Lakshmi Recurring Deposit(Recurring Deposit Scheme)

A Savings Account may be opened by Individuals / Minors / Regd. Co-op. Societies / Regd. Public Trusts / HUFs.

Small savings Flexi Recurring Deposit is a special type of deposit account which enables a depositor to save by paying into the account an agreed minimum sum of money monthly per month over a stipulated period.

This Scheme is open to all categories viz. Individual and Non- individual entities.

• A Lakshmi Recurring Deposit account shall be accepted for periods in multiples of three months, minimum tenure of 12 months to a maximum tenure of 120 months.
• The minimum core deposit amount should be Rs. 100/-
• It is mandatory for the depositor to deposit the core deposit amount every month.
• The excess amount deposited in a given month will not be utilized for payment of future installments.

Installments may be remitted by Standing instructions by transferring the ‘Core deposit’ amount each month from the current/ savings accounts in the same branch or from another branch to their Lakshmi Recurring Deposit accounts free of charge.The balance in the account should be sufficient to make the transfer, or else the standing instructions will be treated as cancelled.

The Deposits in this type of account earn compound interest on quarterly basis.

To know about our current Interest Rates, please Click here

In your kids name to make him/her a Lakhpati.

A small saving made every month can bring your kid one step closer to becoming a Lakhpati. Make the smarter choice, save with Lakhpati Deposits and maximize the returns from your savings.

• Savings in monthly installment.
• Attractive Interest Rates.
• Deposit is accepted in fixed monthly installments.

Download the Application