Reinvestment (RIN)

Enjoy the true power of compounding with LUB reinvestment plan. A perfect scheme for investing a lump sum amount.

Term- Reinvestment plan is for 63 months complete and above only.
Senior citizen- Higher interest of 0.50% extra to Senior Citizen.
Interest Applicability- Interest at applicable rate for the period for which the deposit is kept, is automatically reinvested at quarterly intervals with Principle.
Maturity- Interest along with Principle will be paid at the time of maturity.
Minimum Deposit- Deposits account can be opened with minimum deposit of Rs.500 only.
Mode of Deposit- Deposit of Rs.50,000/- & above will not be accepted in cash.
Maximum limit- No maximum limit on deposit
No of Account- No restriction on number of accounts. You can open as many as you want at different times.
Loan- Loan against Pledge/Lien up to 90 % on Deposits facility available
Nomination- Nomination Facility available
Premature Withdrawal- Instant access to your funds when you need it. Premature Withdrawal is Allowed with penalty of 1% in applicable interest rate for the tenure of deposit as on the date of placement of deposit.
Deposit Insurance- Deposits are insured as per DICGC Rules((Website : www.dicgc.org.in )
TDS applicability-

As per changes in Finance Bill,2015 TDS on deposits is also applicable to members(shareholders) at bank level (instead of branch level)
As per section 206AA, every person who is in receipt of tax deductible income shall furnish PAN, failing to which TDS deductible at 20%(instead of 10%)
Form 15G/15H can be submitted to avoid TDS deduction if income chargble to tax does not exceed basic exemption limit.
In the absence of PAN, form 15G/15H is invalid.