We report the construction of a three-dimensional template bank for the search for gravitational waves from inspiralling binaries consisting of spinning compact objects. The parameter space consists of two dimensions describing the mass parameters an
d one reduced-spin parameter, which describes the secular (non-precessing) spin effects in the waveform. The template placement is based on an efficient stochastic algorithm and makes use of the semi-analytical computation of a metric in the parameter space. We demonstrate 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 era over the entire parameter space of interest (including binary neutron stars, binary black holes, and black hole-neutron star binaries). This provides a powerful and viable method for searching for gravitational waves from generic spinning low-mass compact binaries. Under the assumption that spin magnitudes of black-holes [neutron-stars] are uniformly distributed between 0--0.98 [0 -- 0.4] and spin angles are isotropically distributed, the expected improvement in the average detection volume (at a fixed signal-to-noise-ratio threshold) of a search using this reduced-spin bank is $sim20-52%$, as compared to a search using a non-spinning bank.
