Terms and conditions for maintaining NRBCB Lakhpoti Deposit Scheme
Customer can open this scheme in his own name o r jointly by depositing the Initial Deposit and First installment.
Term of scheme: 5 (five) years.
Initial deposit, monthly installment size, and corresponding maturity value (Principal + Interest) are as below;
Deposit Amount Payable on Maturity
Initial Deposit Monthly Installment
15,000.00 1,000.00 1,00,000.00
30,000.00 2,000.00 2,00,000.00
45,000.00 3,000.00 3,00,000.00
60,000.00 4,000.00 4,00,000.00
75,000.00 5,000.00 5,00,000.00
150,000.00 10,000.00 10,00,000.00
750,000.00 50,000.00 50,00,000.00
15,00,000.00 1,00,000.00 1,00,00,000.00
Installment can be deposited from any branch of the bank.
Scheme can be opened at any working day of the month and from the next month installment must be deposited within 28th day of every month. If 28th day is holiday then installment must be deposited at previous working day.
In case of failure to deposit installment in due time, depositor must pay overdue installment along with 5% late fee per month at his/her own responsibility.
Installment can be deposited from Current Account/Savings Account/SND Account through standing order without any charge.
If depositor fails to deposit four consecutive installments then account will be closed.
If depositor wants to withdraw money before maturity or fails to deposit four consecutive installments then benefit will be given as following;
i. No benefit will be given before one year,
ii. After one year but before maturity, benefit will be given at prevailing bank rate + 2.50%.
Any number of installment amounts can be deposited in advance.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to the credit policy of the bank.
Any types of government tax, levy, duty or other surcharges which are applicable to the scheme will be borne by the customer.
In case of death of the scheme holder before maturity of the scheme, the nominee can continue it by giving written application or preclose it according to preclosure rule as mentioned above.