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Scheme Details

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.

• Encourage a habit of disciplined savings through the RD plan.

Details

• This deposit scheme is exclusively meant for minors. Therefore, the deposit account shall be opened in the name of the minor upon production of a birth certificate, and the KYC document of the minor is mandatory.

• Only the natural guardian (Mother / Father) of the minor is permitted to open and operate the account. Furthermore, the natural guardian must be a member of our society. KYC and a photograph of the guardian are also mandatory.

• Minimum initial installment is Rs. 100/- and the maximum is Rs. 5000/-.

• It is a recurring deposit scheme. While opening the account, the member (natural guardian) must select the initial deposit amount and deposit the same. The minimum initial deposit amount under this scheme is Rs. 100/- (and in multiples of Rs. 100 thereafter).

• Lokmanya Little Camp enables members to increase their monthly installment amount (in multiples of Rs. 100 only), in any month as per their convenience, provided that the monthly deposit amount does not exceed 10 times the initial deposit amount.

• Further, the member (natural guardian) can also reduce the monthly installment amount in any month, but it shall not be less than the initial deposit amount.

Pre-mature Closure of Deposit

• Pre-mature closure of the deposit is allowed, with a penalty of 2.5% on the applicable rate of interest, subject to the following conditions:

  • If closed before completion of one quarter: Simple interest shall be paid for the expired period, less a penalty of 2.5%.

  • If closed after completion of one quarter but before one year: The regular interest rate applicable for the expired period, subject to a deduction of 2.5% penalty, shall be paid on a compounded quarterly basis.

  • If closed after one year but before the maturity date: The interest rate applicable for reinvestment deposits for the expired period, subject to a 2.5% penalty, shall be paid on a compounded quarterly basis.