Lakshmi Lakhpathy Recurring Deposit

Salient Features

• Deposit type: Recurring deposit with additional benefit of General insurance cover of Rs. 1.20 Lacs on specified items.
• Eligibility: Any individual above 18 years - singly or jointly.
• Period of Deposit : Recurring deposit for 84 Months
• Amount : Rs. 1,000/- per month
• Rate of Interest : 7.00% p.a.* (No additional interest for senior citizen & Staff) *Condition apply
• Amount payable on maturity: Rs.1,07,401/- ** is the net amount payable on maturity. **Maturity value is subject to changes depending upon change in the interest rate and insurance premium rates.
• Nomination: Available as per the norms in force.
• Loans against deposit : Available as per the existing norms
• Tax benefit: Interest is exempted from TDS as per existing guidelines.
• Premature Closure: Permitted before maturity as per the existing guidelines. The premium paid towards insurance will be deducted from the proceeds. The insurance coverage is valid upto the period for which the premium has been paid.
• Insurance Coverage: Total insurance coverage to the tune of Rs. 1,20,000/- [as detailed below] with M/s Bajaj Allianz General Insurance Co. Ltd is available to all the active account holders of this scheme. Insurance premium will be paid out of the accrued interest in the deposit.

Items covered under the insurance package :

• Fire (On house hold items) : Rs.50,000/-
• Burglary (on house hold items) : Rs. 50,000/-
• Baggage (Travel with in India) : Rs. 5,000/-
• Accidental Hospitalization (With in India) : Rs. 5,000/-
• Hospital Cash (Normal sickness Rs. 1000/- per day - Maximum 10 days) : Rs. 10,000/-
• Simple procedure for insurance coverage and claim. Branches will issue the certificate of insurance along with the LLRD passbook.
• This package has been specially devised for the customers of our Bank by our proposed Banc assurance partner M/s Bajaj Allianz General Insurance Co Ltd.