Reinvestment Fixed Deposit
Feel the power of compounding
Enjoy the true power of compounding with LUB reinvestment plan. A perfect scheme for investing a lump sum amount.
Features & Benefits
- 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.
- Non Transferable- Deposit receipt are not transferable by endorsement.
- All eligible depositors
- Identity Proof(PAN is mandatory for deposit Rs.50,000/- & above)
- Address Proof
- One recent passport size colour photo