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We report the construction of a three-dimensional template bank for thesearch for gravitational waves from inspiralling binaries consisting ofspinning compact objects. The parameter space consists of two dimensionsdescribing the mass parameters and one "reduced-spin" parameter, whichdescribes the secular (non-precessing) spin effects in the waveform. Thetemplate placement is based on an efficient stochastic algorithm and makes useof the semi-analytical computation of a metric in the parameter space. Wedemonstrate that for "low-mass" ($m_1 + m_2 \lesssim 12\,M_\odot$) binaries,this template bank achieves effective fitting factors $\sim0.92$--$0.99$towards signals from generic spinning binaries in the advanced detector eraover the entire parameter space of interest (including binary neutron stars,binary black holes, and black hole-neutron star binaries). This provides apowerful and viable method for searching for gravitational waves from genericspinning low-mass compact binaries. Under the assumption that spin magnitudesof black-holes [neutron-stars] are uniformly distributed between 0--0.98 [0 --0.4] and spin angles are isotropically distributed, the expected improvement inthe average detection volume (at a fixed signal-to-noise-ratio threshold) of asearch using this reduced-spin bank is $\sim20-52\%$, as compared to a searchusing a non-spinning bank.

An effectual template bank for the detection of gravitational waves from inspiralling compact binaries with generic spins