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.