Rainbow Savings - Sweep In / Sweep Out

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”.

Features and Benefits
  • Can be opened in the names of individuals singly / jointly / with either or survivor options with a minimum balance of Rs. 3,000/-.
  • After retaining a balance of Rs. 15,000/- in the SB portion of the account, amounts in multiples of Rs. 5,000/- will be swept out to FD portion for a period of 90 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. 5,000/- 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 Lakh.
  • At par collection of Dividend and Interest Warrants.
  • VISA Debit cards, Internet Banking, Mobile Banking facilities are available.
  • Nomination facility available.

To check Interest rate: Click here

Terms and Conditions
  • Minimum balance to be maintained in Rainbow SB Account is Rs. 3,000/-. A penalty of Rs. 200/- plus GST will be levied for non-maintenance of minimum balance.
  • Sweep out to FD portion will be only in multiples of Rs. 5,000/- accumulated over the balance of Rs. 15,000/- at EOD every Sunday.
  • 90 Days will be the period of deposit. On the date of sweep out, only Simple Interest at the applicable interest rate will be payable.
  • Customers should provide a satisfactory introduction, address and ID proof in order to comply with KYC norms.
  • Closing charges for FD up to 14 days - Nil.
  • If closed within 1 year - Rs. 300/-, If closed at 1 year & after 1 year - Nil (as per BCSBI guidelines).
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