Recurring Deposit is a special kind of Term Deposit offered by Shree Lambodar Credit which helps 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. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow members an opportunity to build up their savings through regular monthly deposits of a fixed sum over a fixed period of time.
Maturity values shown below are indicative, based on timely monthly instalments
| Recurring Amount | After 12 Months @ 9% | After 24 Months @ 10% | After 36 Months @ 11% | After 60 Months @ 11% |
|---|---|---|---|---|
| Monthly₹ 400/- | ₹ 5,040/- | ₹ 10,656/- | ₹ 17,096/- | ₹ 32,012/- |
| Monthly₹ 500/- | ₹ 6,300/- | ₹ 13,320/- | ₹ 21,370/- | ₹ 40,015/- |
| Monthly₹ 1,000/- | ₹ 12,600/- | ₹ 26,640/- | ₹ 42,940/- | ₹ 80,030/- |
| Monthly₹ 2,000/- | ₹ 25,190/- | ₹ 53,290/- | ₹ 85,490/- | ₹ 1,60,060/- |
| Monthly₹ 5,000/- | ₹ 62,980/- | ₹ 1,33,220/- | ₹ 2,13,720/- | ₹ 4,00,140/- |
| Monthly₹ 10,000/- | ₹ 1,25,970/- | ₹ 2,66,440/- | ₹ 4,27,436/- | ₹ 8,00,290/- |
Maturity values are indicative and assume timely monthly instalments. Interest is compounded quarterly.
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 will be reduced and will not be sufficient to reach the maturity value. The difference in interest will be deducted as a penalty. The rate of penalty will be fixed upfront.
Interest is compounded on a quarterly basis in recurring deposits. Rate of Interest offered is similar to that in Fixed Deposits. It is one of the best methods to save and grow your amount after years of disciplined deposit.
Members can avail loans against the collateral of Recurring Deposit. Loan amount ranges from 35% to 70% of the deposit value as per society norms. This provides liquidity without breaking your deposit.
Terms applicable to all members of Shree Lambodar Credit & Supply Co-op Society Ltd.
