Small Savings, Big Returns...Here's What Makes SBI's RD Scheme Special!

The State Bank of India is offering its 'Har Ghar Lakhpati' Recurring Deposit (RD) scheme to help customers build long term savings through disciplined monthly deposits. The scheme allows customers to choose a target maturity amount of ₹1 lakh or more in multiples such as ₹2 lakh, ₹5 lakh, or ₹10 lakh, with tenures ranging from 3 to 10 years. Individual, joint, and eligible minor accounts can also be opened.

According to SBI's maturity table, a customer choosing a 10 year tenure can accumulate ₹1 lakh by depositing ₹610 per month, which works out to an average saving of about ₹20 a day. For the same ₹1 lakh target, the monthly deposit is ₹2,510 for 3 years, ₹1,420 for 5 years, and ₹960 for 7 years. The bank currently offers 6.55% interest for 3–4 years and 6.30% for 5–10 years for regular customers, while senior citizens receive higher rates.

The scheme includes penalties for delayed instalments and premature withdrawal. Missing six consecutive instalments may lead to account closure, while premature withdrawal attracts a penalty depending on the deposit amount. Interest earned is subject to applicable income tax rules and TDS provisions. Customers can open the account through SBI branches or digital banking channels after completing the required KYC formalities.