Lokmanya Multipurpose Cooperative Society FD Rate: Schemes, Latest Rates, and Tax Implications

Incorporated on August 31, 1995, Lokmanya Multipurpose Cooperative Society Ltd. is one of India’s oldest financial institutions, which serves millions of customers. With nearly three decades of experience, the organisation empowers small business owners and supports emerging entrepreneurs. 

It has branches across Maharashtra, Karnataka, Goa, and Delhi and offers high-interest investment schemes, including Fixed Deposits, Recurring Deposits and Savings Schemes. 

Check out the Lokmanya Multipurpose Cooperative Society FD rates, available schemes, advantages, etc.

Lokmanya Multipurpose Cooperative Society FD Rates

The FD rates, interest types, and payout frequency vary across different schemes. Check them out below:

Features and Benefits of Lokmanya Multipurpose Co-op Society Fixed Deposits

• Minimum Investment: The minimum investment amount starts at just ₹1,000, which is suitable for both small and large investors.
• Tenure Options: Flexible terms, from as short as 30 days to long-term plans like the 10-year Child Investment Scheme.
• Interest Payouts: There are options for fixed deposits with quarterly, monthly, lump-sum, or maturity-based payouts.
• Senior Citizens' Benefit: For persons aged 60 years, an additional 0.50% interest is applicable in most of the schemes.

Types of Fixed Deposits Offered by Lokmanya Multipurpose Co-op Society 

There are multiple schemes under the Lokmanya Multipurpose Cooperative Society FD schemes. Here is the list of their benefits:

From the Stable Money platform, you can invest in FDs, RDs, corporate and government bonds. Download the app now and start your investment today!

Eligibility Criteria to Invest in Lokmanya Multipurpose Co-op Society FD

1. Membership Requirement: Applicant must be a member of the Co-operative Society to invest in these FDs.
2. Age Limit: The minimum age of the depositor is 18 years, and minors can invest via a guardian or joint account.
3. Initial Deposit: You must meet the minimum investment requirement (usually ₹1,000 or ₹10,000, depending on the scheme).

Documents Required to Open FD at Lokmanya Multipurpose Co-op Society 

• FD application form
• Valid photo ID (Aadhaar, PAN, passport, or driver's license)
• Address proof (utility bill, ration card, or voter ID)
• Recent passport-sized photographs
• PAN card copy (for tax purposes)
• For minors, provide a birth certificate and a guardian's ID/proof

Tax Implications on Lokmanya Multipurpose Co-op Society Fixed Deposits

Interest earned on Fixed Deposits with Lokmanya Society is fully taxable under the head "Income from Other Sources" as per the Income Tax Act.

Tax Deducted at Source (TDS) is applicable at 10% if the total interest earned in a financial year exceeds:

• ₹50,000 for regular depositors
• ₹1,00,000 for senior citizens

To avoid TDS, depositors whose total income falls below the taxable limit can submit Form 15G (for individuals below 60) or Form 15H (for those aged 60 and above). 

While checking Lokmanya Multipurpose Cooperative Society FD rates, you need to be aware that these fixed deposits do not come under the DICGC insurance of ₹5 lakh. Therefore, you should not put all your funds in such fixed deposits just for higher returns.

For any kind of help related to your Lokmanya Fixed Deposits, you can contact  1800-212-4050 or drop an email at .

Looking to invest in fixed deposits with competitive interest rates? Choose Stable Money, where you can compare high interest rates from various banks and NBFCs, while also benefiting from deposit insurance of up to ₹5 lakh provided by DICGC.