Senior Citizen Deposits
KVB's offers term deposits with both cumulative and non-cumulative options for the senior citizens. Moreover, senior citizens are eligible for preferential rate of interest.
- Resident Indians who have completed 60 years of age are eligible to deposit
- Both cumulative and non-cumulative options are available.
- Deposits are eligible for preferential interest rates for maturity period of one year and above and upto and inclusive of five years.
- Loan available on deposit
- Premature closure is allowed, subject to the applicable norms
Terms and conditions
- Proof of age has to be produced
- Preferential rate of interest is applicable only for maturity period of one year and above and upto and inclusive of five years.
- The maximum ceiling limit for extending preferential rate of interest is Rs. 5.00 cr. in aggregate per depositor.
- Interest is subject to TDS.
- Nomination is compulsory