Baal Bachat Recurring Deposit Account
The Mahalaxmi Baal Bachat Recurring Deposit Account is a specialized savings account designed to cater to the financial needs of children below 18 years of age. This account aims to provide a structured and disciplined savings facility, enabling parents or guardians to secure their children's future. Targeted towards the children of both existing and new individuals, the account is tailored to build a robust financial foundation for future aspirations through recurring deposits.
Recurring Deposit Accounts for Minors aimed at cultivating financial discipline early on. Begin with a monthly deposit starting at Rs. 500, adjustable in multiples of Rs. 500. Choose from flexible tenure options spanning 1 to 10 years. The account is managed by parents/guardians until the child reaches 18 years of age. Additional deposits can be made at any time in the multiple of Rs. 500. Seamlessly integrate with existing accounts for convenience. Empower young savers to appreciate the importance of money through a secure and fulfilling savings experience.
Features
|
Account Name |
Mahalaxmi Baal Bachat Recurring Deposit Account |
|
Minimum Balance |
NPR 500 |
|
Interest Rate |
Aligned with 1 year’s Individual Fixed Deposit Interest Rate |
|
Interest Calculation |
Quarterly Basis on monthly or quarterly installments |
|
Interest Compounding |
Quarterly |
|
Installment amount |
The minimum installment to be deposited each time by the Depositor/s shall not be less than Rs.500/- (Rupees Five Hundred only). The Depositor/s shall, at the time of opening of Account should stipulate the Installment amount and the tenor. It can be increased in multiple of NPR 500. In addition to the regular recurring deposit, the customer can add additional amount at any time up to the maturity period. The Customer can decrease the installment amount but it cannot be less than NPR 500. The installment as defined by the customers can be deposited by customers on monthly and quarterly basis. It should be clearly stated by the Depositor at the time of account opening. |
|
Tenure |
1 Years to 10 Years |
|
Eligibility |
Must be a minor |
|
Missed Installment |
There will be no fees or charges for the installment that may be missed on the scheduled recurring date. |
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