amount of ₹1 lakh or its multiple with selection of corresponding instalment and tenor by the customer, The maturity value of RD is rounded off to the nearest rupee and paid on 30 days / one month after deposit of last instalment or on the expiry of the period for which the deposit was accepted, whichever is later
PERIOD OF DEPOSIT
The period of deposit for the SBI Har Ghar Lakhpati Deposit Scheme is 3 to 10 Years, the scheme is applicable as per Income Tax Rules for Tax deductions
ADVANCE PAYMENT OF INSTALLMENT
Advance payment of Instalment does not lead to change in maturity value. However, delayed payment of instalment leads to deduction of penalty from maturity amount,
ACCOUNT DEFAULT
The penalty on delayed payment of instalment for Har Ghar Lakhpati scheme are: ₹ 1.50 for every ₹ 100 per month for RD tenor of 5 years or less. ₹ 2.00 for every ₹ 100 per month for RD tenor of more than 5 years, Penalty when applied shall not exceed the interest paid to the depositor
SERVICE CHARGE
A service charge of ₹10 is levied on RD accounts paid out on or after date of maturity in Har Ghar Lakhpati scheme, where in there is default in payment of three or more consecutive instalments and account has not been regularized.
NON PAYMENT OF THE INSTALLMENT
In case 6 consecutive instalments are not received by the customers, the Har Ghar Lakhpati scheme account shall prematurely be closed, and balance shall be paid or transferred to linked Savings Bank account of the account holder.
HOW TO OPEN ACCOUNT
Visit the nearest SBI branch with necessary documents such as identity proof, address proof, and a passport-sized photograph, Fill out the RD application form and specify the monthly deposit amount and tenure, Submit the form, along with the initial deposit, to open the account
MORE INFO
| Benefit Chart | CLICK HERE |
| Official Portal | CLICK HERE |
