KVB Money Mala Plus

KVB offers a flexible Recurring Deposit Account with an option to remit funds in excess of the committed core amount.

Features and Benefits
  • Can be opened by Individuals, Minors, Proprietorship concerns, Partnership firms, HUF, Companies, Institutions, Trusts, Associations, Societies, Clubs.
  • Facility to remit flexi amounts into the account – up to 10 times the core amount, subject to a maximum of Rs. 2 Lakhs.
  • No penalty charges for delayed payments.
  • ROI as applicable to term deposits.
  • Interest calculated on a daily product basis and compounded on a quarterly basis.
  • Pre-closure and loan facilities available.
Terms and Conditions
  • The minimum amount that can be invested is Rs. 1,000/- and in multiples of Rs. 1,000/- thereafter. No ceiling on the maximum amount.
  • Flexible portion remittance should also be in multiples of Rs. 1,000/- only.
  • Period of investment – 12, 24 and 36 months.
  • Maturity period will be four months from the date of the remittance of the last installment. Interest will be paid for the extended period also.
  • No restrictions on the number of times remittances can be made into the account. But it is subjected to flexi portion being up to 10 times the core amount or Rs. 2 Lakhs, whichever is lesser. But the base amount should be paid in a single installment.
  • If 4 consecutive core installments remain unpaid, the account will automatically be closed by applying applicable interest (with penal interest of 1%) and the proceeds will be credited to the respective account designated by the account holder.
  • If in one year period, the amount remitted is less than Rs. 12,000/-, then also auto closure will be triggered.
  • For premature withdrawal, ROI shall be 1% below the rate applicable for the period the deposit has remained with the bank.
  • Loan eligibility at 75% of the total core and flexi portion paid with ROI at 2% more than the interest payable on the deposit.
Interest Rate
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)
300 Days 6.50%
Kindly contact the nearest branch for deposits above Rs. 2 Crores.

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

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