SPOUSE SENIOR CITIZEN SCHEME

A UNQIUE DEPOSIT SCHEME FOR SENIOR CITIZENS

THE SCHEME IS BEING WITHDRAWN W.E.F 01-APR-2009.

Karur Vysya Ban has launched a very special and unique scheme for the benefit of senior citizens to support them financially at a phase when they require such support the most.

The highlights of this unique scheme which is available only with Karur Vysya Bank are as follows:

Eligible Deposits	1) Deposits made in the joint names of husband and wife only, where either or both of them are senior citizens. 2) Renewals of the matured deposits placed under this scheme where both the spouses are alive. 3) The name of a third depositor, of whatever relationship with the first two depositors, can also be added in such deposits.
Deposit Amount	Minimum Rs.10000/-       Maximum Rs. 1 Crore
Rate of Interest	As applicable to senior citizens deposit scheme.
Period	1 year and above and upto and inclusive of 3 years.
Ineligible Deposits	1) Deposits made in the joint names of a senior citizen and other relatives like son, daughter, grand children or any other without the name of the spouse. 2) Deposits made by a senior citizen where the spouse is already no more.
Unique feature of the scheme	In the event of the death of either of the depositors, the surviving spouse will be eligible for 1% p.a. additional rate of interest over and above the card rate, from the date of deposit till its maturity if such death occurs in the course of the pendency of the deposit. Renewal of the deposit by the surviving spouse is not permitted under this scheme.
Date of eligibility for the additional 1% p.a. rate of interest	To reiterate, irrespective of the death of either spouse, at whichever point of time during the pendency of the deposit, the additional rate of interest will be paid from the date of original deposit until the date of maturity of the deposit on the due date of the deposit.
Eligibility of the depositors for the additional rate of interest	The surviving spouse will be eligible to get the additional rate of interest even if he/she is not a senior citizen.
Death of husband and wife together	The joint third depositor, if any or nominee will not be eligible for the additional rate of interest in the event of the simultaneous death of both the husband and wife.
Death of surviving spouse during the pendency of the deposit	Only the surviving spouse will be eligible for the additional rate of interest upto his/her death during the pendency of the deposit. On the death of the surviving spouse, the joint third depositor, if any, or nominee will not be eligible for the additional rate of interest. The original contracted rate of interest will be paid for the rest of the term of the deposit after the death of the surviving spouse.
Recovery of interest in the event of the death of the surviving spouse during the pendency of the deposit	The additional rate of interest paid to the surviving spouse will not be recovered from the third depositor, if any, or from the nominee, in the event of the death of the surviving spouse, since it was a benefit extended to the surviving spouse.
Pre-closure of Deposit immediately after the death of one of the spouse, without taking advantage of the additional rate of interest	Preclosure of the deposit will be permitted without levying penalty, i.e. card rate applicable for the period for which the deposit has actually run will be paid
Pre-closure of deposit after the surviving spouse avails of the additional rate of interest	Pre-closure of the deposit will be permitted; but the additional rate of interest paid on the deposit will be recovered. Interest will be paid at the card rate applicable for the period for which the deposit has actually run.

Please visit the nearest branch of KVB and encash the benefits of the scheme.