Senior Citizen Deposits

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.

Features
  • 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