KVB Money Mala Plus

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

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.

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.

*KARUR VYSYA BANK RESERVES THE RIGHT TO CHANGE / ALTER/ WITHDRAW TERMS AND CONDITIONS OF THE SCHEME.

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12-36 Months