Recurring Deposit
New Scheme - Lakhpati Yojana
- ₹1,500 per month
- ₹1 Lakh after 58 months
ELIGIBILITY
- Saving Account is compulsory.
- Any Resident Individual - Single Account.
- Two or more individuals in Joint Accounts (maximum 4 persons).
- Illiterate Persons.
- Visually Impaired Persons.
- Minors.
- Associations, Clubs, Trusts, Institutions/Agencies, Partnership Firms, Private Limited Companies, and Proprietorship Concerns.
FEATURES
- Monthly installments can start from as low as Rs. 100/-.
- An account can be opened for any period ranging from 12 months to 60 months.
- The installment amount selected at the start of the scheme will be payable every month.
- The number of installments once selected cannot be altered.
- The maturity amount will be paid on the maturity date.
- Nomination facility available.
- Initial deposit for opening a Recurring Deposit Account starts from Rs. 100/-.
Initial deposit for opening Reccuring Account : Rs.100 onwards.
RATE OF INTEREST
Interest at 7.00% per annum for deposits from 1 to 5 years is calculated on a monthly product basis and credited at the time of account closure.
Pass Book
Pass book will be given to every recurring bank depositor with recurring account number with his/her name and address and all transactions with date,balance and vice-versa.
DOCUMENTS REQUIRED FOR OPENING AN ACCOUNT
- Two copies of recent passport-size color photographs.
- Proof of residence (Passport, Driving License, Ration Card, Voter ID Card, Electricity Bill, Aadhaar Card, etc.).
- Valid Photo Identity Proof.
- Introduction from a person known to and acceptable by the Patsanstha.
- Permanent Account Number (PAN) Card with original document for verification.
- Initial deposit in cash.