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Scheme Detail

Objective

• Encourage a culture of regular savings among children.
• Promote financial literacy and responsibility at a young age.
• Help children understand the value of money and the benefits of long-term savings.
• Encourages a habit of disciplined savings through the RD plan.

Details

• This scheme of deposit is exclusively meant for minors; hence deposit account shall be opened in the name of minor on production of birth certificate and kyc document of ninor is mandatory.
• Only the natural guardian (Mother / Father) of minor is permitted to open and operate the account. Further natural guardian shall compulsorily be a member of our society. And also KYC and Photograph of Guardian is mandatory.
• Minimum Initial Installment of Rs. 100/- and Maximum of Rs.5000/-.
• It is a recurring deposit scheme and while opening an account member (Natural Guardian) has to select the initial deposit amount and has to deposit the same. The minimum initial deposit amount under this scheme is Rs.100/- (and in multiples of ts.100/- thereafter).
• Lokmanya Little Camp enable to increase their monthly installment amount (in multiples of Rs.100 only), in any month as per their convenience, provided that the nonthly deposit amount shall not exceeds 10 times of initial deposit amount.
• Further member (Natural guardian) can also reduce the monthly installment amount n any month, but the same shall not be less than the initial deposit amount.
• Pre-matured closure of deposit is allowed, with penalty @ 2.5% on applicable rate of nterest, subject to following: ‘If closed before completion of one quarter Simple interest shall be paid for expired ,eriod less penalty @2.5%.
• If closed after completion of one quarter but before one year : Interest rate (regular) applicable for expired period, subject to deduction of penalty @2.5%, shall be paid on :ompounded quarterly basis.
• If closed after one year but before maturity date: Interest rate on reinvestment Deposit applicable for expired period, subject to deduction of penalty @2.5%, shall be mid on compounded quarterly basis.