Product | KVB 333 Special Deposit Scheme* |
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Period of Deposit | 333 Days |
Effect from | 01.09.2023 |
Minimum Deposit amount | Rs.1000/- |
Maximum Deposit amount | Rs. 1,99,99,999/- |
Who can invest? | |
Rate Of Interest (proposed) | Domestic / NRO deposits - 7.40% Senior Citizens - 7.80% (NRE deposits are not permitted for less than 1 year tenure as per extant RBI guidelines & hence this scheme is not available for placing NRE deposits) |
Interest Payment | Interest pay-out and Cumulative Options available. Interest paid on monthly, quarterly and half yearly basis will be simple rate of interest. |
Type of Interest Rate (Fixed / Floating) | Fixed Rate |
Interest Calculation method | Actual / Actual Basis |
Deposit Loan | The depositor can avail deposit loan as per the norms applicable to Regular Term Deposits. |
Auto Renewal option | Not Available. |
Nomination | Nomination facility available. |
TDS | TDS will be deducted as per guidelines. |
KYC Documents | For New Customers - Photo and valid OVD along with Deposit Application Form For Existing customers – Deposit application form. |
Force Renew Tenor | If Lien is marked, systems will Force Renew for further period of 1Year. |
Pre-Mature Withdrawal | Allowed. Interest will be paid for the run period at applicable rate and penalty if any. |
Penalty on Pre-closure | 1% Pre closure penalty will apply, that is, interest will be paid at 1.00% less than the applicable rate (as on the date of opening of deposit) for the period for which the deposit has actually remained with the Bank. |
Terms and Conditions | Other terms and conditions are as applicable to the Regular Term Deposits. |
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*KARUR VYSYA BANK RESERVES THE RIGHT TO CHANGE / ALTER/ WITHDRAW TERMS AND CONDITIONS OF THE SCHEME.