Lakshmi Freedom

Overview

Lakshmi Freedom Deposit scheme is applicable only for the customer who holds the savings account with the bank. Whenever your balance in the savings account is higher than threshold limit, the surplus amount will be transferred to the FD account automatically.

This deposit scheme gives you the flexibility of a savings bank account, and the lucrative interest rate of a fixed-deposit account.

Salient Features

  • If the minimum balance is above Rs.5000/- the system will look at the possibility of transferring of Rs 5000/- and multiples of Rs 5000/- automatically, to LFD (Lakshmi Freedom Deposit) for a period of 46 Days
  • On maturity of the (46 days) deposit, it will be automatically renewed for further period of 46 days
  • If no Sweep-in happens within that deposit period, the entire deposit amount will be renewed.
  • Ideal for saving money for a targeted festive activity, such as marriage.
  • On the other hand, to meet the withdrawals sweep in had happened for part of the deposit amount, then the remaining deposit will get auto renewed on the maturity date.
  • If the interest on such Sweep out deposit exceeds Rs 1000/-, it will be invested for 46 days with next deposit number.