Recurring Deposit
Recurring Deposit is a special kind of Term Deposit offered by Shree Lambodar Credit which help members with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. It is similar to making FDs of a certain amount in monthly instalments. For example, Rs.1000 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow members with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time. Minimum Period of RD is 1 year and maximum is 10 years.
| RECURRING AMOUNT | AFTER 12 MONTHS MATURITY | AFTER 24 MONTHS MATURITY | AFTER 36 MONTHS MATURITY | AFTER 60 MONTHS MATURITY |
|---|---|---|---|---|
| RATE OF INTEREST | 9% | 10% | 11% | 11% |
| ₹ 400/- | ₹ 5,040/- | ₹ 10,656/- | ₹ 17,096/- | ₹ 32,012/- |
| ₹ 500/- | ₹ 6,300/- | ₹ 13,320/- | ₹ 21,370/- | ₹ 40,015/- |
| ₹ 1,000/- | ₹ 12,600/- | ₹ 26,640/- | ₹ 42,940/- | ₹ 80,030/- |
| ₹ 2,000/- | ₹ 25,190/- | ₹ 53,290/- | ₹ 85,490/- | ₹ 1,60,060/- |
| ₹ 5,000/- | ₹ 62,980/- | ₹ 1,33,220/- | ₹ 2,13,720/- | ₹ 4,00,140/- |
| ₹10,000/- | ₹ 1,25,970/- | ₹ 2,66,440/- | ₹ 4,27,436/- | ₹ 8,00,290/- |
Details
- 1. Maturity Value- The maturity value is indicated to the member assuming that the monthly instalments will be paid regularly on due dates. If any instalment is delayed, the interest payable in the account will be reduced and will not be sufficient to reach the maturity value. Therefore, the difference in interest will be deducted from the maturity value as a penalty. The rate of penalty will be fixed upfront.
- 2. Interest Rate- Interest is compounded on quarterly basis in recurring deposits. Rate of Interest offered is similar to that in Fixed Deposits. Earlier it seemed to be one of the best method to save the amount yield after years of deposit.
- 3.Loans Facility- Members can avail loans against the collateral of Recurring deposit up to 35% to 70% of the deposit value as per society norms.
Declaration
- 1. Only members can use our products.
- 2. If any person interested in our society product the membership is compulsory.
- 3. Our products are only for those members who are resident of our working area.
- 4. KYM(Know Your Members) documents are compulsory for membership.
- 5. Rules and Regulations are similar for every member.
Co-operative and help them make a better and brighter future for themselves. Shree Lambodar Credit Foundation is always working to help out the needy and give something back to the society through our various
