SHG Millennial Recurring Deposit

Designed for Millennials
Happily Retire When You Want by saving every month

SHG Millennial Recurring Deposit

Designed for Millennials
Happily Retire When You Want by saving every month

I can happily retire before 50 now. Thanks to the SHG Millennial RD - it will not only give me financial freedom but also empower women.
Akshatha Sampagaonkar
  • Features

    Your 10 years monthly deposit = up to 20 years pension

    100% utilized for SAFE micro-finance

    GnanaFlexi - Easy overdraft facilities at just 2% higher*

    No TDS on RD interest earned

    You can choose your term of deposit: 10 years or 5 years

    Minimum deposit amount should be Rs. 10,000

    Nomination facility is available

    Disclaimer: * Overdraft up to 80% of FD amount available.

  • Scheme 1: Your 10 years monthly deposit = up to 20 years pension

    Ex 1: If you deposit Rs. 50,000 per month for 10 years, after 10 years, you can either opt for:

    • Withdraw Rs. 1 crore at the end of 10 years
    • Leave the maturity amount of Rs. 1 crore with us for 10 years and enjoy a Monthly Pension of Rs. 75,000 "+"
      receive the maturity amount of Rs. 1 crore after 10 years.
    • Enjoy a Monthly Pension of Rs. 1 lakh for 20 years. However, the maturity amount will be forfeited. In case of closure/death:
      • Before 5 years, the pension amount paid will be deducted from the maturity amount.
      • After 5 years, maturity amount will be forfeited.

    Scheme 2: Your 5 years monthly deposit = up to 10 years pension

    Ex 2: If you deposit Rs. 50,000 per month for 5 years. After 5 years, you can either opt for:

    • Withdraw Rs. 40 lakhs at the end of 5 years.
    • Leave the maturity amount of Rs. 40 lakhs with us for 5 years and enjoy a Monthly Pension of Rs. 30,000 "+"
      receive the maturity amount of Rs. 40 lakhs after 10 years.
    • Enjoy a Monthly Pension of Rs. 40,000 for 10 years. However, the maturity amount will be forfeited. In case of closure/death:
      • Before 5 years, the pension amount paid will be deducted from the maturity amount.
      • After 5 years, maturity amount will be forfeited.

    *Applicable to individuals with the age range between 20 and 50 years.

    Terms of Pre-closure:

    In case of pre-closure/death:

    • Before 1 year, rate of interest will be 5% p.a.
    • 1 year – Below 5 years, rate of interest will be 7% p.a.
    • 5 years – Below 10 years, rate of interest will be 9% p.a.
  • Eligibility

    • He should be a shareholding member of GnanaShale Souharda Co-op Ltd. and the standard membership charges apply.
    • Member(s) should be a resident of Karnataka only

    Available for:

    • Individuals
    • Sole proprietorships
    • Partnerships / Limited liability partnerships
    • Private limited companies
    • Associations / Trusts
    • Resident Individuals / Sole Proprietorship Concern

      1. Copy of the PAN Card
      2.  Identity Proof: Voter ID Card / Passport / Aadhaar
      3.  Address Proof: Rental Agreement Copy / Aadhaar / Voter ID card
      4. Two latest passport photographs
    • Trusts

      1. Copy of the Trust Deed
      2.  Copy of the PAN Card
      3.  Copy of the Registration Certificate
      4.  Copy of the Resolution of The Trustees
      5.  Authorization letter for the trustees concerned to open and operate the account
      6.  Photographs of the trustees operating the account
    • Associations

      1.  By-laws of the Association
      2.  Copy of the Resolution by the board authorizing the members concerned to open and operate the account
      3.  Photographs of the members operating the account
    • Partnerships / Limited liability partnerships

      1. Partnership Deed
      2.  Letter from partners approving the persons concerned to open and operate the account
      3. Copy of the PAN Card
      4.  Photographs of the persons operating the account
    • Public / Private Limited Companies

      1.  Board Resolution / Authority Letter
      2.  Memorandum & Articles of Association
      3.  Certificate of Incorporation
      4.  Certificate of Commencement of Business (Public Limited Company)
      5.  Copy of the PAN Card
      6.  Form 32 in case list of directors are not original subscribers to Memorandum & Articles of Association (in case of Private Limited Cos) Duly acknowledged by ROC
      7.  Governing Act / Rules and Regulations(PSUs) (certified true copy)

Related Products

SHG Fixed Deposit

  • Attractive interest rates upto 12% per annum
  • 100% utilized for SAFE micro-finance
  • GnanaFlexi – Easy overdraft facilities at just 2% higher

SHG Savings

  • Attractive interest rates upto 7.25% per annum
  • 100% utilized for SAFE micro-finance
  • Easy transfer to your individual account on request*

Recurring Deposit

  • Attractive interest rates ranging from 10% p.a. to 11% p.a
  • GnanaFlexi – Easy overdraft facilities at just 2% higher

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Saturday: 9:30 AM to 1:30 PM

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