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URBAN “LAKHPATHI” RECURRING DEPOSIT

Bank has decided to introduce “LAKHPATHI” Recurring Deposit Scheme. The scheme will enable our customers to accumulate ₹1 Lakh or above in their accounts by depositing small savings every month and become ‘LAKHPATI’ on maturity of the deposit.

Sl.No Salient Features Name of deposit Scheme: TUB LAKHPATHI RD
1 Nature of Deposit Recurring Deposit -RD
2 Purpose Providing a customised RD product to customers enabling them to become ‘Lakhpati’ by accumulation of ₹1.00 lakh (Rupees one lakh) or more by depositing small savings every month.
3 Eligible customers Minor can open account alone (above 10 years of age and can sign legibly) else with his/ her parents/ legal guardian.
All Resident Individuals can open an account Singly or Jointly.
4 Minimum and Maximum amount of instalment Pre calculated instalment as shown below.
5 Maturity Amount ₹1 Lakh (Rupee one lakh)
Or its multiple with selection of corresponding instalment and tenor by the customer as shown below.
6 Period of Deposit 3 to 10 Years
7 Maturity Date The maturity value of RD is paid on 30 days/ one month after deposit of last instalment or on the expiry of the period for which the deposit was accepted, whichever is later.
8 Premature closure Interest Rate shall be 1% below the rate of interest applicable at the time of opening of deposits, for the period deposit remained with the Bank or 1% below the contracted rate, whichever is lower. However, no interest will be paid on deposits which remain for period less than 7 days.
9 Advance payment of instalment Advance payment of Instalment does not lead to change in maturity value. However, delayed payment of instalment leads to deduction of penalty from maturity amount.
10 Tax deduction at source It is applicable as per Income Tax Rules.
11 Account in default The penalty on delayed payment of instalment are: ₹ 1.00 for every ₹ 100 per month.
(Rates are subject to change from time to time)
12 Non- Payment of Instalment In case 6 (six) consecutive instalments are not received, the account shall prematurely be closed, and balance shall be paid / transferred to linked Savings Bank account of account holder.

RD Period , present Rate of Interest, Monthly Remittance Amount for Maturity Value Rs.1.00 Lac:

A] For Minor & General Public – Monthly premium to be remitted for MV Rs.1.00 LAC
Period 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y
ROI 6.75% 6.75% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Monthly Amount Rs.2502 Rs.1812 Rs.1409 Rs.1135 Rs.940 Rs.795 Rs.682 Rs.593
B] For Senior Citizen – Monthly premium to be remitted for MV Rs.1.00 LAC
Period 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y
ROI 7.25% 7.25% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Monthly Amount Rs.2482 Rs.1793 Rs.1391 Rs.1117 Rs.923 Rs.778 Rs.665 Rs.576
C] For Staff – Monthly premium to be remitted for MV Rs.1.00 LAC
Period 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y
ROI 7.75% 7.75% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
Monthly Amount Rs.2463 Rs.1775 Rs.1373 Rs.1100 Rs.906 Rs.762 Rs.650 Rs.562
D] For Staff Senior Citizen – Monthly premium to be remitted for MV Rs.1.00 LAC
Period 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y
ROI 8.25% 8.25% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Monthly Amount Rs.2444 Rs.1756 Rs.1355 Rs.1082 Rs.889 Rs.745 Rs.634 Rs.546