SBI New RD Scheme: The State Bank of India (SBI) Lakhpati RD Scheme is a game-changer for individuals looking to accumulate wealth through disciplined savings. With SBI’s strong reputation, this new recurring deposit (RD) scheme offers a structured way to save and grow money. This initiative enables depositors to achieve the dream of becoming a ‘Lakhpati’ (millionaire) with minimal monthly investments.
In this guide, we will break down everything you need to know about this SBI RD scheme, including interest rates, investment amounts, tenure, tax benefits, and step-by-step instructions on how to apply.
What is the SBI Lakhpati RD Scheme?
SBI has launched the Har Ghar Lakhpati RD scheme, which is an easy and structured way to save money monthly and accumulate a lakh in a few years. The bank’s recurring deposit (RD) plan is designed to help individuals systematically save small amounts and achieve their financial goals effortlessly.
Unlike traditional savings accounts, an RD offers better interest rates and ensures disciplined savings habits. This makes the SBI Lakhpati RD scheme a great option for salaried employees, small business owners, and anyone looking for stable and guaranteed returns.
How Much Do You Need to Save to Get ₹1 Lakh?
To accumulate ₹1 lakh in a few years, here’s how much you need to deposit monthly:
| Tenure | Monthly Investment | Total Amount at Maturity |
| 3 Years | ₹2,500 | ₹1,00,000+ |
| 4 Years | ₹1,810 | ₹1,00,000+ |
| 5 Years | ₹1,407 | ₹1,00,000+ |
With SBI offering an interest rate up to 6.75% for regular depositors and 7.25% for senior citizens, the returns can outperform traditional savings accounts.
Step-by-Step Guide to Open an SBI Lakhpati RD Account
Opening an RD account under this scheme is simple. Here’s how you can do it:
1. Visit an SBI Branch or Apply Online
- If you prefer offline methods, visit the nearest SBI branch.
- Alternatively, use SBI Net Banking or the YONO app.
2. Choose Your RD Tenure
- Select the desired tenure (3, 4, or 5 years) based on your financial goals.
3. Set Up a Standing Instruction
- Ensure automatic debits from your savings account to avoid missing monthly contributions.
4. Submit KYC Documents
- Provide Aadhaar, PAN card, and address proof.
5. Start Depositing and Track Growth
- You can track your savings growth via SBI Net Banking or the SBI YONO app.
Benefits of SBI Lakhpati RD Scheme
Guaranteed Returns
Unlike mutual funds or stock investments, an RD offers fixed returns with no market risks.
Higher Interest than Savings Accounts
SBI RD accounts earn more than regular savings accounts, making them a smarter option.
Auto-Debit for Hassle-Free Investment
Easily set up auto-debit instructions to ensure no missed payments.
Flexible Investment Options
You can start with as little as ₹1,407 per month based on tenure.
Ideal for Goal-Based Savings
Planning for a wedding, vacation, or emergency fund? This scheme helps you systematically save towards a financial goal.
Nomination Facility Available
Ensure seamless fund transfer to family members if needed.
SBI New RD Scheme (FAQs)
1. Can I withdraw my RD before maturity?
Yes, but a penalty of 0.50% – 1% will be applied depending on the deposit amount.
2. Is the interest earned on this RD taxable?
Yes, TDS (Tax Deducted at Source) applies if the interest exceeds ₹40,000 in a year (₹50,000 for senior citizens).
3. Can NRIs invest in this RD scheme?
No, this scheme is only for Indian residents.
4. Can I increase my deposit amount later?
No, RD accounts require a fixed monthly installment as per the chosen tenure.
