Fixed Deposite
Deposits
Recurring Deposit
Interest Rate: 5.50 %
You are fortunate enough to have extra money for long-term goals, first, pat yourself on the back! Saving is so important and yet, so challenging for most people. Next, figure out how to make that extra money work for you. These days, there are so many ways to use, grow, and save your money, including good old-fashioned savings accounts. Savings accounts are usually the first bank account that anyone opens to put aside money for the future and create or preserve wealth.
Members should be able to save money by keeping a small amount at most. This is the main purpose of the "Savings Deposit" account. Anyone can start an account by deposit and maintain balance of Rs.50,000 / - (Fifty Thousand only).
If the account holder starts a SILVER savings account, Personal Accident Insurance cover up to Rs.100000 / - will be provided by Shree Mahalaxmi from the date of commencement of the account .
Features & Benefits
Guaranteed Returns & Minimal Risk
FDs offer secure and predictable investment options with guaranteed returns.
Higher Interest Rates Than Savings Accounts
FDs typically offer significantly higher interest rates compared to Savings Accounts, making them a more lucrative option to grow your savings.
Tax-Savings Benefits
Certain fixed deposits in India offer tax benefits under Section 123 read with Schedule XV of the Income-tax Act, 2025
Convenient & Quick Opening
Opening an online Fixed Deposit is quick and easy, saving time and effort.
Suitable for Long-Term Financial Goals
Ideal for long and medium-term goals due to higher interest rates.
Provides Liquidity
You can avail of loan against FDs, offering liquidity without breaking the deposit before the maturity period.
Eligibility Criteria
- Residents: All individuals residing in India are eligible
- Hindu undivided families (HUFs): HUFs can set up FDs to manage and grow their collective assets
- Sole proprietorships: Business owners operating sole proprietorships are eligible
- Trust Accounts: Trusts looking to manage funds effectively can opt for FDs
Required Document
Only for non-Shree Mahalaxmi Patpedhi holders
- Residency: You need to be a resident of India while opening the Account
- Identification: A valid PAN and Aadhaar card are necessary
- Aadhaar link: Your mobile number must be linked to your Aadhaar card
