SBI Har Ghar Lakhpati Scheme: ₹600 Per Month to Get ₹1 Lakh

India has always followed a strong culture of savings, especially among middle-class families. Understanding this need, the country’s largest public sector bank, State Bank of India, introduced the Har Ghar Lakhpati Recurring Deposit Scheme.

 

The main aim?

To help every household build a minimum savings corpus of ₹1 lakh through small monthly deposits.

What is the SBI Har Ghar Lakhpati Scheme?

Unlike a regular Recurring Deposit (RD) where you choose the monthly installment, this is a target-based savings scheme.

 First, you decide the maturity amount (for example, ₹1 lakh).

 SBI calculates how much you need to deposit monthly based on tenure and interest rate.

This makes financial planning simple and goal-oriented.

How to Get ₹1 Lakh by Investing ₹600 Per Month?

Your monthly investment depends on the tenure:

• 3 Years – Higher monthly deposit required

• 5 Years – Moderate monthly deposit

• 10 Years – Around ₹600 per month is enough to reach ₹1 lakh

• Longer tenure = Lower monthly burden.

• This makes it affordable even for low-income earners.

Who Can Open This Account?

The scheme is available for:

• Any Indian resident

• Individual & joint account holders

• Children above 10 years (in their name)

• Employees, homemakers, small traders, pensioners

• It is ideal for families looking for safe, disciplined savings.

Tenure Details

• Minimum period: 3 years

• Maximum period: 10 years

Important Rule:

• If you fail to deposit for 6 consecutive months, the account may be closed and the balance will be transferred to your savings account.

• So, regular deposits are important.

SBI Har Ghar Lakhpati Interest Rates

Interest rates are based on SBI’s Recurring Deposit rates.

They may change depending on:

• Market conditions

• Inflation

• RBI policies

• Senior citizens usually get 0.50% extra interest.

Since interest compounds over time, long-term savings can significantly boost maturity value.

Why This Scheme Is Popular

Low Risk Investment

Being offered by a government-owned bank like SBI, it is considered safe and stable.

 Ideal for Financial Discipline

Monthly deposits create a savings habit and improve financial planning.

Emergency Fund Creation

₹1 lakh can help in:

• Medical emergencies

• Children’s education

• Small business needs

• Unexpected expenses

Is It a High Return Investment?

No.

This scheme is not meant for high returns like stock market investments.

It is best for:

• Safe savings

• Stable returns

• Risk-averse investors

• Things to Consider Before Investing

Before opening the account, evaluate:

• Monthly income

• Expenses

• Existing loans

• Other investments

• Also, check the latest interest rates and tax rules.

Who Should Choose This Scheme?

This scheme is perfect for:

• Middle-class families

• Salaried employees

• Homemakers

• Small business owners

• Pensioners

• Parents saving for children

If you cannot invest a lump sum but can save monthly, this is suitable for you.

FAQs – SBI Har Ghar Lakhpati Scheme

1. Can I really get ₹1 lakh by investing ₹600 per month?

Yes, if you choose a long tenure (around 10 years), ₹600 per month can help you reach ₹1 lakh, depending on interest rates.

2. Is this scheme safe?

Yes. It is offered by the State Bank of India, a government-owned bank, making it low risk.

3. Can I open the account for my child?

Yes, children above 10 years can have an account under this scheme.

4. What happens if I miss monthly payments?

If no deposit is made for 6 consecutive months, the account may be closed.

5. Do senior citizens get extra benefits?

Yes, senior citizens usually receive 0.50% additional interest.

Conclusion

The SBI Har Ghar Lakhpati Scheme is not a get-rich-quick plan. Instead, it is a disciplined savings method that helps families build ₹1 lakh gradually through small monthly investments.

By investing just ₹600 per month for a longer tenure, you can create a strong financial cushion for emergencies, education, or future goals.

If planned properly and continued consistently, this scheme can be the first step toward financial security and independence.

For best results, always verify the latest interest rates and terms before investing.