Recurring Scheme
This scheme is been introduced for monthly saving where you can deposit a certain amount for specified period by the bank. Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
Along with this we have various schemes of deposits like Fixed Deposit Monthly Interest Scheme, Quarterly Interest Scheme, Cumulative Deposit Scheme.
Minimum Amount of deposit: 100 & in multiples of 100/-
Period : Min-12 Months & Max-120 Months
Facilities offered
• Monthly Standing Instruction are accepted. (For instalment credit)
• Loan against Recurring account is granted as per prevailing rules.
Term Deposit
The most common term of investment where customer gets better returns/interest on their deposits. Bank offers various ranges of schemes in the form of Fixed Deposits where interest is paid to investor’s at regular intervals, Re-Investment Benefit Deposits where interest gets accumulated in principle & investor receives an accumulated maturity amount at the end of tenure of deposits.
Lonavala Sahakari Bank offers following schemes to its customers.
Monthly Deposit Scheme
1. Interest amount will be paid Monthly.
2. Interest will be credited to the customers Bank Account, ECS or by Pay order.
Quarterly Deposit Scheme
1. Interest amount will be paid Quarterly.
2. Interest will be credited to the customers Bank Account, ECS or by Pay order.
Automatic Renewal Deposit Scheme
Under this scheme having facility to renew Deposit automatically Interest will be credited to the customer’s account and principle amount automatic renew in this scheme.
GENERAL :-
• Individual/Two or more persons in their joint names.
• Co-operative Societies, Registered Trust, Institutions and Associations etc
• By a natural guardian
Note for all above schemes :-
1. Rate of Interest will be as per RBI directive & as per Bank’s policy from time to time.
2. Premature withdrawal of term deposit is allowed subject to prevailing bank rules.
3. Renewal is carried out at the rate of interest prevailing on the date of maturity provided overdue period does not exceed 14 days from the date of maturity.
4. Where a receipt gets matured and overdue period exceeds 14 days, interest would be paid as per interest rate applicable to Savings Bank deposit provided the depositor renews the deposit for a further minimum period as per bank clause. If not renewed then in such case no interest will be paid.
5. Loan against Term Deposit is given immediately as per prevailing rules.
6. TDS is whenever applicable.
*Condition apply.