Rainbow Savings Account
KVB's Rainbow Savings Bank Scheme (RBSB Account) is a perfect blend of all the good features of a Savings Bank Account and a Fixed Deposit Account that offers "High liquidity with maximum returns".
- Can be opened in the names of individuals singly / jointly / with either or survivor options with a minimum balance of Rs.3000/-
- After retaining a balance of Rs. 15000/- in the SB portion of the account, amounts in multiples of Rs. 5000/- will be swept out to FD portion for a period of 91 days at EOD every Sunday.
- Sweep in from the fixed deposit portion of the RBSB account into the savings portion of the RBSB account will be done in case if it is found that a debit to the savings portion of the RBSB account will take the balance in the savings portion below the minimum balance which at present is Rs.3,000.The sweep in into the savings portion of the RBSB account will be done in units of Rs. 5000/- in LIFO (Last In First Out) method. The latest Rainbow fixed deposit will be closed first to meet out the shortfall followed by the next in descending order of the deposit creation date and so on.
- Free Accident Insurance (death) coverage of Rs.1.00 lakhs
- At par collection of Dividend and Interest Warrants
- VISA Debit cards, Internet Banking, Mobile Banking facilities are available.
- Nomination facility available
Terms and conditions
- Minimum balance to be maintained in Rainbow SB Account is Rs. 3000/-. Penalty of Rs.100/- plus service tax will be levied for non-maintenance of minimum balance.
- Sweep out to FD portion will be only in multiples of Rs. 5000/- accumulated over the balance of Rs. 15000/- at EOD every Sunday.
- Period of deposit will be 91 days only and only simple interest at rates applicable on date of sweep out will be payable.
- Customers should provide satisfactory introduction, address and ID proof in order to comply with KYC norms.
- Upto 14 days -Nil
If closed within 1 year-Rs.125, If closed at 1 year & after 1 year -Nil.
(As per BCSBI guidelines)
KYC Documents for opening an Account Service Charges