Providing financial support to deserving meritorious students for pursuing higher education in India or abroad.

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Grama Lakshmi Deposit

General features of DOMESTIC DEPOSIT SCHEMES :

  • For Domestic Term Deposits, Tax Deduction at Source is applicable, if the interest income for the financial year exceeds 10,000/- for the customer, unless he/she produces PAN card and Tax exemption certificate/ Form 15G/H.
  • Nomination is require_onced for all accounts.

Gramalaxmi Deposit :

  • It is a daily collection account.
  • Period of deposit it 63 months.
  • If the account is closed before 12 months, no interest is payable and further commission paid to the agent shall be recovered from the depositor.
  • If the account is closed between 12 months and 18 months of opening, no interest as well as no penalty.
  • After completion of 18 months interest is payable @2.5%,
  • After completion of 24 months @3.5%,
  • After completion of 39 months but before maturity @4%,
  • On maturity @4.5%.
  • Account in the name of minor can be opened only by natural guardian.
  • The GLD account will become dormant if no credit is received consecutively for 8 weeks.
  • Loan on Deposit is permitted upto 75% of the balance in the account @10% p.a.
  • Gramalaxmi Deposit Plus :

  • It is a daily collection account.
  • Minimum amount to be remitted is 5/-.
  • Period of deposit is 72 months.
  • GLD Plus can be converted to Term Deposit without levying penalty, provided the account has completed 12 months and balance outstanding is more than 5000/-.
  • The converted TD should cover the maturity date of the existing GLDPLUS a/c,
  • No additional amount can be added with the balance outstanding in the GLDPLUS a/c,
  • Interest on the Deposit will be the card rate prevailing as on the date of conversion.
  • Premature closure before 12 months permitted with penalty @3%.
  • Premature closure after 12 months but before completion of 24 month permitted with penalty @1% .
  • Loan on Deposit is permitted upto 75% of the balance in the account @10% p.a.
  • Premature closure permitted with penalty as follows - :

  • For above 24 months but below 39 months = 2% .
  • For 39 months but below 48 months = 3% .
  • For 48 months but below 72 months = 4% .
  • For 72 months (on maturity) = 5% .

NityaNidhi Deposit :

A Scheme which suits poor and rich alike

  • Collection of your daily savings at your door steps
  • Scheme period 5 years closer before maturity permissible
  • No restrictions/ceilings for daily savings.

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The scheme intends to provide loans for purchase of new four wheeler vehicles only.

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