KVB Manimala is an attractive monthly deposit scheme meant for the persons who wish to invest a fixed sum of money every month with an intention to get a lump sum amount on the maturity of the deposit. Manimala Deposit Scheme is mainly designed to encourage and help the depositors having regular monthly income to accumulate their savings.
- Can be opened by Individuals, Minors, HUF, Trust, Partnership firms, Companies, Associations etc.,
- Nomination facility is available.
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms.
- The minimum amount that can be invested is Rs. 100/- and in multiples of Rs. 25/- thereafter.
- The minimum period of deposit is six months and in multiples of three months thereafter subject to a maximum of 120 months.
- Neither the amount of monthly installment nor the total number of installments stipulated at the time of opening. The account can be subsequently varied or altered.
- For delay in payment of installments, a penalty will be charged at the rate of Rs. 1.50/- for every Rs. 100/- per month, for deposits of 5 years and less and Rs. 2/- for every Rs. 100/- per month for deposits of over 5 years. A fraction of a month will be treated as full month for the purpose of calculating the penalty.
|Time Bucket||Revised interest (Less than Rs. 2 Crores) (w.e.f. 01.07.2019)|
|7 Days to 14 Days||5%|
|15 Days to 30 Days||5%|
|31 Days to 45 Days||5.50%|
|46 Days to 90 Days||6%|
|91 Days to 180 Days||6.75%|
|181 Days to 270 Days||6.60%|
|271 Days to less than 1 Year||6.60%|
|1 Year to less than 2 Years||7.10%|
|2 Years to less than 3 Years||7.05%|
|3 Years and above||7%|
|KVB - Tax Shield||7%|
Flexi Term Deposits
|Time Bucket||Revised Rate (w.e.f. 01.07.2019)|
Penal Interest on pre-closure of deposits:
- Up to Rs. 2 Crores of deposit – Penalty of 1% from applicable ROI.
- Above Rs. 2 Crores of deposit – Pre-closure Penalty norms applicable.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the bank. The rates are subject to change without notice.
To check Interest rate: Click here