Regional rural lender Karnataka Vikas Grameena Bank (KVGB) has introduced a new deposit scheme for its customers. The scheme called Lakshadipati is more of a recurring deposit where the customer would be depositing a fixed amount of money every month.

According to Mr C. Sambasiva Reddy, Chairman of the bank, "the scheme is targeted at investors who want to deposit a fixed amount every month, in order to get a lump sum of rupees more than 1 lakh after fixed terms in discharging higher responsibilities like children's marriage/education etc."

"The scheme, a systematic way for long term savings, is one of the best investment options for the low income groups," Mr.Reddy added after launching the scheme."

Under the scheme, depositors have to deposit a monthly instalment of Rs 510 for a period of 120 months in order to get a lumpsum return of Rs 1 lakh or more.

The offer would close on July 31, 2011, said Reddy.