In today’s uncertain economic climate, saving and investing have become essential for financial stability. Emergencies can arise at any time, and relying on others may not always be an option. That’s why building your own savings through smart investments is more important than ever.
If you're searching for a reliable and low-risk way to grow your money, the State Bank of India (SBI) offers a scheme that can turn you into a lakhpati—a person with ₹1 lakh—by saving as little as ₹593 per month. Here’s everything you need to know about the SBI Lakhpati RD Scheme, including returns, interest rates, and how to invest.
The SBI Lakhpati Scheme is essentially a Recurring Deposit (RD) plan designed to help individuals accumulate a corpus of ₹1 lakh over a chosen period. With a monthly deposit starting at just ₹593, you can build a ₹1 lakh fund in a span of 10 years, thanks to the compound interest offered under SBI’s RD plans.
This scheme is especially ideal for first-time investors, salaried professionals, and small savers who wish to grow their funds securely and steadily.
Here’s how much you need to invest per month under different tenures to accumulate ₹1 lakh:
| Investment Tenure | Monthly Deposit (General Citizens) | Monthly Deposit (Senior Citizens) |
|---|---|---|
| 10 years | ₹593 | ₹580 (approx.) |
| 5 years | ₹1,287 | ₹1,260 (approx.) |
| 3 years | ₹2,502 | ₹2,482 (approx.) |
Interest Rate:
General Public: 6.75% per annum
Senior Citizens: 7.25% per annum
These figures are illustrative and based on SBI’s current recurring deposit interest rates. Actual returns may vary slightly based on compounding frequency and prevailing rates.
Any Indian citizen is eligible to invest in the SBI Lakhpati RD scheme.
You can open an account individually or jointly.
Suitable for individuals with fixed income or those starting their savings journey.
To start investing in this scheme:
Visit your nearest SBI branch.
Request and fill the Recurring Deposit form under the Lakhpati RD plan.
Submit necessary KYC documents (Aadhaar, PAN card, passport-size photo).
Choose the desired tenure and monthly deposit amount.
Once the account is set up, the chosen amount will be auto-debited monthly from your linked SBI account.
Low-risk investment with guaranteed returns.
Flexible tenure options to meet your financial goals.
Ideal for disciplined savers looking to build a lump sum without large upfront investments.
Extra benefits for senior citizens, including higher interest rates.
The SBI Lakhpati RD Scheme is a simple yet powerful way to build wealth over time with minimal risk. Whether you're saving for a future goal or want to ensure financial security, this scheme offers a disciplined approach to accumulate ₹1 lakh or more based on your time horizon.
Start small, stay consistent, and let your savings work for you. Visit your nearest SBI branch today and become a lakhpati the smart way!
