The "Sanmitra Laksha Deposit Scheme" is a type of recurring deposit (RD) offered by Sanmitra Sahakari Bank Ltd. This scheme is designed to help individuals accumulate a specific financial goal of ₹1 lakh (one lakh) or its multiples by making regular monthly deposits over a chosen period.
Key Features and Benefits
Goal-Oriented Savings: The primary objective of this scheme is to help customers systematically save towards a pre-defined financial target, such as a major purchase or investment, by the maturity of the deposit.
Regular Contributions: You are required to make fixed monthly installments throughout the tenure of the scheme.
Compounded Interest: Interest is typically compounded, which allows your money to grow faster. The final maturity amount includes both your principal deposits and the accumulated interest.
Flexible Tenure: The scheme likely offers various tenures, allowing you to choose a duration that aligns with your financial goal.
Senior Citizen Benefits: As with most deposit schemes in India, senior citizens (usually aged 60 and above) may be eligible for a higher interest rate.
How to Open an Account
To open a "Sanmitra Laksha Deposit Scheme" account, you will need to follow the standard bank account opening procedure, which typically involves:
Visiting a Branch: You must visit a branch of Sanmitra Sahakari Bank Ltd.
Required Documents: You will need to provide the necessary documents for identity and address verification. This generally includes:
- Proof of Identity (e.g., Aadhaar Card, Passport, Voter's ID, Driving License)
- Proof of Address (e.g., Aadhaar Card, Passport, Voter's ID, Driving License)
- PAN Card
- Recent passport-sized photographs
Filling out the Form: Complete the account opening form for the "Sanmitra Laksha Deposit Scheme."
Initial Deposit: Make the initial monthly deposit to start the account.
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