KVB 760 Days Deposit Scheme
Product | KVB 760 Deposit Scheme* |
---|---|
Product Type | Retail Term deposit |
Period of Deposit | 760 Days |
Effect from | 18.07.2024 |
Minimum Deposit amount | Rs.1000/- |
Maximum Deposit amount | Rs. 2,99,99,999/- |
Who can invest? | Individuals, Individuals jointly with other Individuals, Minors, HUF, Sole Proprietary concerns, Trusts, Associations, Clubs & Societies, Partnership Firms ,Joint stock companies and Any other entity not prohibited by RBI |
Rate Of Interest (proposed) | Domestic / NRO depositsNRIs - 7.60% Senior Citizens - 8.10% |
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 can be opened through | Branch channel, Net banking and Mobile banking. Initially, this product can be opened only through Branch Channel. It will be available for opening through net and mobile banking platforms once DTPC confirms the readiness. |
Additional ROI | Additional ROI applicable for staff members and senior citizen staff members as applicable to regular term deposit. |
Deposit Loan | The depositor can avail deposit loan as per the norms applicable to Regular Term Deposits. |
Auto Renewal option | Available. The deposit will be auto-renewed for the same period at the Rate of Interest prevailing on the date of maturity, in the absence of instructions. |
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, system 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.