KVB MANIMALA is an attractive Monthly Deposit scheme meant for the persons who wish to invest a fixed sum of money every month with an intention to get a lump sum amount on the maturity of the deposit. Manimala Deposit Scheme is mainly designed to encourage and help the depositors having regular monthly income to accumulate their savings.
- Can be opened by Individuals, Minors, HUF, Trust, Partnership firms, Companies, Associations etc.
- Interest received on the deposit is not subject to TDS.
- Nomination facility is available
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms
- Minimum Amount that can be invested is Rs.100/- and in multiples of Rs.25/- thereafter.
- Minimum period of deposit is six months and in multiples of three months thereafter subject to a maximum of 120 months.
- Neither the amount of monthly instalment nor the total number of instalments stipulated at the time of opening the account can be subsequently varied or altered.
- For delay in payment of instalments, penalty will be charged at the rate of Rs.1.50 for every Rs.100/- per month, for deposits of 5 years and less and Rs.2/- for every Rs.100/- per month for deposits of over 5 years. Fraction of a month will be treated as full month for the purpose of calculating penalty.