Learn more about the Exclusive Recurring Deposit Scheme for Kids from TMB.
This scheme, is more suitable for students / parents and aids to meet the growing cost of higher education to be incurred by them. Any one can invest under this scheme to meet any of their future needs of funds by saving small amounts on a month on month basis.
The savings through KIDS RD may be a passport to “TMB Education Loan”. A person who saves under the scheme for a fairly longer duration will get priority in sanction of TMB’s Education Loan as per the extant provisions of the Bank. Minimum term of the scheme is one year and the maximum period of savings is 10 years. The minimum monthly savings start at Rs. 58.00 per month and there is no maximum. Minimum target sum is Rs. 10,000.00 and there is no maximum..
A monthly investment of around Rs. 145.00 for 60 months (Total Investment Rs. 8,700.00) will fetch you interest at 5.50% p.a. compounted quarterly & will give a maturity value of around Rs. 10,000.00. Effective Annualized Returns works out to 5.614% p.a.